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the only way the funds can be obtained. The Basic Estate
A prudent individual, not needing
Medicaid, can also establish a pre- need Documents
arrangement and place the funds into a
revocable trust account for themselves Healthcare Proxy
or another family member. A revocable A Healthcare Proxy is an important legal
trust account can also be transferred instrument which sets forth the person
to another funeral home, but unlike or persons who you would like to make
the irrevocable trust account, it can be healthcare decisions on your behalf
revoked, and the funds returned to the in the event of your incapacity. In the
person(s) making the arrangements. absence of such an instrument, your
healthcare provider may not have the
Basics of NY Estate proper guidance as to who you would
trust to make these important decisions,
Planning or information how to contact the person
who you would designate. By preparing
a healthcare proxy, you will assist your
The death or incapacity of a loved one is physicians and nurses in providing the
a difficult situation that, unfortunately, care that you would want to receive if
all of us face eventually. The difference you were able to speak for yourself.
in the level of difficulty faced is entirely
in your hands - how well did you plan Power of Attorney
for this contingency? With proper Equally important is the power of
estate documentation in place, you can attorney or “POA”. The POA allows your
ensure that your family and legacy are choice of individual to act on your
protected, and that there is as little behalf in making financial decisions and
financial impact on your family as managing your financial affairs in the
possible. event that you are unable to do so. A
POA may be effective immediately upon
The basic estate plan has two essential its execution, or else “springing”, such
aspects - the designation of individuals that it will not be effective until you are
to act on your behalf in the event of certified to be incapacitated. The POA
your incapacity, and the proper and may be limited in its scope (i.e. giving
clear disposition of assets in the event authority to a certain family member
of your death, with an eye towards the to run your small business), or may
minimization of tax and administrative give complete authority to the agent.
burdens on the loved ones you leave Without a POA, your loved ones would
behind. have to bring a formal guardianship
proceeding to exercise power over
In consulting with your attorneys for your financial affairs in the event of
your initial estate planning consultation, incapacity. Guardianship proceedings
bring with you a list of your assets are expensive and uncertain, and there
(including real estate, bank accounts, is no guarantee that the outcome will
investment accounts, annuities, be that which you would have desired if
retirement accounts), liabilities, you were able to speak for yourself. As
insurance policies and if applicable, with all aspects of estate planning, it is
prenuptial agreements and judgments best to think of these issues and make
of divorce. With this information in the decisions for yourself, or you may
hand, your attorneys will be able to give find the state making them for you.
you informed advice regarding the best
course of action.
Overton Funeral Home, Inc. - Page 29
