Enea, Scanlan & Sirignano, LLPEnea, Scanlan & Sirignano, LLP2024-03-14T14:24:26Zhttps://www.esslawfirm.com/feed/atom/WordPress/wp-content/uploads/sites/1303445/2023/06/cropped-favicon-enea512-1-32x32.pngOn Behalf of Enea, Scanlan & Sirignano, LLPhttps://www.esslawfirm.com/?p=548732024-03-14T14:24:26Z2024-03-14T14:00:03Z$158,000 per year and home health aide services averaging $66,000 annually, these expenses can quickly deplete your hard-earned savings.
Trusts: Setting up certain types of trusts can be a strategic part of Medicaid planning. Trusts can potentially protect assets from depletion and mismanagement. These can also help maintain eligibility for Medicaid benefits. By placing your assets in trust arrangements, you can avoid the need for Medicaid spend down.
Health care proxy: A health care proxy is a legally recognized document that allows you to appoint a trusted person to make medical decisions on your behalf if you become unable to communicate your wishes. By selecting a proxy early, you ensure that someone who understands your values and desires will guide your care. In the absence of a designated proxy, family members may disagree about the best course of action for your medical treatment. A clear choice can prevent such disputes and stress during difficult times.
Power of attorney: If you become incapacitated, a financial power of attorney authorizes a trusted individual to manage your financial affairs for you, from paying bills to making investment decisions. This ensures that your finances continue to be handled effectively and responsibly. Without a designated power of attorney, the court may appoint a guardian to oversee your finances if you cannot do so.
If the time comes to move from your home to a nursing home or any other long-term care facility, having a plan in place ensures that you can make the transition smoothly and with dignity. On top of that, you can sleep well knowing your assets will be in good and highly capable hands.]]>On Behalf of Enea, Scanlan & Sirignano, LLPhttps://www.esslawfirm.com/?p=548182024-02-29T04:02:31Z2024-03-06T04:01:58Zthey can use specific guardianship alternatives, including the following:
Home care assistants and services - This setup involves having an aide to help the individual perform regular personal care tasks, such as bathing, cooking and other activities.
Medical and non-medical care arrangements - These setups can involve visiting nurses or adult day services. These options can help individuals live while meeting medical and non-medical needs safely.
Assisted living facilities - This option can be ideal for individuals requiring round-the-clock assistance, especially if their conditions keep them from living independently.
Geriatric care - This setup can be ideal for seniors requiring short- or long-term care. These services can be flexible, often changing based on the individual's requirements.
The most appropriate options often vary, depending on the extent of the individual's capacity. Guardianship could be relevant, but less limiting alternatives can help promote independence, potentially making them more beneficial for the individual.
Addressing needs that can change over time
A person's needs can change as their condition develops, impacting the type of arrangement they need. When choosing options for long-term care, seeking legal counsel can be helpful in foreseeing what requirements can arise over time. Legal guidance can also help when making comprehensive preparations, considering the individual's condition and unique circumstances.]]>On Behalf of Enea, Scanlan & Sirignano, LLPhttps://www.esslawfirm.com/?p=548152024-02-28T03:42:13Z2024-03-05T03:40:39ZIn these scenarios, the court and relevant authorities can work together, intervening to protect wards from harm and endangerment. There are many ways to address guardianship abuse, depending on how it happened. These methods can include the following measures:
Enforce orders to protect the ward's assets and other financial resources, such as freezing accounts under the guardian's control.
Order the guardian to repay any losses caused by their decisions and actions.
Restore the ward's rights to connect with family and friends if the guardian isolated them.
Initiate investigations to learn more about the ward's situation and verify reports.
Adjust the terms of the guardianship, either involving a co-guardian, removing the guardian or terminating the setup altogether, replacing it with a less restrictive option.
Other legal remedies can also be applicable based on the details of the situation. If the incident requires urgent response, authorities can interfere to prioritize the ward's safety.
Preventative measures against guardianship abuse
There might be no guaranteed way to stop guardianship abuse from happening. But there can be inclusions in the legal arrangement to prevent these incidents. When establishing guardianship, it can be wise to seek legal guidance to determine the most appropriate preventative measures considering the ward's unique circumstances. Additionally, experienced legal counsel can help pinpoint issues that may cause problems over time and prepare for them early on.]]>On Behalf of Enea, Scanlan & Sirignano, LLPhttps://www.esslawfirm.com/?p=548162024-02-27T14:27:50Z2024-02-27T05:52:39ZLack of understanding
One common pitfall is not fully understanding the responsibilities of a health care proxy. Be aware that this person will make medical decisions on your behalf in certain situations. Without a clear understanding of this role, you may choose someone who is not prepared for such a responsibility.
Emotional attachment
Choosing a health care proxy based solely on emotional attachment can lead to complications. While it is natural to want someone close to you to make decisions, they may not be the best choice if they struggle to separate their emotions from medical choices. Prioritize someone who can make decisions based on your wishes and best interests.
Incompatibility with beliefs
Failure to consider the beliefs and values of your health care proxy can be problematic. If your proxy holds different views on medical treatments or end-of-life care, they may struggle to make decisions that align with your wishes. Ensure your proxy shares your values or is willing to uphold your preferences despite any personal differences.
Failure to communicate
Communication is key when appointing a health care proxy. Failing to discuss your medical preferences and expectations with your chosen proxy can lead to misunderstandings or disagreements in critical situations. Regular and open communication ensures your proxy fully understands your wishes and can advocate for them effectively.
The New York Health Care Proxy Law enables you to name someone you trust to make medical decisions for you in a worst-case scenario. This is a right that you should capitalize on, but it is important to keep the potential pitfalls in mind along the way.]]>On Behalf of Enea, Scanlan & Sirignano, LLPhttps://www.esslawfirm.com/?p=547802024-01-02T08:21:02Z2024-01-05T08:20:33ZStreamlined asset distribution
One advantage of a living trust is its ability to streamline the distribution of your assets. When you make a living trust, you create a legal entity to hold your assets, placing them under the trust's control. This means that upon your death, the assets can be efficiently transferred to your beneficiaries without the delays associated with the probate process.
Privacy
Privacy is a growing concern in the digital age, and it extends to financial affairs. With 4.9 billion individuals around the world using social media as of 2023, keeping information private is a key concern for many people.
A living trust allows you to maintain a level of confidentiality that a will may not offer. Unlike wills, which become public record during the probate process, a living trust operates outside the probate system, keeping your financial details away from prying eyes.
Protection in case of incapacity
Life is unpredictable, and preparing for the unexpected is a smart move. A living trust allows you to plan for the possibility of physical incapacity by appointing a successor trustee. If you become unable to manage your affairs, the successor trustee steps in, ensuring the distribution of your assets according to your wishes.
Flexibility in management
Unlike a will, which only takes effect upon your death, a living trust allows for flexibility during your lifetime. You retain control of your assets, and you can make changes or even revoke the trust if circumstances require adjustments. This adaptability provides a level of control and reassurance as your financial situation changes.
The advantages of a living trust are both practical and far-reaching. By incorporating it into your financial planning, you can enhance the security of what you pass on to future generations.]]>On Behalf of Enea, Scanlan & Sirignano, LLPhttps://www.esslawfirm.com/?p=547772023-12-26T07:48:52Z2023-12-29T07:48:30Z1. Assess your assets and debts
Start your long-term care planning journey by conducting a thorough assessment of your assets and debts. Identify your real estate, investments, savings and outstanding liabilities. For example, the median value of owner-occupied housing units in White Plains is $612,800.
Understanding your financial landscape enables you to make informed decisions when drafting your will.
2. Choose beneficiaries
In your will, specify who gets your assets. This step ensures the distribution of your possessions according to your wishes, minimizing potential disputes among family members. Clearly outline who inherits specific items, financial accounts and any other assets you possess.
3. Consider guardianship for dependents
If you have dependents, naming a guardian in your will is a good idea. Designate a trusted individual who can assume responsibility for the well-being and care of your children or other dependents in the event of your incapacity or passing.
4. Plan for health care decisions
Integrate provisions for health care decisions into your will. While a will primarily addresses asset distribution, incorporating directives about medical preferences and end-of-life care ensures that the right people know and respect your wishes.
5. Update your will regularly
Life is dynamic, and circumstances evolve. Periodically revisit and update your will to reflect any changes in your life, such as marriages, divorces, births or significant financial shifts. This ensures that your long-term care plan remains aligned with your current situation and desires.
Initiating long-term care planning in your 40s through the establishment of a will is a proactive and responsible step.]]>On Behalf of Enea, Scanlan & Sirignano, LLPhttps://www.esslawfirm.com/?p=547782023-12-22T04:00:34Z2023-12-28T03:59:57Z1. Financial security
One compelling reason to start your long-term care planning early is to secure your financial well-being. Long-term care services, whether provided at home or in a facility, can be costly. By planning ahead, you can explore various financial options, such as insurance policies or savings accounts, to ensure that you have the necessary resources to cover potential expenses. Waiting until the need arises may limit your choices and strain your finances.
2. Access to quality care
New York is home to a diverse range of long-term care options, but availability can be a challenge. Starting your planning early allows you to research and choose the most suitable facilities or services based on your preferences and needs. Securing a spot in a preferred care setting can be challenging due to demand, so early planning ensures that you have the best chance of accessing quality care when the time comes.
3. Reduced family burden
Initiating long-term care planning alleviates the burden on your family members. Without a plan in place, loved ones may face difficult decisions and added stress when trying to organize and provide care for you. By clearly outlining your preferences and arrangements in advance, you spare your family the emotional strain of making critical choices on your behalf.
A person turning 65 has an approximate 70% chance of needing some form of long-term care. Taking action now to formulate a plan sets the stage for a more comfortable and worry-free retirement.]]>On Behalf of Enea, Scanlan & Sirignano, LLPhttps://www.esslawfirm.com/?p=547732023-12-14T08:19:25Z2023-12-19T08:18:50ZViewing pets as property
The law considers pets as property rather than beneficiaries. This point of view means that people cannot leave money directly to their non-human friends in a will. However, they can take other steps to ensure an animal’s well-being.
Creating a pet trust
To provide for pets after their death, owners can consider creating a pet trust. This legal arrangement allows them to set aside funds for the care of their animals. In New York, the law permits the creation of pet trusts, ensuring that someone provides for the pets financially.
Identifying a caregiver
Selecting a responsible caregiver for pets is part of establishing a pet trust. The chosen individual should be willing and able to care for the animals according to instructions.
Allocating funds
In a pet trust, owners can allocate funds for various expenses related to a pet’s care. These expenses may include veterinary bills, grooming, food and any other necessary goods or services. By clearly outlining these provisions, owners provide a roadmap for the caregiver to follow.
Monitoring the trust
It is important to designate someone to oversee the proper execution of the pet trust. This individual, known as the trustee, may or may not also be the caregiver. He or she ensures that funds pay for the intended purposes and that the pets receive the care the owner envisioned.
While you can't leave money directly to your pets in a will in New York, establishing a pet trust offers a solution that nonprofit organizations such as the American Society for the Prevention of Cruelty to Animals condone.]]>On Behalf of Enea, Scanlan & Sirignano, LLPhttps://www.esslawfirm.com/?p=547742023-12-13T04:40:17Z2023-12-19T04:39:45ZLearn the applicable exclusion amount
The applicable exclusion amount allows you to pass on a specific value of assets without the burden of taxes. Staying up to date with the law so you can adjust your will accordingly will help you maximize the advantages of using the exclusion amount.
For 2024, estates with assets over $13,610,000 must file an estate tax return. Keep in mind that assets include property, money and other valuable belongings.
Create trusts
Many people use trusts to minimize estate taxes. An irrevocable trust can remove an asset from the taxable estate. While you cannot change the irrevocable trust, it does allow you to provide a structured way to pass on your wealth while minimizing your tax liabilities.
Offer gifts to family members
If you have assets or heirlooms to pass on, consider gifting them during your lifetime. Not only does gifting allow you to see your loved ones' reactions, but it also reduces the taxable estate. You have an annual gift exclusion to transfer assets to your heirs incrementally to minimize their tax burden.
When it comes to avoiding estate taxes, gifts and charitable donations can help. Donating to a charity constitutes a tax deduction but also allows you to allocate your assets to an organization that you want to support.]]>On Behalf of Enea, Scanlan & Sirignano, LLPhttps://www.esslawfirm.com/?p=547592023-12-07T04:29:53Z2023-12-13T04:29:16ZMinor with an inheritance
A minor who unexpectedly inherits a significant sum from an estate may require a guardian not only for their person but also for their newfound wealth. New York recognizes the need to safeguard the interests of those under the age of 18. A guardianship in this situation helps to ensure wise management of their inheritance until they reach the age of majority.
Intellectual or development disabled adult
There may be a need for guardianship for an individual born with or who develops an intellectual or developmental disability once he or she reaches the age of majority. The law gives parents legal guardianship over their minor children. However, when a person reaches the age of 18, the law says they are an adult, even if they have a disability. In such cases, the appointment of a guardian becomes essential to ensure continued support and protection for these individuals as they navigate adulthood.
Incapacitated adult
In the event an adult loses the capacity to make sound decisions through injury or disease, such as a traumatic brain injury or an Alzheimer's diagnosis, he or she may need a guardian. The legal system acknowledges the necessity of stepping in to preserve dignity and ensure safety in the face of unforeseen health challenges.
New York law takes appointing a guardian very seriously. The process requires ensuring the individual maintains as much independence as possible while balancing the safeguarding of his or her well-being.]]>