Hudson Valley Parent

HVP September 2018

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Page 18 of 39 n Hudson Valley Parent 19 parents continue to provide various forms of support to their adult children. This support is not limited to money, but ongoing emotional support and care of grandchildren if necessary. Prepare for the worst The increase in the need for elder care is due to people living longer, according to A Place For Mom. This will also increase the sandwich generation, because the baby-boomer generation is reaching retirement age in record numbers. George Kiamos, a lawyer with Catania, Mahon, Milligram, & Rider PLLC in Newburgh, describes estate planning as preparing for the worst. "You don't want to leave loved ones behind with the burden of what happens to your possessions," Kiamos says. He goes on to explain, "It is extremely important for people in their 40s and 50s to have a will and it is critical for people of any age with children under 18, especially if they have been divorced or have unique assets or family dynamics." A will is a legal document stating an individual's desires related to their possessions, finances and dependents in the event of their passing. "Update your will as necessary, especially for life events including, births, deaths, marriages and divorces, but at least every five years," Kiamos insists. The will can also be accompanied with the name guardian(s) for minor children, a living will, power of attorney (POA) and healthcare proxy. Kiamos says, "A living will is the medical docu- ment stating your desires for medi- cal care when lacking capacity to do so. Executing estate planning with these documents offers peace of mind to those leaving their families behind." Kiamos clarifies, "Estate planning needs vary based on individual circumstances and consider all of the relevant variables in one's life. Kiamos points out, "People try to use online sites to create wills, but (Continued on Page 20) "Death sometimes brings out the worst, but planning helps reduce the drama, because there is less uncertainty." GEORGE KIAMOS Lawyer from Catania, Mahon, Milligram, & Rider PLLC

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