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Posts tagged "Estate Planning"

What estate planning documents are essential to have drafted?

Our lives are not infinite. They can end unexpectedly in a mere instant. Unless we have certain end-of-life documents properly executed and easily accessible by our family members, our loss may not only result in creating an emotional void in our loved one's lives, but a financial one as well.

Factors to consider when setting up a special needs trust

If you take care of someone with special needs, then it's important for you to start thinking about how you'd like him or her to be taken care of in the future if something were to happen to you. It's particularly important that if he or she either plans to or is already receiving government benefits, that a special needs trust (SNT) be set up to ensure that can happen.

Why a special needs trust is crucial for your disabled loved one

If you have a disabled family member, then you likely are aware that government subsidies awarded by both the state and federal government aren't intended to allow him or her to live overly comfortably. Instead, they're only intended to ensure that his or her basic needs are covered just over the poverty line.

Why should I set up a special needs trust for my disabled child?

More often than that, a trust is created as a tool for managing an individual's tangible assets, such as finances or real estate, for someone else's benefit on down the road. In many cases, an individual may create the trust so that his or her assets will be more easily transferred to that person's beneficiaries upon his or her death.

What the purpose of health care proxy is and how to appoint one

We'd probably all like to control our own destinies, yet few of us will ever get the chance to choose what happens to us if we find ourselves incapacitated in the hospital, unable to voice our own wishes. If you appoint a health care proxy, though, you just might. You can have this individual make some of the harder decisions about your health if you even become unable to make them yourself.

What is a health care proxy and what are the benefits of it?

In New York, under the state's Health Care Proxy Law, you can appoint to have someone else make medical decisions for you if you become unable to do so yourself. There are generally two situations in which that individual may be called upon to make decisions about your medical care.