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October 2014 Archives

Setting up a special needs trust in New York

A New York parent of a child with a disability may want to set up a special needs trust so that the child can still continue to receive government benefits such as health care upon disbursement of the assets. The special needs trust can be set up during the parent's lifetime or after his or her death, and the device may be able to help ensure the child's future stability.

New York estate planning eases burden on families

Some people think that estate planning is complex and will cause family disputes while others simply do not want to think about asset distribution. Unfortunately, too many New York residents die without wills, a health proxy or power of attorney in place. The National Association of Estate Planners and Councils explains that it is important to have a living will and trusts in place not only to preserve assets but also to make estate administration and asset distribution easier on the family.

Considerations for selecting beneficiaries for estate planning

People engage in estate planning for the benefit of their heirs, but the questions of how to select the people who do receive inheritance and how to split one's wealth are not easily answered. By carefully considering a range of issues, one might avoid conflicts and hurt feelings when a plan is executed. This process might be the most emotionally challenging part of estate planning, but having perimeters to help make the decision might lessen the burden for people in New York.