New York estate owners should start planning for retirement as early as possible. These plans help them determine how to manage their estate at later stages of life. They could create a plan to create trusts, identify an administrator, and set up a health care proxy. Retirement Planning Attorneys Orange County NY can help these estate owners with these opportunities.
Health Care Proxy
A health care proxy is an individual who makes choices about a senior’s health care. They enforce the medical directive set up by the estate owner. This may include directions in a living will that requires them to take the senior off life support. It could also identify conditions such as refraining from placing them on life support or performing extraordinary measures to save them. This individual makes choices about what types of health care the senior will receive and from what doctor.
Appointing an Estate Administrator
An estate administrator manages the distribution of their wealth. They administer the estate owner’s will and give their beneficiaries the title to the property left for them. They follow all instructions based on the estate owner’s wishes. This administrator may manage the estate owner’s assets and property if they become incapacitated.
Setting Up Trust Funds
The estate owner sets up trust funds for their children’ through estate planning. They may place any value they want into the trust initially. They may also add to this value throughout their lives. They are allowed to place restrictions on how the funds are used.
Transferring Wealth into an Organization
Funds and properties that are transferred into a charitable organization are no longer a part of the estate. This reduces the total value of the estate. This establishment allows the estate owner to leave these items for their family without incurring inheritance taxes.
New York estate owners plan for retirement and beyond through estate planning. They may create a will to distribute their wealth to their family. They can also set up a medical directive and identify a health care proxy. Estate owners who need help should contact Retirement Planning Attorneys Orange County NY by visiting Mark Aberasturi today.
