If you are elderly or ill, now is the time to take concrete steps to establish an estate plan, because you might not be able to do so in the future should you die or become incapacitated. If you need guidance, please read on, then contact an experienced Putnam County estate planning attorney to learn more about estate planning when you are elderly or ill in New York State.
What estate planning steps should you take if you are elderly or ill?
If you are elderly or in poor health, you should strongly consider taking the following actions:
- Making a will: Wills are not hard to create. In fact, you can make one yourself. Wills enable you to:
- Name a personal guardian for your minor children
- Leave specific assets to specific beneficiaries
- Creating durable powers of attorney and a Living Will: Should you become incapacitated, unable to handle day-to-day financial matters or incapable of making healthcare decisions, these documents give designated people the authority to make decisions on your behalf and directions for carrying out your wishes.
- Checking your beneficiary designations: If you have already named beneficiaries to inherit certain property from you, you may want to update them, especially if the original beneficiary has died or gone through a divorce since you named them.
- Considering a Living Trust: Probate court proceedings are an expensive, time-consuming hassle for survivors who just want to quickly transfer property to the people who inherit it, which is where a revocable living trust comes in.
- Looking at state and federal estate tax exemption amounts: Take a look at the current tax laws, so your family and/or beneficiaries do not end up with a huge state or federal estate tax bill. To reduce the amount your estate will owe, consider special kinds of trusts or start a gift-giving plan.
These actions are just the tip of the proverbial iceberg. If you would like to discuss your full range of options or just learn more about the estate planning process in the state of New York, you should reach out to Andre D. Gil, Esq. today.
How can an estate planning attorney help the elderly or ill?
Empire State laws governing estate planning can be vague and general. As we all know, every person and every situation will present unique challenges. For example, you might have a complicated family situation or unusual assets. This is where a seasoned estate planning attorney comes in handy. He or she will be able to apply his or her years of experience to tailor a plan that meets your case’s specific needs. This can be tricky and a simple mistake can create headaches for your loved ones. So, let us handle the legal work for you.
Contact our Firm
If you or a loved one needs assistance creating an estate plan and wish to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.