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Baby Boomers Need Wills

Death is unpleasant. Why would anyone want to think about such an unpleasant subject. However, as unpleasant as death may be, everything that lives will eventually die. End of life issues are difficult to face. However, the failure to face end of life issues can create untenable, difficult, and painful situations for your loved ones.

Living Will

A Living Will is a document that spells out an individual’s wishes with regards to the type of medical care he or she wants to have. It is only utilized when the individual who drafts the document is no longer capable of communicating with doctors directly. It deals with issues such as life support and medical treatments that do not prolong life but only prolong death and suffering.

Health Care Proxy

A Health Care Proxy is sometimes called a health care power of attorney. This allows an individual to select someone he or she trusts to make decisions about medical care during a period of time when they are in incapacitated or unable to communicate their wishes.

Cathy Brant is the senior vice president in the National Hospice and Palliative Care Organization states that living wills and health care proxies are a good idea for everyone whether they are healthy and young or older and not so healthy. She states further that these two documents can spare families painful fights and ensure patients receive – or don’t receive – the medical treatments they wish should they end up in a situation where they can’t speak for themselves.

Avoiding The Terri Schiavo Situation

Terri Schiavo collapsed in 1990, in her home. She did not have any advance directives regarding end of life care issues. Her heart stopped. She suffered irreversible brain injuries. She was left in a vegetative state. Her husband, who loved her very much, stated she had told him she would not want to live in a vegetative state. He parents vehemently disagreed with Terri’s husband. They wanted her kept alive without regard to the quality of her life. Her husband and parents litigated for years concerning the issue of turning off her life support system. The case eventually went to the Supreme Court. Hundreds of thousands of dollars in legal fees were expended concerning this issue. In 2005, the court ordered her feeding tubes removed and she died two weeks later.

There are many issues individuals face as they grow older. Drafting health care proxies, will and living wills are issues that Americans should face up to.

Elder Care Lawyers

The Law Offices of Schlissel DeCorpo has more than thirty years of experience in handling all types of Estate related matters. We probate Wills. We litigate Will contests. We draft Wills and Trusts. We create guardianships for clients. We have developed expertise concerning Estate Tax issues, Revocable Living Trusts, Irrevocable Trusts, Elder Care issues, nursing home abuse matters, Medicaid, Medicare planning techniques, Special Needs Trusts and Supplement Needs Trusts for our clients. Call us for a free consultation. Our phones are monitored 24/7. We can be reached at 1-800-344-6431, 516-561-6645 or 718-350-2802.

Investment Planning for Retirement

The Stock Market, in 2011, has been very volatile. Soon to be retired families are expressing concern as to what their appropriate investment strategy should be in retirement.

Thirty-year Retirement

If you’re retiring in your 60’s, it is important to plan for as long as thirty years of being retired (hopefully you have this type of longevity in your family). Financial planners discuss balancing short term and long term risks with your investments. T. Rowe Price recommends to its retired investors that they maintain 55% of their liquid assets in equities (stock), 35% of their liquid assets in bonds and the remaining 10% in cash. Putnam Institute suggests that retirees should have, at the most, a quarter of their liquid assets in stocks. Which is the correct approach?

Financial Planners

The best approach to deal with your assets when you’re either close to retirement or in retirement depends on a variety of circumstances concerning your lifestyle. The most informed method to make long term plans is to hire a financial planner. Financial planners can provide you with estimates of what your necessary income will be over time. They can also run “what if” scenarios concerning investment strategies. Investors who use financial planners are less likely to overreact to market fluctuations. Financial planners will help you develop an investment strategy dealing with issues concerning risk tolerance and financial goals. Expert advice in this situation is the way to go.

Estate Planning

Do you have a will? If you die without a will, the State of New York or the state you are living in at the time of your death will decide who inherits your assets. Since no one lives forever, estate planning is a good idea.

Issues involving wills, probate, executors, revocable trusts, irrevocable trusts and elder care concerns are the type of issues that an estate planning or elder care attorney can assist you with. The Law Offices of Schlissel DeCorpo has been assisting its clients for more than 30 years with estate planning issues. Feel free to give us a call for a free consultation at 1-800-344-6431, 516-561-6645 or 718-350-2802.

Good Will Hunting

If you have assets, young children, and/or a house you should have a will. So you have a will. That’s great! Have you updated your will within the last two decades? If your will is more than 10 years old, you should consider updating it.

Changes In Your Life

As you grow older, the reasons for writing a will may have changed. You initially may have written a will to deal with who will raise your children in the event both parents die. You may have assisted one or more of your children with financial issues and seek to even things out when you pass. There are numerous reasons for updating your will. Your will should be up to date. An outdated will runs the risk of  not serving you or your family’s needs.

Will Evaluation

The American Bar Association maintains a guide entitled “Guide to Wills and Estates.” This guide discusses a variety of situations that may require a will to be reevaluated. The first is the death of your spouse. Divorce or death of some of your beneficiaries would also be a significant reason to update your will.

Grandchildren

Do you have grandchildren? You can make financial arrangements for your grandchildren in your will. If your grandchildren were born after you wrote your will, your will needs to be updated.

Tax Issues

At the time you wrote your will, you may not have had a significant estate. Your financial situation may have changed. You may need a more sophisticated estate plan to avoid estate tax issues.

A Significant Other

If you have a significant other and you are not married to this person, they will not be able to live in your house, or your apartment if you do not have a will. The best way to determine whether your will is adequate is to meet with an estate planning attorney and discuss all of the issues raised in this article.

Wills and Trusts Lawyer

The Law Offices of Schlissel DeCorpo has been assisting our clients for more than 30 years in dealing with wills, probate, contesting wills, issues involving executors, revocable trusts, irrevocable trusts, elder law issues, as well as Medicaid issues and Medicaid planning techniques.

Should you have questions concerning any or the aforementioned items, feel free to give us a call at 1-800-344-6431, 516-561-6645 or 718-350-2802.

Retirement Planning for Single Americans

Who prepares better for retirement, married couples or single individuals? The answer is married couples. More than 85% of married couples have saving plans related to their retirement. This compares with only 67% of single individuals who have established retirement savings programs.

Retirement Planning

Americans who have worked during the course of their lives are entitled to receive Social Security benefits. Social Security is an entitlement program. Another entitlement program working Americans have the benefit of is medicare. Medicare is a program that pays for a variety of medical treatments for senior citizens. It pays for hospital stays, doctors visits and prescription drugs. Medicare is not designed to pay for nursing home care. If a senior is placed in a nursing home for rehabilitation purposes, Medicare will cover up to 100 days of the expenses of the nursing home facility. However, if a senior needs to go into a nursing home because he or she just can’t take care themselves, Medicare is not designed to pay this expense. Seniors can buy catastrophic health care insurance to cover this type of expense.

Retirement Savings Plan

There are various types of retirement savings programs. Some employers have pension plans for their employees. Another type of savings program through employment is called a 401K plan. This allows the wage earner to save without paying current income taxes for a portion of his or her income. Individual retirement accounts are yet another type of retirement savings program that provides tax benefits.

How Much Is Necessary To Save For Retirement

The amount of money an individual or family needs to put aside for retirement varies with the lifestyle and cost of living of the people involved. Most financial planners suggest that retired Americans will require between 75% and 80% of the income they had during their working lives for their retirement. This is a figure that is hard for most Americans to meet. Most families and singles reduce their expenditures and live simpler lives in retirement, thereby preserving their limited assets.

Elder Care Lawyer

The Law Offices of Schlissel DeCorpo provides elder care legal services to our clients. We draft wills and trusts. We probate wills. We deal with Medicaid planning issues. We assist our clients with nursing home issues. We provide all types of elder care legal representation. We also draft special needs trusts and supplemental needs trusts for our clients. Should you need a will, trust or an elder care attorney, call us at 1-800-344-6431, 516-561-6645 or 718-350-2802.

Nurse Practitioners Want Freedom from Supervising Doctors

Last year in the State of New York midwives obtained the ability to practice their craft without the supervision of physicians. This year nurse practitioners are seeking the same freedom.

Pending Legislation in New York

There is currently a proposed bill before the New York State Legislature that would eliminate the requirement that nurse practitioners have to work under the supervision of doctors. In the event this statute is passed New York would join sixteen other states and the District of Columbia in freeing nurse practitioners from the supervision of physicians.

Seth Gordon, the president of the Nurse Practitioners Association in New York stated “without that restriction, nurse practitioners would be free to enter into their own practices and practice?”

Nurse Practitioners

A nurse practitioner is a registered nurse who has obtained a masters degree and had advanced medical training. They are currently allowed to make a medical diagnosis and they can also prescribe prescription drugs. Presently a nurse practitioner must have a collaborative agreement with a practicing physician. This requires the doctor to review the nurse practitioner’s cases every ninety days. However, the review can be as minimal as the doctor simply looking at one of the nurse practitioner’s patient charts.

Nurse practitioners feel that the review is unnecessary. The New York Medical Society opposes the statute which would allow nurse practitioners to practice without the supervision of physicians. Nurse practitioner argue that removing the physicians supervision requirement would enable more nurse practitioners to have solo practices. They claim this would fill the gap in areas where there aren’t enough practicing physicians.

New York Wills and Trust Lawyer

We provide estate planning services. Elliot S. Schlissel is an elder care attorney. He litigates nursing home abuse and medicaid related issues. He deals with medicaid planning techniques. He also assists individuals with special needs trusts for special needs children. Feel free to call for a free consultation. 

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