MORE ON CRUCIAL LIFE AND DEATH DECISIONS.

WHAT HAPPENS IF?

What happens if I die without a will?

What happens if I do not have a health 

care proxy or living will?

what happens if I need nursing home care?

What happens if my will gives assets to a disabled child?

1.         Last Will and Testament: A Will is the cornerstone of all estate planning. It is a personal declaration of your intentions about the disposition of your property at death. A will offers many advantages, enabling you to control what happens with your property after you are gone. Everybody should have one. A person who dies without a will dies "intestate." Dying intestate can be unnecessarily costly for your family and the State decides how your property is distributed.

2.         Health Care Proxy and Advance Directives, (aka Living Will): Another extremely important planning document is the Health Care Proxy with Advance Directives. This is New York State’s equivalent to a Living Will. This document authorizes a trusted spouse, family member or friend to instruct health care providers as to your health care wishes should you be unable to do so yourself. Without one, you could end up on artificial life support even if you are brain dead with no chance of recovery and only alternative is the appointment of a legal guardian and that can cost thousands of dollars. (I offer these at no cost to clients purchasing other services)

3.         Durable Power of Attorney: A Power of Attorney authorizes a trusted spouse, family member or friend to handle financial, insurance and personal business matters on your behalf in the event you are unable to do so. In addition, a Durable POA does not terminate if you become incapacitated.

4.         Nursing Home Care and Medicaid Planning: No one wants the government to take their home, investments and savings, everything they have spent their life working for, because of a serious illness or accident. You cannot wait until the life-changing event to shield your assets. You must plan at least 5 years in advance or the most straightforward or most complex asset protections can be worthless.

5.         Disabled Spouse, Child or Grandchild: Leaving assets to a person receiving governmental benefits such as Medicaid and Social Security Disability, is like writing a check to the government. Setting up a Special Needs Trust is a lawful and effective way to provide for a loved one receiving governmental benefits, once you are gone without risking the loss of valuable government benefits.

6.         Revocable and Irrevocable Living Trusts:  These trusts are typically used by wealthier people as asset protection and management vehicles and as a way to avoid probate. These are fairly complex legal documents that need careful consideration of both the pros and the cons.

FOR MORE INFORMATION OR TO SET UP AN APPOINTMENT:

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CALL:716-790-8231: 

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DEATH PLANNING EVERYONE NEEDS

Even though growing old and ultimately death is an absolute certainly, we live in a society where most people fail to plan for old age and death. It is a topic that we are reluctant to discuss even though there is no connection between talking about death and death.

The vast majority of people can competently plan for both for a few hundred dollars. What's more, spending that relatively modest sum while you are healthy and conscious may result in saving thousands of dollars down the road.


The three most important planning documents are the following:

1. Simple Last Will and Testament,
2. Durable Power of Attorney and
3. Health Care Proxy with Advance Directive aka "Living Will"

With these documents in place most people of middle class means are fully prepared. If you are a multimillionaire there is additional legal planning that may be important.

1. A simple will provides for the distribution of your property after your death.

2. A Durable Power of Attorney allows a spouse or other trusted family member or friend to assist you in handling your personal, financial and business affairs when you are living but need assistance.

3. A Health Care Proxy designates a health care agent to make health care related decisions if you are unable to do so. Advance directives provide important guidance to your Health Care Agent, family and medical care providers so they know your wishes and can confidently carry out your wishes if you are unconscious or otherwise unable to make your own decisions.

None of these documents take power away from you if you are able to decide or act for yourself. All of them can be easily modified or terminated if your situation changes and they are not expensive.

In my office most will cost $250.00 or less. A Durable Power of Attorney goes for $50.00 to $100.00 when it accompanies a will and I  typically prepare the Health Care Proxy with Advance Directive at not additional cost. www.vahllaw.com.