As we age, it is important to understand the different options we have to protect our assets & our loved ones. For years, our firm has been helping seniors & their families navigate their golden years.
Step 1: Determine how much “home” you can afford by determining your income, down payment amount, and credit score.
Step 2: Determine which neighborhoods you would like to buy a house in. New York City, Queens, Brooklyn, and Long Island have many beautiful and historic neighborhoods, but property taxes may place a big role in your selection.
Step 3: Find a real estate attorney that you trust.
Step 4: Find the right lender and see if you pre-qualify.
Step 5: Find a real estate agent that you feel comfortable with and who has experience in the neighborhoods you are looking in.
Step 6: Find the “right” house.
Step 7: Make an offer for the house.
Step 8: Sign the contract.
Step 9: Look for a lender within your mortgage contingency period.
Step 10: Order a title report to check the property’s status and to make sure that you are buying exactly what you think you are.
Step 11: Go to closing with your real estate attorney, execute the proper transfer documents, get your new keys.
Step 12: Move in!
Elder law is a subcategory of estate planning. Our Elder law lawyers assist in planning for retiree benefits, long-term care, Medicaid and Medicare coverage, home health care, and wills. Our offices in Brooklyn and Queens make it easier to handle all your Elder Law needs.
Before the age of retirement or by 60 the planning stages should have begun. The sooner the better, because of certain benefits and legal requirements there are risks to waiting until later ages.
In the early stages it is necessary to enumerate assets and benefits. Documenting all property, savings and investments, expected health care costs, and a number of other factors should be considered. Special care should also be given to what family or loved ones you wish to be the beneficiary of your assets.
For a disabled child there may be a need to set up a Special Needs Trust to ensure they will continue receiving benefits. Is it also vital to consider who you wish to be the legal guardian of dependent or disabled minors.
There are various options depending on each individual’s citation and the size of the assets. By creating a will or setting up a trust are just 2 ways your assets can be secured. By appointing someone you trust to be in charge of your estate you can have peace of mind that things will be handled in an organized manner, while minimizing costs.
Our elder law attorneys in NYC will discuss with you the options for life support, Being an organ donor, medical power of attorney, advanced directives, and funeral arrangements. Setting up legal instructions for end of life care is essential for peace of mind.