SOCIAL SECURITY 2023 UPDATE SSI FOR NYS RESIDENTS Individual $1,001/month Couple $1,475/month MAXIMUM TAXABLE…
There are some life events that can be considered very stressful.
- Death of a Loved One
To assist your loved ones in the event of your death, and to assist you in the event of their death, each of you should have a last will and testament. It should specify what happens to personal effects and assets after death. Your will should cover provisions for any loved ones with special needs to whom you are leaving assets, including any loved ones you wish to protect in the event of divorce or disability.
While having a last will and testament usually comes more into focus as we age, anybody over the age of 18 should have one. For example, a young person with minor children should have a last will and testament in which they name guardians in the event of an unexpected passing.
It is no secret that statistics indicate a good percentage of the population may end up divorced. To be prepared, one may consider entering into a prenuptial or postnuptial agreement. In addition, parents can also set up family protection trusts to make sure their child’s inheritance is safeguarded against marital issues.
In any real estate transaction, it is imperative to have a qualified attorney on your side to alleviate any legal obstacles that may come your way. They can also help assure you negotiate the best deal possible.
- Major Illness
Before a major illness strikes, you should seek a qualified elder law attorney to make sure you have safeguarded your assets in such a way that in the event you need long term care in the future, these assets are preserved for your quality of life as well as for your heirs. In addition, one may consider obtaining a long term care insurance policy.
- Job Loss
Often times we have to leave our jobs due to a disability, whether it be short term or long term. It’s a good idea to consider having a long-term or short-term disability policy in place.
Are you legally prepared for these stressful life events? How have you protected yourself and your loved ones should one of these events occur?