It is with great pleasure that I announce that 2024 is the 20th anniversary of the formation of Enea, Scanlan & Sirignano, LLP. The firm was founded by yours truly, Richard A. Scanlan, Esq., and George A. Sirignano, Jr., Esq. – two gentleman and excellent attorneys and partners that I am still honored to call dear friends. Since that time, we have been privileged to have Sara E. Meyers, Esq., become a partner in the firm.
In the last 20 years, Enea, Scanlan & Sirignano, LLP, has significantly grown in size and our team has broadened its level of expertise. Presently, the firm has seven full time attorneys, four paralegals and five office staff. Every day, we strive to be the best estate planning and elder law firm in Westchester County.
Our partners and associates are regularly selected for inclusion in Super Lawyers and Best Lawyers lists and are consistently peer-review rated through Martindale-Hubbell as pre-eminent attorneys. Both Sara Meyers, Esq., and I are certified as elder law attorneys by the National Elder Law Foundation as accredited by the American Bar Association.
As part of our efforts to provide the highest quality legal services, my son and associate, Michael P. Enea, Esq., after starting his legal career at two of New York City’s largest law firms, joined us in 2022 and is presently a candidate for a master’s degree in taxation from New York University School of Law.
Highlighting our commitment to educating and informing our clients and fellow attorneys as to the most recent changes in the law and planning techniques, during 2023, the firm’s partners and associates presented more than 75 educational programs throughout Westchester, Putnam, Rockland and New York City. In addition, our attorneys author dozens of articles on a variety of topics each year. Many of these pieces are available here.
We would be nowhere, however, without our clients, and we want to thank the many people who have trusted us to help them and their families over the past 20 years. We look forward to the next 20 years of serving our clients.
Elder Law Update
As 2024 begins, there are two major issues in the world of Medicaid eligibility and estate tax planning that remain unresolved. Since New York has one of the largest populations of senior citizens in the country, with 4.6 million residents ages 60 and above, these matters are poised to have a significant impact.
While we have been advised that New York will not implement a 30-month lookback for uncompensated transfers (gifts) of assets made for purposes of Medicaid Homecare eligibility in 2024, it remains uncertain whether it will be implemented in 2025, 2026 or ever. The five-year lookback period for these transfers for purposes of Medicaid nursing home eligibility remains in effect.
In the world of estate tax planning, the years of 2024 and 2025 will be of great importance for those wanting to limit and/or eliminate the imposition of federal and New York estate taxes upon their estate.
On Dec. 31, 2025, the current federal estate and gift tax exemption sunsets. Thus, the current 2024 exemption of $13.61 million per person will, unless extended by law, become approximately $7 million per person on Jan. 1, 2026. Because of this, a married couple’s ability, upon their demise, to either gift or leave to their family more than $27 million tax-free will be reduced to approximately $14 million. For affluent families, the prospect of losing approximately $13 million of available federal exemption can be devastating. With a federal estate tax rate of 40%, failing to utilize the available exemption by gifting assets before the law sunsets can be an expensive decision. When combined with a potential New York estate tax, the total tax rate reaches 49.9%.
Thus, between now and Dec. 31, 2025, those with large taxable estates need to act or risk losing $13 million of the exemption.
Protect Your Assets. Contact Enea, Scanlan & Sirignano, LLP, Immediately.
Ensuring you are eligible for Medicaid and avoiding onerous estate taxes are two of the most critical things you can do to protect your legacy and put your – and your family’s – future first. The elder law attorneys at Enea, Scanlan & Sirignano, LLP, are celebrating 20 years of helping clients with these matters and are ready to work with you. You can book an appointment with us by filling out our intake form or by calling our office at [NAP phone].