Today, furry friends have become part of the family. Recently, more pet owners are looking to ensure that their pets are taken care of in the event he or she becomes incapacitated or dies. One way to ensure that a beloved pet is taken care is to establish a comprehensive pet trust. A pet trust is a valid legal directive that provides protections to ensure that a pet is well taken care of in accordance with the owner’s wishes. Continue reading “Establishing a Pet Trust Will Protect Your Furry Friend”
Category: Estate Planning
Benefits of Establishing a Comprehensive Power of Attorney
A power of attorney is an advance directive that is designed to designate an agent to make financial decisions on a person’s behalf in the event he or she becomes incapacitated. There are a number of benefits to developing a comprehensive power of attorney.
Establish Who Will Make Decisions on Your Behalf
In the event that a person becomes incapacitated and can no longer make decisions, a designated agent that you trust will now be able to act on your behalf to make important financial decisions. If a person does not have a comprehensive power of attorney, a guardianship proceeding may need to be commenced. Continue reading “Benefits of Establishing a Comprehensive Power of Attorney”
The Fundamentals of Capacity when Executing a Will
The main component to executing a Last Will and Testament or any advance directive is that a testator must have testamentary capacity at the time of execution. In accordance with New York State law, a person must be of “sound mind.”
Specifically, the testator “must have the intelligent knowledge of his or her natural objects of their bounty, property, and possessions, and must know what he or she wishes to do with those assets.” Continue reading “The Fundamentals of Capacity when Executing a Will”
Executors Play an Important Role
An executor of an estate is the person named to act on behalf of the decedent. An executor has a fiduciary duty to ensure that the decedent’s wishes for the disposition of his or her property and assets are carried out accordingly. In addition, the executor is responsible for the administrative process of an estate, including paying taxes and creditors. Furthermore, an executor is not required to have prior experience or knowledge in the field. Continue reading “Executors Play an Important Role”
Navigating the Uncertainties for Long-Term Care Needs
Medicare is a Federal program enacted in 1965. It is an earned-benefit program for those that are aged 65 or older or disabled. It consists of parts A, B, C and D. Part A is for hospital insurance coverage, as well as limited stays in nursing homes and some rehabilitative services such as physical, vocational, and speech therapy. Usually, there is no co-pay for Part A coverage. However, it is $167.50 per day for skilled nursing facility visits in excess of twenty-one days. Continue reading “Navigating the Uncertainties for Long-Term Care Needs”
Start Planning Today: Healthcare Coverage Can be Complex
Medicare
Medicare is a federal program enacted in 1965 that was established to provide health coverage to those 65 and older and those with a qualifying disability. Medicare consists of four sections:
- Part A – hospital insurance, inpatient care, rehabilitation care in a skilled nursing facility, as well as physical, vocational, and speech therapy, hospice, lab tests, surgery, and home health care. Medicare Part A does not have a premium, so long as an individual or their spouse worked forty quarters or more. Part A provides twenty days of full coverage for those in a skilled nursing facility. After the first 20 days, however, there is a $167.50 per-day-co-pay.
- Part B – covers 80% of outpatient insurance for physician office visits, medical devices, and some rehabilitative services. Medicare Part B has a $134.00 premium but varies with income.
- Part C or Medicare Advantage – is an optional plan that replaces Medicare Part A and B for a private insurance company.
- Part D – covers prescription drugs.
Continue reading “Start Planning Today: Healthcare Coverage Can be Complex”
Creating a Trust May be in Your Best Interest
A Last Will and Testament addresses how a person wishes his or her assets to be distributed upon their death. A Will sets forth detailed information regarding the distribution of any real property, vehicles, boats, tangible and intangible belongings, and often life insurance, among others. In addition, it may also designate certain assets to charitable institutions. It is worth noting that a Will can be revoked or replaced at any time and should be reviewed on a regular basis to reflect any life changes. Continue reading “Creating a Trust May be in Your Best Interest”
A Delay in the Probate Process May Require a Petition for the Appointment of Preliminary Executor
Probate refers to the process before a Surrogate’s Court judge, where a Last Will and Testament is admitted, an executor is appointed, and assets are distributed to beneficiaries. This process takes place in the county where a decedent resided at the time of his or her death. Under New York State law, a nominated executor must file a petition for probate, along with a decedent’s Last Will and Testament, and must provide notice to the decedent’s heirs; otherwise, a decedent’s Last Will and Testament will not be admitted to probate. The reason for this process is to provide distributees the opportunity to contest a decedent’s Will. Continue reading “A Delay in the Probate Process May Require a Petition for the Appointment of Preliminary Executor”
Be Familiar with a MOLST Form
In 2006, the Medical Orders for Life-Sustaining Treatment or MOLST program began in Onondaga and Monroe Counties and was later implemented on a statewide basis. In 2010, the Department of Health updated the MOLST form to remain compliant with the Family Health Care Decisions Act (FHCDA). A MOLST form is an advanced directive that a person may choose to execute to ensure that his or her wishes for end of life are carried out properly. Requesting a MOLST form helps assist in facilitating a discussion between medical professionals and patient’s or his or her legal surrogate to develop an adequate treatment plan that reflects the patient’s desires in the end stages of life. Continue reading “Be Familiar with a MOLST Form”
Guardianship Proceedings
For a person to execute advanced directives such as a Health Care Proxy, Living Will, and Power of Attorney he or she must have the mental capacity to understand what he or she is signing and the power that is being given to the designated agent(s) named in the documents. If an individual does not have adequate capacity to execute advanced directives, an Article 81 proceeding may be commenced in order for a court to appoint a guardian. Article 81 of the New York State Mental Hygiene Law allows a proceeding to occur before a judge, where a person may request that the court appoint a guardian to act on behalf of a mentally incapacitated individual. Continue reading “Guardianship Proceedings”
