In a recent blog post, New York estate planning lawyer Yana Feldman (https://yanafeldmanlaw.com/planning-for-incapacity-faqs/) from New York Legacy Lawyers by Yana Feldman & Associates PLLC delves into frequently asked questions about planning for incapacity. This critical aspect of estate planning addresses potential future situations where individuals may become unable to make their own decisions due to illness, accident, or age-related cognitive decline. By preparing for such scenarios, individuals can have greater control over who manages their affairs and make arrangements that align with their wishes.
Yana Feldman, a New York estate planning lawyer with years of experience in incapacity planning, emphasizes the importance of this often-overlooked aspect of estate planning. In her article, Feldman highlights that while many people understand the importance of wills and trusts, far fewer consider the implications of becoming incapacitated and unable to make personal, financial, or medical decisions. She points out that careful planning in this area allows people to designate trusted individuals to act on their behalf in the event of incapacity. Feldman notes, “Incapacity planning empowers individuals to make sure their wishes are carried out by the right person when they can no longer make those decisions themselves.”
The blog clarifies common questions about incapacity planning tools and processes, including powers of attorney and healthcare proxies. According to New York estate planning lawyer Yana Feldman, a power of attorney allows a designated person, called an agent, to make financial and legal decisions for another individual. Without this arrangement, families may face significant challenges, including challenging legal hurdles, in order to access bank accounts, manage bills, or address pressing financial needs. Feldman stresses that while powers of attorney offer substantial protection, they are only as effective as the agent chosen to fulfill the role. For many, choosing a person they deeply trust is one of the most crucial aspects of this planning process. Feldman shares that “a properly drafted power of attorney can be one of the most important legal documents in a person’s estate plan, providing seamless management of financial matters when a person is unable to do so.”
Healthcare proxies are another vital element of incapacity planning discussed in the blog. A healthcare proxy authorizes a trusted person to make medical decisions on behalf of someone who is no longer capable of communicating their own wishes. Feldman explains that this form of preparation allows individuals to outline their healthcare preferences in advance and ensures that their medical treatment aligns with these preferences. Without a healthcare proxy, family members may find themselves in difficult positions, forced to make critical decisions without a clear understanding of the individual’s wishes. Feldman addresses this point in her article, saying, “With a healthcare proxy, individuals can have peace of mind knowing that someone they trust will make healthcare choices on their behalf, according to their preferences.”
Feldman’s article also touches on living wills as part of incapacity planning. She explains that a living will serve as a written declaration of an individual’s healthcare preferences, particularly in regard to life-sustaining treatments. By creating a living will, individuals can express their desires about treatments such as resuscitation, mechanical ventilation, and other interventions. A living will relieve families of the burden of making these emotional decisions during difficult times and ensure that the person’s own choices guide their medical care.
Addressing financial and healthcare planning together provides a comprehensive approach to incapacity planning, according to the blog. Feldman advocates that while no one likes to consider the possibility of incapacitation, taking proactive steps to plan can greatly reduce the emotional and financial strain on loved ones. She emphasizes that a thorough incapacity plan is a gift to family members, relieving them of potential conflicts and confusion by clearly outlining the person’s wishes.
Incapacity planning is often overlooked, but as Yana Feldman illustrates in her blog, it is an essential part of estate planning. By establishing powers of attorney, healthcare proxies, and living wills, individuals are able to put safeguards in place that will protect them and their families. Feldman’s article encourages individuals to consider these elements in their estate plans and highlights the value of working with a knowledgeable estate planning professional to ensure that every aspect is properly addressed.
Yana Feldman and her team at New York Legacy Lawyers by Yana Feldman & Associates PLLC remain committed to helping clients navigate the challenges of estate planning and incapacity. Their guidance in this area allows clients to create well-rounded plans that incorporate both the present and future, ensuring that they are prepared for all eventualities.
Incapacity planning can provide peace of mind for individuals and clarity for their families. Creating an incapacity plan is a proactive approach to addressing future uncertainties, and working with an estate planning professional can streamline the process. With the resources shared by Feldman, individuals have a clearer understanding of how to make informed choices about their financial and healthcare needs.
About New York Legacy Lawyers by Yana Feldman & Associates PLLC:
New York Legacy Lawyers by Yana Feldman & Associates PLLC provides clients in New York with a range of estate planning services, including wills, trusts, and incapacity planning. With a focus on delivering compassionate and informed guidance, the firm assists clients in creating thorough plans to address both immediate and future needs. Yana Feldman and her team are dedicated to helping clients safeguard their assets and protect their families through personalized estate planning solutions.
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