Frequently Asked Questions
Frequently Asked Questions
about Elder Law and Estate Planning in New York
Health Care Proxy
Living Will
This is your statement of your health care choices when you are unable to express your wishes, particularly with a focus on end-of-life issues. This statement will inform your health care agent of your wishes and provide “clear and convincing” evidence needed in New York State to enforce your end-of-life choices, such as refusing mechanical or artificial means of life support. This directive will only take effect when there is no hope of recovery, or no treatment you would benefit from.
Power of Attorney
Gift & Estate Tax Planning
Medicare, Medicare Part D + Choice and Medigap Policies
What is Long Term Care Insurance?
What are Joint Assets and Designated Beneficiaries?
Holding assets jointly titled with another confers rights to the joint owners and gives both owners free access to this asset. Joint assets are useful to avoid the probate process. When two people jointly hold title to an asset the person who survives becomes the sole owner, thus avoiding any need to get court approval for access to the accounts (for example) when the owner dies. This technique is a useful Will substitute, but should be used with caution, and it must be understood that this asset will operate outside your Last Will and Testament or Trust and pass by operation of law directly to the joint owner.
What is a Last Will & Testament?
What is a Living Trust?
How to Handle Retirement Funds, IRAs & Income Tax?
You need to regularly review your retirement fund portfolio, which may include such plans as IRAs, 401(k)s, tax deferred annuities, and other qualified retirement assets, to update your investments and your beneficiary designations. Retirement savings are a central part of your financial security in the later years as an important source of your income. Distributions from these types of accounts have income tax liability as tax deferred assets. You should consider these assets along with all of your savings in developing a plan to determine which assets should be used for your support in your retirement years. Required minimum distributions must be taken at age 72 and taxes must be paid on these distributions.