Many elderly people living in New York and who require long-term care would prefer to stay in their own home. While making a decision about whether or not staying at home is feasible, there are some important things to think about. A person may want to consider the condition that their home is in and whether the home can be modified. The availability of long-term care services in the area is also an important consideration.
Administering an estate in probate
Handling probate matters in New York can be a difficult subject at times. In essence, probate administration deals with handling the affairs and assets of someone after they have passed on, and it may not necessarily be something you want to think about. However, ignoring the issue entirely can itself inflict undue hardship on the owner of the assets in question and any of his or her intended beneficiaries.
What is a health care proxy?
Unfortunately, some people in New York will be the victims of accidents or will experience serious illnesses that lead to their being incapacitated and no longer able to make important decisions regarding their health care. In such a situation, someone else will make the decisions on the behalf of the incapacitated person, and if there has not been someone appointed who is willing to make decisions that are in line with his or her wishes, the health care that is utilized will be out of the incapacitated person's control.
Paying for long-term care in New York
According to the National Advisory Center for Long Term Care Information, 70 percent of Americans will need long-term care after age 65. However, it was revealed that only 11 percent of Americans are prepared to pay for such care. By 2050, 27 million Americans are thought to need long-term care, which is more than double the current number of 12 million.
Benefits of setting up a trust in New York
When people are in the process of how to handle their assets during their lifetimes and after they die, many may benefit from considering setting up a trust. Trusts can be valuable tools to use in estate planning, as they have a number of benefits.
