If you’re worried about estate planning for your aging loved one and want to ensure everything is in order, you’re not alone. It’s a big responsibility, and the last thing you want is confusion, stress, or unexpected costs down the road.
That’s why The Kensington White Plains is proud to host “Navigating Life’s Transitions & the Unexpected for Your Aging Loved One” on April 29th to help caregivers and individuals prepare.
Join us as expert speakers break down estate planning essentials—wills, trusts, powers of attorney, and everything in between—so you can feel confident that your loved one’s wishes are honored and their legacy is protected.
In this article, we’ll cover estate planning tips and other topics in our upcoming panel.
At what age should you start estate planning?
Contrary to popular belief, estate planning isn’t just for retirees.
Life can be unpredictable at any stage, so it’s wise to establish a plan once you have assets or dependents or want to control where your property goes.
Whether you’re 30 with a young family or 75 with grandchildren, taking action now can save heartbreak later.
The best time to start estate planning is when you have something—or someone—to protect.
Addressing legal questions early allows you to update your documents over time to reflect life’s inevitable changes.
Get started with your loved one right now while they can still think clearly and don’t suffer from memory loss, especially if they’re dealing with early dementia or Alzheimer’s.
Estate planning advice for seniors and caregivers
Estate planning is the process of designating who will receive your assets and handle your responsibilities in the event of incapacity or death.
This process also involves creating documents such as wills, trusts, and powers of attorney that protect you during your lifetime.
Estate planning can be slightly more intricate in New York due to state-specific estate taxes and regulations.
A thorough estate plan addresses the following:
- Who inherits property, investments, and personal possessions?
- Who makes medical choices if you cannot speak for yourself?
- Who manages your day-to-day financial affairs if you’re incapacitated?
Families who postpone these discussions often face higher legal fees, family conflict, and potentially unfavorable outcomes determined by the state.
Beginning this process early, while everyone is still healthy and can participate, can help you avoid rushed decisions and give yourself time to consider every detail.
Estate, gift, and generation-skipping transfer (GST) taxes
The federal government and the state of New York impose taxes on large estates. At the federal level, a considerable exemption shelters many estates from federal estate tax.
However, that exemption is scheduled to shift in a few years. Meanwhile, New York has its own estate tax threshold—typically lower than the federal exemption—meaning an estate might owe taxes to New York even if it falls below federal tax limits.
Caregivers should encourage their parents and loved ones to stay current with these laws to prevent unpleasant surprises.
Gifting strategies (such as giving cash or assets to beneficiaries while still alive) can help reduce estate size. Still, gift taxes may also apply once annual or lifetime exemptions are exceeded.
An introduction to wills
A will is the foundation of estate planning. Wills dictate how you’d like your property distributed, name an executor to settle your affairs, and can even appoint guardians for minors.
In New York, a will typically must be:
- In writing
- Signed by the testator (the person making the will)
- Witnessed by at least two competent adults
POD (payable on death) beneficiaries
Aside from your will, you can designate Payable on Death beneficiaries for financial accounts—like checking, savings, or investment accounts—so they transfer directly to your chosen person upon your passing.
For example, if your mother makes you the POD beneficiary on her brokerage account, you can gain immediate control without going through probate.
This ensures a smoother, quicker transition of assets.
Revocable trusts
Consider a revocable living trust to ensure your assets are protected, distributed precisely as you intend, and not tangled up in court.
This allows you to control your money while alive and seamlessly pass it on to your beneficiaries when the time comes—without probate, delays, or legal headaches.
Plus, if you become unable to manage your finances, a trusted person of your choosing can step in without needing court approval.
It’s a simple, powerful way to safeguard your legacy and ensure your loved ones don’t have to navigate a financial mess after you’re gone.
Power of Attorney (POA)
A power of attorney (POA) grants someone legal authority to act on another person’s behalf.
In New York, a POA can be “durable,” meaning it remains effective even if the person who created it becomes mentally incapacitated.
If your parent can no longer handle bills or negotiate with insurance providers, the POA you hold can help you keep everything afloat.
Healthcare proxy and living will
While they are different documents, it’s wise to set up a healthcare proxy, a living will, and a POA.
These forms determine who will make medical decisions and outline end-of-life care preferences.
If your parent doesn’t specify these wishes in advance, family members must scramble in a crisis, often leading to conflict at an already difficult time.
The probate process
Probate is the court-supervised method of proving a will’s validity, settling debts, and distributing assets.
In New York, if you have a valid will and your estate is relatively straightforward, probate can be handled efficiently.
But if the estate is large or disputed, it can become lengthy and costly.
Avoiding probate
- Joint ownership: Owning property jointly with rights of survivorship passes it to the surviving owner outside probate.
- Beneficiary designations: If properly assigned, life insurance, retirement accounts, and POD accounts bypass probate.
- Revocable trust: Assets held in a trust are typically not subject to probate.
Get ahead on estate planning: what to do now
Take control of your loved one’s finances before it’s too late to ensure a smooth transition when the time comes.
Here’s what to do:
- Know who the POA is: If that’s you, start organizing their financial details now.
- Gather account info: Learn their bank accounts, retirement funds, and login credentials.
- Set up email access: Add your email as a backup for account recovery.
- Add POD beneficiaries: To bypass probate, ensure that accounts have “Payable on Death” (POD) designations.
- Check the mail: Look for bills, financial statements, and important documents.
- Plan financially for senior living: Find strategies to pay for senior living services (memory care and assisted living)
A little preparation now can save time, money, and stress later.
Compassionate care at The Kensington White Plains
The Kensington White Plains provides assisted living and specialized memory care in a safe, supportive environment.
Our expert-led panels and events offer valuable guidance for caregivers navigating aging, estate planning, and Alzheimer’s care.
Whether you need resources for care planning or a safe, loving home for your loved one, we’re here to help. Contact The Kensington White Plains today to learn more about our community.