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July 2014 Archives

Philip Seymour Hoffman refused to set up trust funds for kids

Fans of Philip Seymour Hoffman in New York were likely saddened to hear the news that the actor died in February and may be interested to learn that he did not leave anything to his children in his will. During his estate planning, he chose to leave his money to his girlfriend who is the mother of his three children, according to a court document. His attorney and his accountant reportedly encouraged him to create trust funds for his children, but Hoffman always refused.

New York residents need these estate planning documents

Studies show that less than half of adults living in the United States have an estate plan in place. The main reasons for this neglect are that people believe they are not needed because they are unmarried and without children or they feel they do not have enough assets to make it necessary. In fact, estate planning covers more than just the dispensation of someone's belongings after they pass away; it also determines how people's finances and medical issues are handled if an individual is incapacitated.

The real cost of nursing home care

The majority of people in the United States are assuming that nursing home costs are lower than they really are and are not saving an adequately to cover their future needs, according to a new survey. For example, many people think that the annual cost of being in a home is under $75,000, but a MetLife study found that a private room is $90,000 a year. A shared room might cost around $81,000. The results shows that people in New York might benefit from putting more time into long-term care planning.

Keeping an estate plan current may avoid future problems

New York residents who have estate plans in place should be advised that reevaluating them on a regular basis or when life-changing events occur is a prudent thing to do. It is recommended that staying current avoids problems in the future.