Elder Law News
From Enea, Scanlan & Sirignano, LLP
August 2023
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New York's Elder Law Team
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2023 Lunch & Learn Series Returns on September 27
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The 2023 Lunch & Learn Series returns on Wednesday, September 27 with LLCs: The Pros, Cons and Estate Planning presented by elder law attorneys Anthony J. Enea, Esq. and Michael P. Enea, Esq.
Each ninety-minute program takes place from 12-1:30pm at our White Plains location on the last Wednesday of the month. Light lunch and refreshments provided. Free and open to the public.
September 27 – LLCs: The Pros, Cons and Estate Planning: For some, an LLC can be a useful tool to pass assets down to loved ones while avoiding or minimizing estate taxes. Discover if an LLC may be right for your estate planning needs as well as how they are used to reduce the risk of personal liability with rental properties. Presented by Anthony J. Enea, Esq. & Michael P. Enea, Esq.
October 25 – Understanding the Implications of Gray Divorce: A divorce later in life often adds a level of complexity to the estate and tax plan process. Understand what potential complications may arise and how to address them – from division of assets and tax issues to estate and long-term care planning. Presented by Lauren C. Enea, Esq.
November 29 – Special Needs Planning for Children and Grandchildren with Disabilities: Ensure the future care and well-being of your child or grandchild with special needs using these estate planning strategies. This program will cover the three basic types of special needs trusts (also known as supplemental needs trusts), general drafting considerations and the newest type of special needs trust – the sole benefits trust. Presented by Sara E. Meyers, Esq. & Lauren C. Enea, Esq.
RSVPs are required as space is limited. To register for one or more free Lunch & Learn programs, please call our office at 914-948-1500.
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Five FAQs About Long-Term Planning
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Long-term planning plays a key role in any comprehensive estate plan, especially for New York residents. This sensitive and often complex process generates many questions and requires careful thought and understanding.
Addressing these questions will provide clarity and guidance for those navigating this process.
1. Why does long-term planning matter in an estate plan?
Long-term planning prepares you for potential future scenarios like incapacity or long-term care needs. When you plan ahead, you can decide on the care you receive and manage your assets, even if you lose the ability to make decisions.
2. Which components of an estate plan are vital for long-term planning?
A power of attorney and a healthcare proxy are two crucial components of an estate plan. A power of attorney lets you appoint someone to handle your finances and property. A healthcare proxy allows you to name someone to make medical decisions when you cannot.
3. What purpose does a living will serve in long-term planning?
A living will is a document where you express your desires regarding end-of-life care. It applies if you become terminally ill or permanently unconscious and lose the ability to communicate treatment decisions.
4. How does a revocable living trust contribute to long-term planning?
A revocable living trust holds your assets and lets you name a successor trustee. This person can manage the assets in the trust if you become incapacitated. This tool is a vital part of long-term planning as it bypasses the need for a court-appointed guardian.
5. What factors should I consider when choosing someone to make decisions on my behalf?
You should select someone who is trustworthy, responsible and capable of handling the required tasks. You should consider their willingness to serve in this role, their understanding of your wishes and their ability to make potentially tough decisions.
Although planning for the future might seem intimidating, taking these steps can provide peace of mind, knowing you are ready for whatever lies ahead.
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Happy National Senior Citizens Day!
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Wisdom, experience, and resilience come with age. National Senior Citizens Day is just around the corner on Sunday, August 21. We recognize our older generation who continues to inspire us and make a positive impact on our lives every day!
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Aging Alone Does Not Need to be Lonely: Estate Planning Tips for “Solo-Seniors”
*By: Lauren C. Enea, Esq.
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While I am not a fan of labels, those considered “Solo-Seniors” or “Solo-Agers” are comprised of senior citizens who are not members of a traditional nuclear family. They might not have a significant other, children, siblings or close family or friends whom they can rely on in the event of incapacity or to handle their affairs upon their demise. They often live alone and may have close friends whom they socialize with, but do not want to burden those individuals with the task of caring for them and their affairs if they become incapacitated or pass away. The lack of a clear choice as to who to appoint as their “emergency team” can cause much procrastination when it comes to estate planning and the preparation of advance directives. This procrastination can have detrimental effects, including an increased risk of elder abuse (financial or physical), the senior being taken advantage of by those they hire to take care of them, or unfortunately the need of a Guardian being appointed. These outcomes can be avoided by some proactive (and creative!) pre-planning.
Estate planning is not just about who inherits your money. A more important part of estate planning, especially for the single individual, is what happens while you are still alive, but unable to care for yourself. Having both a Durable Power of Attorney and Health Care Proxy allows the single individual to name someone to handle their financial and health care decisions, during their lifetime if they are unable to do so themselves. Guardianship, which is the legal option available for appointment of someone to make financial or personal decisions, should be a last resort, not something to be relied upon. So, the question becomes, who do you name for these roles? The answer really depends on your support network.
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Upcoming Speaking Engagements
Featuring the Attorneys of Enea, Scanlan & Sirignano, LLP
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Thursday, September 7, 2023 from 6-7pm
Lauren C. Enea, Esq. will be speaking on
“Aging in Place: A Guide to Growing Older at Home”
Hosted by: Hendrick Hudson Free Library
185 Kings Ferry Rd #1236, Montrose, NY 10548
To register, please contact our office at (914) 948-1500.
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Tuesday, September 12, 2023 from 11am-12pm
Anthony J. Enea, Esq. will be speaking on
“Utilizing a Trust for Your Elder Law and Estate Planning Needs”
Hosted by: NYSSCPA Manhattan/Bronx Chapter
Webinar
To register, visit: http://bit.ly/44zPBQc
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Tuesday, September 12, 2023 from 6:30-7:30pm
Lauren C. Enea, Esq. will be speaking on
“Protecting Assets from the Cost of Long-Term Care”
Hosted by: The Somers Library
Webinar
To register, please contact our office at (914) 948-1500.
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Tuesday, September 19, 2023 from 1-2pm
Sara E. Meyers, Esq. will be speaking on
“Protecting Yourself and Your Loved Ones from Financial Elder Abuse and Senior Scams”
Hosted by: Yonkers NNORC
Webinar
To register, please contact our office at (914) 948-1500.
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Wednesday, September 20, 2023 from 12-1pm
Lauren C. Enea, Esq. will be speaking on
“Understanding the Implications of Gray Divorce”
Hosted by: Association on Aging in New York
Webinar
To register, please contact our office at (914) 948-1500.
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Wednesday, September 27, 2023 from 12-1:30pm
Anthony J. Enea, Esq. & Michael P. Enea, Esq. will be speaking on
“LLCs: The Pros, Cons and Estate Planning”
Hosted by: Enea, Scanlan & Sirignano, LLP
245 Main Street, White Plains, NY 10601
To register, please contact our office at (914) 948-1500.
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Wednesday, September 27, 2023 from 2-3pm
Lauren C. Enea, Esq. will be speaking on
“Aging in Place: A Guide to Growing Older at Home”
Hosted by: Tuckahoe Public Library
Webinar
To register, please contact our office at (914) 948-1500.
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The Talking Seniors podcast is currently on break.
Take a listen to some of the episodes from last season.
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Episode 13: What to Discuss with Family When an Alzheimer's Diagnosis Occurs
Anthony J. Enea, Esq. interviews Joan Nimmo of The Alzheimer's Association about the important conversations that are necessary when a diagnosis of Alzheimer's occurs within the family.
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Episode 12: Divorce & Estate Planning: The Implications of Divorce Later in Life
John Pappalardo, Esq. of Farber, Pappalardo & Carbonari joins us to discuss the implications of divorcing later in life and the interplay between divorce and estate planning.
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