[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/estate-planning-is-for-everyone-new-york-ny-white-plains-ny\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/estate-planning-is-for-everyone-new-york-ny-white-plains-ny\/","headline":"Estate Planning Is For Everyone","name":"Estate Planning Is For Everyone","description":"\u201cThe most common misconception estate planning attorneys hear is that someone doesn\u2019t need an estate plan because their client isn\u2019t elderly or on death\u2019s door.\u201d Estate planning is something anyone who is 18 years old or older needs to think about, advises the article “Estate planning for every stage of life” from the Independent Record. […]","datePublished":"2020-03-26","dateModified":"2024-03-27","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b025d9b3ff532.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b025d9b3ff532.jpg","height":1600,"width":1067},"url":"https:\/\/www.amorusolaw.com\/blog\/estate-planning-is-for-everyone-new-york-ny-white-plains-ny\/","about":["Conservator","Estate Planning","Guardians","Health Care Proxy","HIPAA","Minor Children"],"wordCount":730,"keywords":["Conservator","Estate Planning","Guardians","Health Care Proxy","HIPAA","Minor Children"],"articleBody":"\u201cThe most common misconception estate planning attorneys hear is that someone doesn\u2019t need an estate plan because their client isn\u2019t elderly or on death\u2019s door.\u201dEstate planning is something anyone who is 18 years old or older needs to think about, advises the article “Estate planning for every stage of life” from the Independent Record. Estate planning includes much more than a person\u2019s last will and testament. It protects you from incapacity, provides the legal right to allow others to talk to your doctors if you can\u2019t and takes care of your minor children, if an unexpected tragedy occurs. Let\u2019s look at all the ages and stages where estate planning is needed.Parents of young adults should discuss estate planning with their children. While parents devote decades to helping their children become independent adults, sometimes life doesn\u2019t go the way you expect. A college freshman is more concerned with acing a class, joining a club and the most recent trend on social media. However, a parent needs to think about what happens when the child is over 18 and has a medical emergency. Parents have no legal rights to medical information, medical decision making or finances, once a child becomes a legal adult. Hospitals may not release private information and doctors can\u2019t talk with parents, even in an extreme situation. Young adults need to have a HIPAA release, a durable power of medical attorney and a power of attorney for their finances created.New parents also need estate planning. While it may be hard to consider while adjusting to having a new baby in the house, what would happen to that baby if something unexpected were to affect both parents? The estate planning attorney will create a last will and testament, which is used to name a guardian for any minor children, in case both parents pass. This also includes decisions that need to be made about the child\u2019s education, medical treatment and even their social life. You\u2019ll need to name someone to be the child\u2019s guardian, and to be sure that they will raise your child the same way that you would.The guardian, in some states, a conservator, also is a person with control over a minor child\u2019s finances. You\u2019ll want to name a responsible person who is trustworthy and good with handling money. In states that make a distinction between the two roles, t is possible to name the same person as guardian and conservator. However, it may be wise to separate the responsibilities.An estate plan also ensures that your children receive their inheritance, when you think they will be responsible enough to handle it. If a minor child\u2019s parents die and there is no estate plan, the parent\u2019s assets will be held by the court for the benefit of the child. Once the child turns 18, he or she will receive the entire amount in one lump sum. Few 18-years olds are able to manage large sums of money, especially those who have lost one or both parents early in life. Estate planning helps you control how the money is distributed. This is also something to consider when your children are the beneficiaries of any life insurance policies. An estate planning attorney can help you set up trusts so the monies are distributed at the right time.When people enter their \u2018golden\u2019 years\u2014that is, they are almost retired\u2014it is the time for estate plans to be reviewed. You may wish to name your children as power of attorney and health care proxy, rather than a sibling. It\u2019s best to have people who will be younger than you for these roles as you age. This may also be the time to change how your wealth is distributed. Are your children old enough to be responsible with an inheritance? Do you want to create a legacy plan that includes charitable giving?Lastly, update your estate plan any time there are changes in the family structure. Divorce, death, marriage or individuals with special needs all require a different approach to the basic estate plan. It\u2019s a good idea to revisit an estate plan anytime there have been major changes in your relationships, to the law, or changes to your financial status.Reference: Independent Record (March 1, 2020) “Estate planning for every stage of life“"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Estate Planning Is For Everyone","item":"https:\/\/www.amorusolaw.com\/blog\/estate-planning-is-for-everyone-new-york-ny-white-plains-ny\/#breadcrumbitem"}]}]