Some New Yorkers that have drafted wills in the past mistakingly believe that once these documents are written, they don't have to do anything more. Since both the law and life itself often involves change, failing to revisit a previously drafted will may have unintended consequences for the testator's family.
One New York-based physicians' organization is starting to have discussions with all of its adult patients regarding end-of-life care after the director's father died without being able to speak or move. Medicare has also introduced a new policy known as advanced care planning that pays nurse practitioners, physician assistants and doctors $86 for a session of up to half an hour discussing end-of-life wishes. However, many physicians say that this is unlikely to significantly increase the number of doctors willing to have this conversation with their patients.
With so much to think about, small business owners may not make tax planning a priority. However, there are several good reasons to do so. First, it may be possible to reduce either business or personal income tax rates, which could reduce how much an individual pays out each year. Planning ahead may also make a business owner aware of tax credits and know ahead of time if the AMT will impact his or her tax return.
One of the biggest fears that some New York residents have is being a burden to their children as they age. Another common fear is the prospect of living in a nursing home. However, only 39 percent of those surveyed by UBS Wealth Management say that they have talked with their children about who will provide care in their old age. Furthermore, only half have accounted for health care costs in their overall financial plan.
Losing a loved one is never easy. Even when you might know the death is imminent, you may not be prepared for the true loss of their love, companionship and support in your life. When your time comes, you want to make the transition as easy as possible for those you leave behind, including the distribution of your estate.