By Patricia C. MarcinEs 2019 - JD Supra...266 New York Ave Huntington, NY 11743 631-673-1888 ......
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Lloyd Harbor Life • June 2019 22 legally speaking BASIC ESTATE PLANNING AND OTHER PRACTICAL ADVICE By Patricia C. Marcin, Esq. ©2019 Last Spring I wrote about this topic, and it resonated with many parents in our community. As this is the time of year for high school graduations and kids getting ready to head off to college, I thought it appropriate to write about it again this year. Despite scientific research suggesting otherwise, an 18-year-old college student is generally considered an adult under New York law. Parents’ rights to make decisions for their child change sud- denly when he/she turns age 18. Parents no longer have complete access to their child’s financial, education and health records, even if they’re still paying the bills. Since it may be important for parents to make vital financial and/or health decisions for their child, it’s important to establish the parents’ legal ability to do so ahead of time. Therefore, a child heading off to college should have a health care proxy and a power of attorney in place once he/she turns age 18. In certain circumstances, the preparation of a Will should also be considered. “I’m so glad we updat e d our wills. Farrel l Fritz helped us understand all the recent changes and the best part i s, we m i nim i zed our estate taxes. I f eel so m u ch more secure abou t our family’s f uture. ” 400 R X R Plaza, Uniondal e, N Y 11556 516.227.0700 www.farrellfritz.com The quote used in this advertisement is a dramatization, not based upon a specific event. Prior results do not guarantee a similar outcome. Young adults should sign a health care proxy appointing a parent or another trusted adult to make medical decisions for them, if necessary. A health care proxy should include HIPPA language, enabling the doctor to disclose medical information to the parent. Young adults should also sign a durable power of attorney, appoint- ing a parent or parents or another trusted adult to act as agent for him or her in a variety of legal and financial matters. For example, if the child is spending a semester abroad, the parent would be able to wire money from the child’s account or sign important legal documents (such as a lease) in his or her absence. If your young adult is lucky enough to have substantial assets at age 18, he or she should have a Will to direct where those assets should go in the event he or she should die. Under New York law, if someone dies leaving only parents (no spouse or children), the parents get the child’s assets. This could destroy a parent’s well thought out estate plan. Other essentials you’ll be glad you thought of: The following is a list of some other “practical” things to consider when a child is heading off to college: • Make sure to know what the dorm allows. For example, art- work with a wooden frame, or a desk lamp with a plastic part, may be disallowed as fire hazards. • Invest in a dorm safe to protect valuables, such as iPads, cam- eras, and jewelry. • Bring a foam mattress pad (most dorm mattresses are pretty bad), and consider buying an allergy/bed bug certified mattress protector that zips around the whole mattress and pad. • Consider bringing a fan, as most dorms are not air-conditioned. • Check out the laundry facilities ahead of time. Are they free? Do you need to buy detergent or dryer pads? • Consider buying a vacuum – you may be surprised! • Bring a bed pillow, cleaning supplies, sunscreen and bug spray. • CARE packages with goodies are always welcome! Patricia C. Marcin is a partner at the law firm of Farrell Fritz, P.C. concentrating in trusts, estates and tax law. Patricia has lived in Lloyd Harbor for 14 years with her husband, John Pastula, their two teenage sons, Sam and Matt, and their dog Blizzard. AS YOUR CHILD HEADS OFF TO COLLEGE
Transcript of By Patricia C. MarcinEs 2019 - JD Supra...266 New York Ave Huntington, NY 11743 631-673-1888 ......
Lloyd Harbor Life • June 2019 June 2019 • Lloyd Harbor Life22 23
legally speaking
BASIC ESTATE PLANNING AND OTHER PRACTICAL ADVICE
By Patricia C. Marcin, Esq. ©2019
Last Spring I wrote about this topic, and it resonated with many parents in our community. As this is the time of year for high school graduations and kids getting ready to head off to college, I thought it appropriate to write about it again this year. Despite scientific research suggesting otherwise, an 18-year-old college student is generally considered an adult under New York law. Parents’ rights to make decisions for their child change sud-denly when he/she turns age 18. Parents no longer have complete access to their child’s financial, education and health records, even if they’re still paying the bills. Since it may be important for parents to make vital financial and/or health decisions for their child, it’s important to establish the parents’ legal ability to do so ahead of time. Therefore, a child heading off to college should have a health care proxy and a power of attorney in place once he/she turns age 18. In certain circumstances, the preparation of a Will should also be considered.
“I’m so glad we updated our wills. Farrell Fritz helped us understand all the recent changes and the best part is, we minimized our estate taxes. I feel so much more secure about our family’s future.”
400 R X R Plaza, Uniondal e, N Y 11556516.227.0700 www.farre l l f r i tz .com
The quote used in this advertisement is a dramatization, not based upon a specifi c event. Prior results do not guarantee a similar outcome.
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Young adults should sign a health care proxy appointing a parent or another trusted adult to make medical decisions for them, if necessary. A health care proxy should include HIPPA language, enabling the doctor to disclose medical information to the parent. Young adults should also sign a durable power of attorney, appoint-ing a parent or parents or another trusted adult to act as agent for him or her in a variety of legal and financial matters. For example, if the child is spending a semester abroad, the parent would be able to wire money from the child’s account or sign important legal documents (such as a lease) in his or her absence. If your young adult is lucky enough to have substantial assets at age 18, he or she should have a Will to direct where those assets should go in the event he or she should die. Under New York law, if someone dies leaving only parents (no spouse or children), the parents get the child’s assets. This could destroy a parent’s well thought out estate plan. Other essentials you’ll be glad you thought of:The following is a list of some other “practical” things to consider when a child is heading off to college: • Make sure to know what the dorm allows. For example, art-
work with a wooden frame, or a desk lamp with a plastic part, may be disallowed as fire hazards.
• Invest in a dorm safe to protect valuables, such as iPads, cam-eras, and jewelry.
• Bring a foam mattress pad (most dorm mattresses are pretty bad), and consider buying an allergy/bed bug certified mattress protector that zips around the whole mattress and pad.
• Consider bringing a fan, as most dorms are not air-conditioned. • Check out the laundry facilities ahead of time. Are they free?
Do you need to buy detergent or dryer pads? • Consider buying a vacuum – you may be surprised! • Bring a bed pillow, cleaning supplies, sunscreen and bug spray. • CARE packages with goodies are always welcome!
Patricia C. Marcin is a partner at the law firm of Farrell Fritz, P.C. concentrating in trusts, estates and tax law. Patricia has lived in Lloyd Harbor for 14 years with her husband, John Pastula, their two
teenage sons, Sam and Matt, and their dog Blizzard.
AS YOUR CHILD HEADS OFF TO
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