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Incapacity Planning

What happens if a person has suddenly become incapacitated? The family will realize very quickly that it’s important to take control of that person’s financial affairs in order to pay bills and perhaps try to preserve some of the family assets from the cost of nursing home care.

However it’s not very easy to take control of a person’s financial affairs without the incapacitated person having done some legal pre-planning.

Many persons rely on the Durable Power of Attorney to be able to manage the parent’s finances in the event of incapacity. However, it is acknowledged that many banks and brokerage companies will not honor a Power of Attorney or allow you to do everything you want with it.  Worse than that, most people do not discover that fact until it is too late!

The use of the living trust with respect to Incapacity Planning is acknowledged as an invaluable tool. The living trust includes the people named in advance, family members who will be able to immediately take over the management of a family member once that member has become incapacitated. The family finances will now be managed by the family in complete privacy.

 

 
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Areas in Putnam County, New York Parker that Trust Law serves:

Brewster Carmel Cold Spring Garrison Kent Lake Carmel Lake Mahopac Lake Peekskill Mahopac Mahopac Falls Nelsonville Patterson Philipstown Putnam Valley Southeast

Areas in Rockland County, New York that Parker Trust Law serves:

Airmont Bardonia Blauvelt Chestnut Ridge Congers Garnerville Grandview on Hudson Haverstraw Hillburn Monsey Montebello Nanuet New City Nyack Orangeburg Palisades Pearl River Piermont Pomona Sloatsburg South Nyack Sparkill Spring Valley Stony Point Suffern Tallman Tappan Thiells Tomkins Cove Valley Cottage West Haverstraw West Nyack

Areas in Westchester County, New York that Parker Trust Law serves:

Amawalk Ardsley Armonk Baldwin Place Bedford Bedford Hills Briarcliff Manor Buchanan Chappaqua Cortlandt Manor Crompond Cross River Croton Falls Croton-on-Hudson Crugers Dobbs Ferry Eastchester Elmsford Goldens Bridge Granite Springs Harrison Hartsdale Hastings-on-Hudson Hawthorne Irvington Jefferson Valley Katonah Larchmont Mamaroneck Millwood Mohegan Lake Montrose Mount Kisco Mount Vernon New Rochelle North Salem Ossining Peekskill Pelham Pelham Manor Pleasantville Pocantico Hills Port Chester Pound Ridge Purchase Rye Rye Brook Scarsdale Shrub Oak Sleepy Hollow Somers South Salem Tarrytown Thornwood Tuckahoe Valhalla Verplanck Waccabuc White Plains Yonkers Yorktown Heights