An advance directive is a legal document that enables you to plan for and communicate your end-of-life wishes in the event that you are unable to communicate those wishes at some point in the future. State law dictates what types of advance directives are recognized in the state. New York recognizes two types of advanced directives, including: New York Health Care Proxy Form – lets you appoint a health care agent — someone you trust to make health care decisions for you if you are unable to … [Read more...] about Can an advanced directive help me with incapacity planning?
One of the most popular incapacity planning tools is a revocable living trust. When used to help plan for the possibility of incapacity, a revocable living trust works by allowing you to appoint yourself as the Trustee of the trust and appoint someone of your choosing as the successor Trustee. Your estate assets are then transferred into the trust. Because you are the Trustee, you continue to control those assets just as before; however, if you become incapacitated the successor Trustee (chosen … [Read more...] about How can a revocable living trust help with incapacity planning?
A Power of Attorney is a legal agreement that allows you (the “Principal”) to grant another person (your “Agent”) the legal authority to act in your place in legal matters. That authority can be general, allowing your Agent almost unfettered power to act on your behalf, or limited, only granting your Agent the authority to act on your behalf in specific situations or for a designated period of time. If you make any Power of Attorney durable it means that the authority granted to the Agent will … [Read more...] about Should I execute a Power of Attorney as part of my incapacity planning?
Incapacity planning utilizes legal strategies and tools that collectively determine who will control your assets and make important decisions for you in the event you are ever incapacitated. It allows you to make crucial decisions now instead of a judge making them for you later. … [Read more...] about What is incapacity planning?
For many people, the most powerful incentive for creating an incapacity plan is the chance that someone not of their choosing could end up making medical decision for them. If you become incapacitated, someone may need to make life and death medical decisions for you if you cannot make them yourself. In the absence of an incapacity plan that makes it clear who you designate to make those decisions, a court may need to appoint someone – and it might not be someone you want to be making those … [Read more...] about What else could go wrong if I become incapacitated and do not have a plan in place?
It doesn’t matter if you are wealthy or have only a modest estate, you undoubtedly care what happens to the assets you own. Moreover, you are accustomed to controlling what happens to those assets; however, if you were to become incapacitated tomorrow, someone would have to take over control of the assets you own. In the absence of an incapacity plan that dictates who that person will be, you have no way of knowing who will end up in control of your assets. Making matters worse is the very real … [Read more...] about In the absence of a plan, what happens to my assets if I become incapacitated?
It’s easy to consider incapacity planning as an age-related concern; however, it is not just the elderly who are at risk for becoming incapacitated. On the contrary, a tragic car accident, a debilitating illness, or even a work related injury could all result in a period of incapacity at any age. Most people are surprised to learn that a typical 35 year-old has a about a one in four chance of becoming disabled for 3 months or longer during his/her working career. That same worker has a 38 … [Read more...] about Incapacity planning is for older people isn’t it?