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What Steps Should the Elderly or Ill Take When Estate Planning in NY?

estate planning elderly ill ny new york

Because you might not be able to do so in the future, due to death or incapacitation, you should take concrete steps to establish an estate plan if you are elderly or ill. For those in need of guidance, please continue reading, then contact an experienced Rockland County wills, trusts and estates attorney to learn what steps the elderly or ill should take when estate planning in NY.

Estate planning when you are elderly or ill in NY

You should strongly consider taking the following actions if you are elderly or in poor health:

  • Make a will: It is not difficult to create a legally-binding will. As it so happens, you can create one without the involvement of an attorney. The primary purposes of a will are naming a personal guardians for your minor children and leaving specific assests to specific beneficiaries.
  • Create durable powers of attorney and a Living Will: These documents give designated people the authority to make decisions on your behalf and directions on how to do so in the event of you becoming incapacitated, unable to handle day-to-day financial matters or incapable of making healthcare decisions.
  • Check your beneficiary designations: You may want to update your beneficiary designations, if you have already named beneficiaries to inherit specific property from you, especially if the original beneficiary has died or gone through a divorce since they were named.
  • Consider a Living Trust: A revocable Living Trust comes in handy for those who want to quickly transfer property to the people who inherit it while avoiding putting survivors through the expense, lost time and hassle of probate court proceedings.
  • Research state and federal estate tax exemption amounts: You will most likely want to prevent your family and/or beneficiaries from ending up with a large state or federal estate tax bill, so look at the applicable estate tax laws. Consider special kinds of trusts or starting a gift-giving plan to reduce the amount your estate will owe.

You should reach out to our skilled Rockland County law firm if you would like to discuss your full range of options or just want to learn more about the estate planning process in the Empire State. Every case presents its own set of challenges, such as a complicated family situation or unusual assets, which is where our boutique firm comes in. A Rockland County estate planning attorney from our firm will tailor your estate plan to fit your unique needs. A simple mistake can cost your loved ones dearly, so let us put our years of experience to work for you.

Contact our Firm

The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.

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