With names that sound so similar, you might think these two documents are basically the same thing. But while both can be an essential part of your estate plan, the two are used for very different purposes. A Will is a legal document that you use to specify what will happen to your belongings after you die. With your Will, you appoint an Executor who will act on behalf of your estate during the probate process, ensuring that your final bills are paid and your property is distributed in … [Read more...]
Are Living Wills Important?
When most people think of estate planning they think of making plans to distribute their assets after death. Estate planning, however, should also encompass aspects of your life before your death. Like many people, you may have very strong opinions about medical treatment, particularly as it pertains to end of life treatment decisions. After all, we all make thousands of seemingly unimportant decisions on a daily basis so it only seems fair to be able to make important life and death decisions … [Read more...]
What Is an Advanced Directive – and Do I Need One?
During the course of your life you make billions of decisions, some small and seemingly insignificant and other monumental and life-changing. Regardless of the importance of those decisions, we all take our ability to make decisions for granted. If you are one day unable to make decisions for yourself though, who will make them for you? Will anyone know what your wishes are with regard to healthcare treatment or end of life preferences? The only way to know the answers to those questions with … [Read more...]
The Conversation Project
A recent survey unveiled a few surprising mindsets in America and how we handle end of life matters. It’s being called “conversation disconnect” and it shows that 90 percent of us know we should have an end of life conversation with our loved ones, yet less than 30 percent of us have made that effort. The Conversation Project conducted the survey and as estate planning lawyers, we know all too well the awkwardness and uncertainty about discussing our final wishes with our family members. But we … [Read more...]
Speaking of End of Life Choices
It is incredibly difficult to raise the topic of end of life considerations. At some point, someone will have to broach the subject, even if Mom or Dad have already made all of the necessary arrangements. It’s far different than retirement topics; these conversations have to do with funeral and burial arrangements, do not resuscitate orders, powers of attorney for medical decisions – the really tough topics. If you think about it and the mindset we’re in when we plan for retirement, it’s one … [Read more...]
Advance Directives & HIPAA
The process of estate planning should best be viewed as a holistic endeavor that includes the eventualities of the twilight years leading into your ultimate passing. As a result, there are some things to take into consideration that are not purely financial in nature. One of these would be the possibility of suffering from incapacity as a senior citizen, or for that matter at any point in your life because unexpected tragic occurrences do take place impacting people of all ages. Advance … [Read more...]
Estate Planning and End of Life Decisions
It's human nature to avoid some conversations and when we can't avoid them, we find ourselves stumbling over the words that must be said. Planning ahead for our medical futures and ultimately, death, is as crucial as it is disconcerting. We create estate plans for the future but as many estate planning lawyers can attest to, the moment end of life decisions are mentioned, many clients find themselves a bit hesitant. Despite all the medical breakthroughs over the past six decades, the most we … [Read more...]
Medicare and Medicaid in New York: Understanding the Differences
With so much talk over the past couple of years about the new healthcare laws, welfare reform and overall political bickering, many have found themselves hearing Medicare and Medicaid being used, sometimes interchangeably. Of course, the two are different and serve different purposes in the American society. Still, they both are important and both play a crucial role in ensuring Americans are cared for. This week, we take a look at the differences between Medicare and Medicaid and what it can … [Read more...]
Young Adults And Estate Planning
Estate planning involves more than just the distribution of financial assets, and a lot of young people may not take that into consideration. The topic of health care has been in the news a lot during the last few years, and there was considerable debate recently concerning what life-extending procedures may or may not be allowed under proposed legislation. The fact is that each one of us has the ability to state our personal preferences concerning what medical procedures we would approve and of … [Read more...]
Incapacity Planning
Estate planning is just a portion of the practice of elder law, and as we live longer it is important to make comprehensive plans to address any eventuality. The realities of after-death planning are evident, involving the recording of wishes that will hold sway after you are no longer around to make individual, ongoing decisions. However, there may come a time when you are still alive but unable to make medical decisions and conduct your financial affairs, and preparing for this possibility is … [Read more...]
