by Nancy J. Brady, RN, Esq., Partner Brady & Marshak, LLP
The law practice of Brady & Marshak, LLP, is focused on the legal issues of middle-class New York residents. Many clients are homeowners and have reasons to protect the value of their homes, and hard-earned savings from the costs and delays of probate, and potential medical care.
The basic estate planning documents that all adults should have in place include health care directives, power of attorney documents and a last will and testament. The health care proxy and power of attorney have legal effect during one’s life to appoint representatives to make medical and financial decisions. Having these documents in place can avoid lengthy court proceedings for your family should they have to assist you in these matters.
Legal planning with wills and trusts can protect the value of one’s home and savings from the costs and delays of the probate process. Trusts are private agreements, and as part of an overall plan, potential challenges to a will can be avoided.
Irrevocable trust planning, in addition to the purpose of avoiding probate, will have the added benefit of protecting the value of all of the assets – financial and real property – form the costs of future long term care if done in advance of needing care.
This is just a very brief overview of the benefits of estate planning. Individuals over age 65, who live in New York, and have assets and property that they would like to preserve for their families to inherit should do advance planning based on their specific circumstances.
Families owe it to themselves and their loved ones to make informed decisions regarding preserving hard-earned assets by consulting with attorneys who are experienced in these matters.
The experienced attorneys at Brady & Marshak, LLP, may be reached by calling 718-738-8500.