Elder law attorney Anthony J. Enea of Enea, Scanlan & Sirignano, LLP in Somers and White Plains, N.Y. will address the impact of aging baby boomers on Westchester and Putnam County in a series of educational programs to area chambers of commerce. With millions of baby boomers coming of age, Enea urges those in or approaching their elder years to take a proactive role in planning for the future.
Westchester elder law attorney Anthony J. Enea of Enea, Scanlan & Sirignano, LLP recently addressed the importance of long-term care planning in an educational program to the Yonkers Chamber of Commerce. With millions of baby boomers coming of age, Mr. Enea urges those in or approaching their elder years to take a proactive role in planning for the future.
Although formulating an estate and long term care plan is an important step towards financial security, many people fail to have even the most basic plan and advanced directives. One potential hurdle is a fear of putting together a poor plan. Having a basic understanding of these common mistakes can help reduce the risk of making some unfortunate errors. The following are examples of the most common errors made:
Taking the time to formulate an estate plan can often seem like a daunting process. This is particularly true for the single parent. The single parent is likely struggling to balance the demands of taking care of the children, home and working a job outside of the home. With these struggles the mere thought of adding anything to their to-do list may seem overwhelming. However, taking the time to develop an estate plan will likely ease some stress since the plan can help ensure that their children are provided for according to their wishes in the event of their demise. Some of the most valuable steps to consider implementing are:
Over the last decade, numerous non-attorney controlled entities have cropped up nationwide offering Medicaid and elder law planning services. Many of these entities have branched into these services from traditional home care and geriatric care management services, while others are newly created. The services offered by these providers are varied, often including the preparation and filing of Medicaid nursing home and home care applications, drafting of personal service contracts and qualified income trusts (in some states), as well as rendering advice regarding Medicaid eligibility and how to obtain benefits.
When recommending the purchase of long-term care insurance ("LTCI") to my clients, the most often heard response has historically been, "I don't want to have to pay the premiums for the rest of my life." For many 55 to 70 year olds, a potentially lengthy premium payment period is a psychological obstacle they are unable to overcome in making the decision to purchase LTCI.
Irrevocable and Revocable Trusts are excellent estate and elder law planning tools that, depending on your objectives, can both be of significant value when used as part of your planning. Here we'll take a closer look at the Irrevocable Trust and its most common uses and benefits.