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Five Essential Legal Documents for Seniors
By Ronald A. Fatoullah, Esq.
As we grow older, it is imperative that we make sure to have legal documents in place for our protection and security. Specifically, the five
documents described below are essential for seniors.
1. Power of Attorney with a Statutory Gifts Rider
A Power of Attorney is a legal document which allows a person (the “principal”) to appoint another individual (the “agent”) to act on his
or her behalf with regard to financial matters. A Statutory Gifts Rider must now be signed simultaneously with a Power of Attorney in
order to authorize an agent to make gifts on behalf of the principal of over $500 per year. Without a properly drafted and executed Power
of Attorney, a court appointed guardian may be required in order to make any financial decisions for a person who is incapacitated. It is
essential to consult with an experienced elder law attorney to ensure that the Power of Attorney is drafted with sufficient powers to allow
estate and Medicaid planning in addition to the general list of powers. For example, if prepared correctly, the agent on a Power of Attorney
will have the power to create a Medicaid Irrevocable Asset Protection Trust for a parent in order to protect the family home.
2. Health Care Proxy
A Health Care Proxy is a document in which an individual (the “principal”), appoints an agent to make health care decisions on his/her behalf in the event that the principal
is unable to do so. Health Care Proxies are governed by New York State statute. Generally, a Health Care Proxy empowers an agent to make any and all health care
decisions on behalf of the principal. These decisions may include issues relating to medications, therapy, the change of treating physicians, or any other matters that may
arise in the course of medical treatment. However, unless the agent knows the principal’s wishes regarding artificial nutrition and hydration (feeding tubes), the agent will
not have the authority to make those decisions. Therefore, it is critical in the process of choosing an agent and signing a Health Care Proxy that an individual discusses
his/her wishes with the agent. Further, the Health Care Proxy should reflect that those discussions have taken place.
3. Living Will
A Living Will is an advance health care directive that expresses the health care wishes of an individual. This document is used in conjunction with a Health Care Proxy to
provide written instructions to the named agent as to the health care wishes of the individual. A Living Will is often used when there is a medical diagnosis of a persistent
vegetative state with no hope of recovery.
4. Last Will and Testament
A Last Will and Testament will ensure that an individual’s assets will pass to his/her intended beneficiaries upon death. These beneficiaries may include family members,
friends, or charitable organizations. If a person dies without a Will, the assets that remain at the time of his or her death will pass according to New York State law of
intestacy. This means that the state will determine to whom and in what proportion the assets will be distributed,which often leads to unintended consequences.
5. Trusts
Trusts are useful tools which may be created for a variety of reasons depending on the needs of an individual. Trusts may be used to avoid probate, protect assets, effectuate
a Medicaid plan, reduce or eliminate estate taxes or to plan for a disabled child.
An experienced elder law/estate planning attorney will be able to guide seniors in the preparation and execution of these essential documents.
Ronald A. Fatoullah, Esq. is the principal of Ronald Fatoullah & Associates, a law firm that concentrates in elder law, estate planning, Medicaid planning, probate,
guardianships, estate administration, estate litigation, trusts, wills, and real estate. The law firm can be reached at 516-466-4422 or toll free at 1-877-ELDER-LAW or
1-877-ESTATES. Mr. Fatoullah is also a partner with AdvicePeriod, a wealth management firm, and he can be reached at 424-256-7273.