Dividing an estate can be complicated when one has multiple children. This can be especially true when a parent wants to pass on a vacation home that may hold sentimental value for several kids. For New York parents who have a vacation home, it's never too early to start planning for the future.
New York parents dealing with a special needs child may recognize that there will be life-long challenges in caring for that individual. One of the greatest worries in this situation may be how to ensure that the child will continue to have the care needed after both parents are gone. While some parents rely on their other children to help in such situations, life changes could interfere. Sound estate planning can be helpful for addressing these concerns.
For many New York residents, pets are an important part of their lives. Nevertheless, in many cases pets are abandoned or brought to an animal shelter when their owner dies or becomes unable to care for them. To avoid this from happening, however, pet owners can set up a pet trust as part of their estate plan.
Couples in New York and around the country sometimes believe that marriage negates the need for estate planning tools such as powers of attorney and wills. While married couples enjoy several legal rights and protections, there are still a number of good reasons for them to put an effective estate plan into place.
New York residents who want to leave an inheritance for their children but are concerned about them being irresponsible with the money may want to look into trusts. Trusts can be used to restrict how beneficiaries are able to use money or to protect the inheritance from creditors.
New York residents may know of cases in which one person's death led to a family conflict that no one ever recovered from. One such incident happened when a woman's mother died. Her brother told her that she had been left $10,000 but he still needed to pay bills. Once the bills were paid, he claimed that only $300 was left for her although he had been left a car and the mother's condo.
While some New York parents may wish to split their assets equally among their children, there is no requirement to do so. For instance, a parent may decide to give one child a larger share that the others will be receiving. This could be because a child played a bigger role in caring for a parent or simply had a closer relationship.
For many New York residents, their most valuable asset is their IRA or other retirement account. Therefore, it is often prudent for individuals to find ways in which they can pass these assets to the individuals of their choice.
New York residents may be aware of a Medicare policy that reimburses doctors for holding end-of-life counseling sessions with their patients. However, many physicians are still reluctant to speak on the subject because of their reluctance or a lack of training. Medicare will reimburse physicians $86 for holding advance care planning sessions up to 30 minutes long. Doctor's assistants and nurse practitioners will also receive pay for counseling their patients, which can be done in hospitals or during routine visits to doctor's offices.
One of the purposes of estate planning is to allow people to retain control over the distribution of their assets upon their death. Sometimes, however, the person creating a trust or a will might want to permit heirs to control the distribution of assets that are left to them. There are methods for accomplishing this, but the maker of a will or trust should understand the consequences.