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Archive for September, 2010

How Ready Are Your Children to Handle Your Estate?

Friday, September 24th, 2010

Many parents spend a lot of time, energy, and money preparing estate plans intended to provide security for their children and grandchildren. While it’s common for parents to conduct numerous discussions with advisors in order to create a plan that will transfer their estate as smoothly as possible, they often neglect to hold similar conversations with their children.

When planning to pass your estate on to your heirs, it is important to consider how they might handle the new responsibility of receiving an inheritance. Parents may believe that the inherited estate will be used responsibly to help their children and grandchildren pay for furthering their education; to make it possible for one parent to stay home with young children; to ensure a secure retirement, or to be put to other responsible, sensible uses. The assumption that children share the financial values of their parents, however, may not be valid.

While death and money are often uncomfortable subjects for discussion between parents and children, it is important to bring these topics up. Avoiding these conversations can jeopardize even carefully crafted estate plans To be certain that your children are prepared, you may want to include them, if they old enough, in the process of planning your estate. The more they know about what to expect, the more prepared they will be.

To learn more about New York elder law, New York estate planning, visit http://www.elderlawnewyork.com

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The Disadvantages of Do-It-Yourself Estate Plans

Thursday, September 16th, 2010

While some people think that creating an estate plan on your own is a simple task, this couldn’t be further from the truth. In fact, there is a lot of legal knowledge, personalization, and attention to detail that goes into an estate plan. Even if you are young and think you have negligible assets, you should consult a professional. There are simply too many things that can be left out or misunderstood, and sometimes things just go wrong. Even a small mistake in an estate plan can lead to big problems, even invalidating your entire plan.

There are several important issues that are often overlooked by those preparing an estate plan on their own:

  • Although a will does not have to be notarized in some states, most states do require you to sign your will in the presence of witnesses. Failing to do this can result in your estate plan being invalidated.
  • It is important that you choose a backup guardian for your minor children in case your first choice is unwilling or unable to care for them. Failing to do so can cause great problems for your family after your death.
  • Although there is no estate tax in 2010, many heirs will actually end up paying more because of capital gains taxes.
  • Upon your death, your will becomes a public document, and this could leave your heirs open to criticism, claims, and contest suits by predators or unhappy relatives.

Any of these issues could present problems for those completing estate plans on their own. An estate planning attorney, however, could easily anticipate and address these issues. You should contact an estate planning attorney to ensure that your estate plan is current and complies with all state and federal regulations.

To learn more about New York elder law, New York estate planning, visit http://www.elderlawnewyork.com

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Knowing When Your Loved One Needs Care

Sunday, September 12th, 2010

It is sometimes difficult for us to know when one of our loved ones is unable to care for himself. Even if the signs are present, it is often hard to admit that this is happening. The signs often develop gradually, and they aren’t always easy to pick up on if you see your loved one regularly. Sometimes, no one notices until a son or daughter who has moved away comes home for a visit and recognizes a decline in a parent’s ability to perform basic tasks.

If you suspect that your loved one may need care, these are some signs that you can look out for:

  • Inability to prepare own meals
  • Frequent falls
  • Inability to keep up with basic hygiene such as bathing or brushing teeth
  • Depression
  • Sudden isolation

Once you have noticed these signs you will need to figure out what level of care is needed and how you will pay for these services. Your loved one may need a small amount of help with housekeeping and other daily activities, or more comprehensive care may be necessary.

Although it can be difficult discovering that someone close to you needs care, it is not a process you have to go through alone. An elder law attorney can give you advice about the type of facility that would best serve your loved one’s needs or whether he can be cared for at home.

To learn more about New York elder law, New York estate planning, visit http://www.elderlawnewyork.com

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Retirement Savings and Estate Plans

Wednesday, September 8th, 2010

With careful planning and review, your retirement savings can provide for your loved ones after your death. By taking a few simple actions, you can ensure that your benefits are awarded to the right person and will protect your family.

Making arrangements for the distribution of your retirement assets after your death is relatively simple. When you start a new job or open a retirement account, you’ll be required to fill out beneficiary forms that designate whom you want to collect on your savings. Unfortunately, it’s fairly easy to forget about these forms as the years pass by, and many people inadvertently leave their retirement assets to an unintended individual, such as a divorced spouse, rather than the current spouse or their children.

You can make sure that your retirement benefits go to the appropriate person by doing the following:

1) Make sure that you review your beneficiary designation forms every 2-5 years or whenever you experience a major life event, such as the death of a spouse, a second marriage, or the birth or adoption of a child.

2) Name contingent beneficiaries so that your family will be provided for if the primary beneficiary pre-deceases you. While you may think that naming your spouse as your primary beneficiary is enough, you can never be too careful with the assets that will help support your family.

3) Do not rely on your will to take care of your retirement assets. A will does not control the disposition of any asset that has a named beneficiary (including life insurance, pensions, trusts, and retirement accounts). Any named beneficiaries on your retirement account, therefore, will override any beneficiaries named in your will. If you wish to leave your retirement assets to a trust, you should seek the advice of an estate planning attorney.

4) If you’ve made the choice to name minor children as beneficiaries, you need to make sure you name a guardian for them and a trustee for their assets. Your retirement funds may be used to provide for the kids if anything happens to you, but minors are not legally allowed to control assets. They will need someone to manage their inheritance for them until they come of age.

Following these simple steps will ensure that your retirement assets work together with your overall estate plan. An estate planning attorney can help guide you through the process of making the proper designations and incorporating your retirement benefits into your estate plan.

To learn more about New York elder law, New York estate planning, visit http://www.elderlawnewyork.com

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Law Requires Doctors to Offer Information on Palliative Care and End-of-Life Options

Wednesday, September 1st, 2010

We interviewed David Leven, executive director of Compassion  & Choices of New York, about the state’s recently passed Palliative Care Information Act.  That legislation requires physicians to offer terminally ill patients information on their prognosis and their full array of end-of-life care options, including hospice and other palliative care, in addition to life-extending interventions.  Compassion  & Choices of New York works to improve end-of-life care and to expand available options in order to ensure a humane and peaceful death with dignity.


Q: Why was it necessary to enact this law? It seems like common sense for doctors to share this information with their patients.

A: Even though patients are entitled to receive details concerning diagnosis, prognosis, treatment options, and accompanying benefits and risks, many doctors are not having these discussions with the terminally ill.  Many physicians haven’t been adequately trained to have these difficult conversations, and they’re uncomfortable having them.

Q: Why did the Medical Society of the State of New York (MSSNY) oppose this legislation?

A: Although many physicians supported the bill, it’s true that the MSSNY did not support it.  I believe that was an unfortunate knee jerk reaction to having the legislative process mandate their professional behavior. The fact is that they were already under both an ethical and legal obligation to provide this information.  This legislation simply clarifies previously existing law to include the specific right to receive this critically important information, including options available for those who are terminally ill.

Q: Studies have shown that candid end-of-life discussions benefit patients.  Please explain.

A: First of all, most patients—83 percent, according to one study—want to hear the truth about their health, even if they’re terminally ill. After these discussions, they are more likely to accept their diagnosis.  As a result, most of them–85 percent–opt for palliative treatment rather than life-extending regimens.  Sixty-three percent put in place “do not resuscitate” orders, twice as many as those who have them when end-of-life discussions do not occur. End-of-life discussion patients are less likely to choose to use mechanical ventilators or to spend time in the intensive care unit. They are also more likely to be enrolled in hospice and for a longer time.

It’s been found that patients with aggressive interventions had a worse quality of life during their last week than those focused on palliative care. There are also significant cost savings, but the real issue is that a person has the right to be informed of the options and to have their wishes concerning this most personal of decisions respected.

Thank you, David; I know that Compassion & Choices New York worked diligently to have this legislation passed.  We appreciate your sharing this information concerning the rights of terminally ill individuals and the benefits that accrue when they are empowered to direct their end-of-life care.

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