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With the population of the United States consisting of more and more older adults, it’s important for them as well as their family members to think of what the future may hold regarding long-term care. However, many people put off this topic until the last minute, and that can lead to unfortunate results. In many cases, the elderly individual’s wishes may not be carried out to their satisfaction, and they may not have the financial arrangements in place that allow them to have the proper care they require later in life. To keep these situations from happening, many families now seek out the services of attorneys who specialize in elder law. If you or a family member are in need of these services, contacting a New York City elder law attorney may be necessary.

Reasons to Hire an Elder Law Attorney
To ensure all goes well later in life, there are several important reasons to retain the services of an elder law attorney. For example, if you are concerned about your current long-term care plan, or have yet to construct a plan, an elder law attorney can advise you on the various options. In addition to this, an attorney can also help lay out a plan to make sure your wishes are carried out if you become disabled or incapacitated later on, and helps you decide who will be in charge of your care if you are unable to care for yourself.

Long-Term Care Costs
Along with putting off planning ahead for long-term care, many people have little if any idea how much long-term care can cost. Unfortunately, it can be quite expensive. For example, living in a nursing home in New York can cost as much as $14,000 per month, while assisted-living facilities can cost up to $5,000 per month. If a person has not planned ahead for these costs, they will need to be paid out of a person’s savings, which for many families is simply not possible. Because of these potential scenarios, it’s imperative to work with a New York City elder law attorney to have a solid financial plan in place well ahead of these circumstances.

Mortality is a grim but stubborn fact of human life. You cannot live forever, and it is important to create a document, a plan, a set of instructions that distributes and disposes of your capital in the way that accords with your wishes. You do not have to be amongst the wealthiest class of persons to engage in estate planning. If you have accumulated capital, assets, and property that are of some value, and you wish different portions to go to particular family members, friends, and independent institutions, then you should start thinking specifically about who should get what.

It is especially urgent for individuals whose assets are considerable and connected in complex ways to develop an estate plan. If you have grown a family business into a multi-billion dollar global company, if you have shares, interests, and proprietary rights in a number of companies, if you own properties around the world and have tied them to different enterprises, then it is essential that you clarify who is to assume control and ownership when you are gone.

The livelihoods of hundreds or even thousands of people will depend on the soundness and transparency of your estate plan. You may have the utmost love and fondness for your spouse and your children. You may want to ensure that they are comfortable when you have passed on. However, the control and administration of any companies that you own or are connected is a different matter. It may be your wish that the people that you have worked with, trained up, and have the utmost confidence in be left with the sole responsibility of running businesses when you are gone.

We have years of experience planning for entrepreneurs, medical professionals, scientists, business and real estate owners, artists and multi-generation families.

Our attorneys stay informed with the latest updates to the tax and transfer laws and regulations participate in shaping local legislature and analyze latest planning strategies and trends in business planning.

Estate planning is a process that should ideally start when you are still fairly young, and continue throughout your life. For most people, the first step is having a simple Last Will and Testament put in place, and then from there, add additional options over time. As your estate grows and evolves with you and your family, you will need to have trusts in place to help avoid probate, ensure privacy, prevent contest, protect your assets, minimize expenses, and minimize/defer death tax exposure. Learn more about Wills and trusts to see what type of testamentary planning you may benefit you and your family.

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