The Immigrant’s Journal - Vol. 192 Insert

Estate Planning Guide

Getting Your Financial House in Order: The Three Essential Elements of an Estate Plan

BY PEARL PHILLIP

If there is one gift you can give to those you love, it is getting your financial house in order. A comprehensive estate plan is vitally important, yet many put it off until it is too late.

You may not realize you already have an estate plan, but it differs from what you intended. If you fail to create a comprehensive plan for your estate and assets, the state will do it for you - and the people you love may not be happy with the results.

Why not make this the year you finally create that estate plan? It may not be a pleasant subject, but life and death are unpredictable. Knowing that you have a written plan for your estate will give you and the people you love the peace of mind, and here are the essential elements that the plan should include.

A Written Will

A written will is the cornerstone of any comprehensive estate plan and is generally the best place to start. If you do not yet have a will in place, contact an attorney and get one put together.

You will want to prepare for the meeting with the attorney, bringing as much documentation as possible about your assets and their desired disposition. If you are working with an estate planning law firm, you can complete the other elements of your plan when drawing up

your will, simplifying the process and reducing the time the whole thing takes.

A Durable Power of Attorney

The next essential element of your estate plan is the durable power of attorney. You may not want to think about it, but deciding who can make decisions for you if you become disabled is very important, both for your well-being and that of your overburdened family members.

Once the durable power of attorney is in place, the person you name will be empowered to make critical decisions if you become disabled or cannot communicate. Hopefully, this part of your estate plan will never kick into place, but having it established will help you breathe easier.

A Living Will

The third and final part of your compre-

hensive estate plan is a living will, which is vitally important. Medical advances have allowed patients to live longer, but not always better, lives, and it is crucial to think about what you want the medical authorities to do - and not do.

Would you want to be kept alive on a ventilator? Do you prefer robust life support or a more natural approach to death? Again these are not pleasant subjects, but they are important. The purpose of the living will is to lay out your wishes, removing any ambiguity and making it easier for your loved ones to make critical decisions on your behalf.

A comprehensive written estate plan is essential in preparing for your future. You might not want to think about it, but the estate plan you create will need to go into effect someday, and the sooner you lay it all out, the sooner you can get on with living your life to the fullest. p

Study Finds 1 in 4 Americans Recognize a Greater Need For Estate Planning Due to Inflation

Caring.com, a leading senior living referral service and the nation’s top site for senior care reviews, published its annual Wills & Estate Planning Study that explores the prevalence of estate planning in the U.S. and the reasons Americans do or do not engage in this end-of-life planning process. In the 2023 survey, responses from over 2,400 American adults indicated that only 34% have a will – albeit an increase of 3% since 2022 and 6% since 2020.

The study, which highlights the differences in attitudes towards estate planning among various age, socioeconomic and racial groups, found that inflation has had a disproportionately larger impact on younger Americans’ views of estate planning. While 54% of young Americans (ages 18 to 34) say inflation changed their views on estate planning, only 32% of Americans ages 55 and older say their views changed.

Likewise, 35% of Black Americans say inflation changed their views on estate planning, compared to only 27% of Hispanic Americans and 25% of White Americans. Overall, 26% of all American adults now see a greater need to establish an estate plan due to inflation.

While many see a greater need for endof-life planning, certain demographics

continued on page 4

Health Care Directives: What You Need to Know

When you become too frail or sick to make your own decisions on end-of-life health care, the emotional strain is passed on to your family or loved ones. Not only can this cause incredible stress, but the avenue they take may not be the route you had in mind. Be open and honest about your final wishes.

Don’t procrastinate when creating an advance care plan. Age isn’t the only factor that should be considered. A medical crisis that leaves you too ill to make your own decisions could strike at any time.

Emergency Treatment

Without a solid health care directive in place, family members may be tasked with making difficult decisions for your treatment. Here are a few common instances you must have clear and legal instructions regarding, as suggested by the National Institute on Aging:

• CPR: If your heart begins beating with an abnormal rhythm, it can be life- threatening. Discuss with your family your opinions about resuscitation so they can determine if CPR should be administered.

• Ventilator: When you are unable to breathe on your own, a ventilator can be used to keep you alive. It usually includes a tube which is connected to your trachea to ensure you’re receiving enough oxygen.

• Comfort Care: Deciding how to keep you comfortable while suffering is another factor you should have clear instructions for. Consider instances like limiting medical testing, spiritual and emotional counseling, and pain medication.

Choosing an Estate Attorney

Organizing your estate can be overwhelming without the help of an expert. With the assistance of an estate planning attorney, you can discuss your vision for your assets before death. Don’t risk creating a plan that doesn’t specify your decisions to the exact details.

If your loved one was neglected or abused in a Nursing Home or assisted living facility, financial compensation may be available.

One in six residents in nursing homes and community facilties were neglected last year resulting in thousands of families experiencing trauma, mental illness, medical emergencies, and even death. Nursing home abuse and neglect is real.

Has your loved one experienced any of these or other types of abuse?

•Bedsores

•Choking/Death

•Falls

•Fractured Bones

•Infections

•Improper Treatment/Medication

•Malnutrition/Dehydration

•Respiratory Illness

•Sexual Abuse

•Sexual Assault Experience matters. The lawyer you hire does make a difference. Schedule a consultation now.

Types of Facilities

Visit different facilities to make the decision on where you will stay if you become disabled to the point you can’t take care of yourself. It’s important to have a plan for different stages of life. Here are a few to consider:

If you require minimal assistance to live your day-to-day life, an assisted living community is a great option. You have the freedom to reside in your own space yet receive help in areas like laundry services, prepared meals and personal care.

A nursing home is a better option when you need constant assistance from medical professionals. Here, you can receive 24-hour supervision and help with daily necessities like bathing, grooming and medical management.

In-home care is a great option for someone who wants to stay at home while receiving the same benefits as an assisted-living facility. While it can be expensive to call on medical professionals to come to your home, it is a very comfortable option for those needing help.

What Happens If You Do Not Have An Advance Directive?

If you do not have an advance directive and you are unable to make decisions on your own, the state laws where you live will determine who may make medical decisions on your behalf. This is typically your spouse, your parents if they are available, or your children if they are adults. If you are unmarried and have not named your partner as your proxy, it’s possible they could be excluded from decision-making. If you have no family members, some states allow a close friend who is familiar with your values to help. Or they may assign a physician to represent your best interests.

Legal Help

Think of your advance directives as living documents that you review at least once each year and update if a major life event occurs.

If you have questions regarding health care directives, call the experienced professionals at the Law Office of Figeroux & Associates. To schedule an appointment, call 855-768-8845 or visit www.askthelawyer.us p

When searching for a specialized attorney, it’s important to chat with a few different experts in your area. Make sure you feel comfortable in their office as the discussions of finances and final wishes can be intimate. Once you find several attorneys to interview for the role, here are some questions you should ask before deciding:

How Long Have They Been Practicing Estate Planning Law?

Many general attorneys will advertise that estate planning is a part of their practice. They can be a great help when creating legal documents like a will, health care directives and power of attorney. However, if your financial situation is more complicated, an experienced estate planning lawyer will have better knowledge of the ever-changing laws and knows how to protect your legacy. You should also know how long they have been in practice. Someone who has extensive experience in the industry has likely discovered flaws in previous cases and has learned how to correct them. Ensuring your final wishes are in good hands is great peace of mind for both you and your loved ones.

Do

They Regularly Update Plans?

To stay on top of your estate, find an attorney who offers an updating and maintenance program. The service may cost more, but they will contact you throughout the year and discuss new techniques, life-changing events which may impact your plans and alterations to laws.

Working with a lawyer who stays in contact with you about your estate plan ensures your documents will be up-todate when they’re needed.

How Do They Charge?

Estate planning is necessary to prepare your family before your death. Ask about the fees the attorney charges. During the interview, find out if the fee is a fixed rate or hourly. You don’t want to be surprised with unexpected fees.

Ready to start your estate planning? call the experienced professionals at the Law Office of Figeroux & Associates. To schedule an appointment, call 855-7688845 or visit www.askthelawyer.us p

Your Apartment Can Be an Inheritance!

Don’t Lose It Today

BY CHEREEN JAMES

Many New York City tenants are unaware of their rights under City and State housing laws. In order to regulate the housing market, New York City and New York State have implemented rules that aim to protect tenants from drastic free market rent increases and from the fear of eviction. Many tenants are entitled to the protections of the Rules of the City of New York and the Rent Stabilization Code, but they are unfortunately unaware of their rights, and whether they are covered. The protections offered by these laws can make your apartment a key asset and one of those protections is the right to pass on your apartment to a family member, which is known as succession rights.

If you live in a building with six apartments or more, and that building was built before 1974, your apartment may be rent stabilized. As a rent-stabilized tenant, your family members can be placed on the lease after you permanently move out, or after you pass on.

If you have lived in your apartment since 1971, and the building was built before 1947, or if you inherited your apartment from a family member who fits the mentioned criteria, your apartment may be rent-controlled. As a rent-controlled tenant, you are also entitled to succession rights and can pass on your apartment to a family member who resided with you for 2 years.

If the family member who will inherit the apartment is disabled or elderly, then they only need to have lived with you for 1 year. Documentation is necessary to

prove that they resided with you and your landlord should be aware that they reside there as well.

Another group of tenants who have the right to pass their apartment on to a family member, are tenants who live in Mitchell-Lama Housing. This type of housing is known as limited profit housing, and the landlord typically charges you rent based on your income. According to the Department of Homes and Community Renewal (DHCR), which regulates Mitchell-Lama Housing, a tenant of Mitchell-Lama Housing has

the right to pass on their apartment to a family member. There are rules to this type of housing, as within 90 days, you must inform the management or the owners in writing of any additional family member who resides with you. You should also include them on your re-certification forms and income affidavit. That documentation and other proofs of address will be used for succeeding the apartment.

If you would like to know whether your apartment is covered by any of these regulations, speak to a landlord tenant attorney today. You may also be entitled to further protections from eviction and rent increases.

There is a dire need to protect minority-owned assets. In doing so, it will help contribute to the future of minorities as they use the funds and property gained from estate planning to attend college and build businesses in the coming age. This creates an ever-sustainable economy if the cycle can continue on. Preserving your family’s wealth could never be a bad idea.p

Planning for a Disabled Child

Estate pre-planning should be an important part of everyone’s financial regimen, but this process becomes even more important when you have a child with disabilities.

A lot of factors go into creating a uniquely designed plan, depending on their unique personal challenges and whether they are a minor or adult. The goal is to help your special-needs child continue to lead an enriching, happy life even in your absence.

A Lifetime of Care

The larger goal of special-needs planning is to preserve public aid while also supplementing your child’s care. There are additional benefits to taking care of this right away: If plans are put in place while you’re still alive, the estate avoids probate. Others interested parties, like their grandparents, can contribute to a trust. Named co-trustees can also get hands-on experience in helping with childcare and administering the guardianship. Depending on the child’s capability, this money-management program may be critically important since it will be the only future path to protecting eligibility for benefits. It will provide additional funds for a broader scope of care and create a financial resource should benefits

become restricted or end all together.

Special-Needs Trust

Children are at particular risk if they are unable to live independently after the death of a parent of guardian. A specialneeds trust can ensure that they are provided with needed resources and care over the course of their lifetime. Parents or guardians should name the trust as a beneficiary in their will, according to the American Bar Association, instead of the

child. Many public-aid options are designed to be resource dependent, meaning recipients aren’t eligible if they have access to a certain amount of money. These trusts allow for an inheritance without endangering aid provided by Medicaid, SSI or other government programs because assets held in trust are not directly available to the child. Funds from life-insurance policies, IRAs and retirement plans can also be directed to the trust, and the child still has access to other programs.

Designating a Caretaker

Beyond the obvious financial considerations, parents and guardians must select a designated caretaker to look after their special-needs child — or to manage their care, if the child is in an assisted-living environment. Work with an attorney who specializes in estate planning in order to create both a trust and this succession plan, since states have differing regulations and laws regarding who may serve as a legal guardian p

are less likely to have an estate plan than in years past. Hispanic Americans are the least likely racial demographic to have a will, with only 23% saying they have an estate plan in 2023 – this is a decrease of 17% since 2022 and 39% since 2021. Additionally, findings show that young adults are nearly as likely as middle-aged adults to have a will – 26% of Americans ages 18 to 34 said they have a will, compared to 27% of Americans ages 35 to 54.

“Inflation is causing the public to think more about their financial futures, and for many people, this means that they are thinking about end-of-life planning,” says Jim Rosenthal, CEO of Caring.com. “Yet we haven’t seen a significant uptick in estate planning, with too many people simply putting off this crucial piece of financial planning. More education is needed to help Americans understand the importance of estate planning — and the consequences for their loved ones if they fail to do so.”

The survey asked respondents without wills what would motivate them to create one – 41% said they are waiting until they have a health crisis, and 1 in 4 said nothing would motivate them to plan their estate. When those who do have a will were asked what prompted them to create one, 28% say retirement, 26% say death of a loved one, and 22% say family