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Elder Law & Estate Planning By Lawyers, For You
In terms of assets any good elder lawyer will set up trusts and wills for their client so that all their money goes to the right place if something were to happen to them.
We all love our family and also need to take care of ourselves, so what is the best way to achieve this? The answer is that you can actually have your cake and east it too if you have a good estate & elder law attorney. When it comes to you we need to discuss long term healthcare and trusts. Medicaid for example will usually require a living trust to pass your assets to. This will allow you to qualify and be eligible for medicaid. This means your healthcare costs will be very low and you will have more assets to pass to your loved ones after death. A good will and proper planning using trusts can also keep your loved ones away from any rigorous probate proceedings in the future.
Elder Law For NYC Senior Citizens
Estate Planning For Millenials
Millennials are of course no new category of people, or with pun intended- millennials are us. But simply put millennials are people given birth to between 1981-1996. While the year range may not be generally agreed upon since it seems to depend on individual organizational viewpoint. The pew research institute claimed that it picked the time frame to ensure that all millennials were at least 5-20 years old at the time of the 9/11 bombings. Although it is open to date calibration.
But the thing is, why tell someone that young to have an estate plan. To a whole lot of people crafting an estate plan is somehow synonymous to death. There is this feeling that if you are not close enough to death there is no need for an estate plan just yet. But this isn’t really the case. The life expectancy rate has been falling consistently for the past few years and truth is, right now anyone can die anytime and the fact that most millennials have this ‘I don’t plan to die anytime soon’ attitude, no one plans on dying but everyone eventually does.
So what’s the harm in having a contingency plan? And away from who gets what in your estate, estate planning can help you get the most out of your resources.
Here are a few tips you can work with in planning your estate documents as a millennial:
Think of all that you care about and how you will want it all fixed when you eventually pass on:
Millennials are pretty attached people, from pets to family to even stuffs they own they are attached and one way you can use the emotional entanglement as a strength rather than a weakness is in planning out your estate. You sure don’t want your pet to go hungry, what to do? Appoint a pet executioner, even after you are gone your pet executioner will see to it that your pet is well cared for.
Get prepared – get an advanced healthcare directive:
As much as the talk around estate planning seems to be centered on death and planning for it, you can also use it in planning for life. Getting an advanced healthcare directive is usually of importance when a life threatening issue comes up. Perhaps you do not want to have to use feeding tubes or be connected to life support for more than a month. State it all in your plan and your doctors will be duly notified.
Take care of your virtual presence:
At the strategic when millennials were born, the internet became their best friend and this is evident in the fact that they rule the internet. All popular social media spaces have millennials as the highest population. But this is not going to go on forever, the millennials must know that without careful plans they will get phased out. A key part of that plan is to have an online executioner who will take over your virtual account in your demise.
Estate planning isn’t as tedious or bizarre as it seems, all you need is a right step in the right direction.
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