Elder Law News
From Enea, Scanlan & Sirignano, LLP
January 2024
|
|
|
New York's Elder Law Team
|
|
|
The 20th Anniversary of the Formation of Enea, Scanlan & Sirignano, LLP
By: Anthony J. Enea, Esq., Senior Partner
|
|
|
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 broadened its level of expertise. Presently, the firm has seven (7) full time attorneys, four (4) paralegals and five (5) office staff. On a daily basis we strive to be the best Elder Law, Guardianships and Will, Trusts & Estate’s firm in Westchester and surrounding counties. Our partners and associates are regularly recognized and honored by Super Lawyers, Best Lawyers and Martindale-Hubell 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, has 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 seventy-five (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 on our website at: www.esslawfirm.com/articles.
Elder Law Update
As 2024 begins there are two major issues in the world of Medicaid eligibility and estate tax planning that remain unresolved.
While we have been advised that New York will not implement a thirty (30) month lookback for uncompensated transfers (gifts) of assets made for purposes of Medicaid Homecare eligibility in 2024, it still remains uncertain whether it will be implemented in 2025, 2026, or ever. The five (5) year look back period for uncompensated transfer of assets 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 December 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 January 1, 2026. Because of this, a married couple’s ability to either gift or leave to their family upon their demise federal estate and gift taxes in excess of $27 million 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 forty percent (40%) failing to utilize available exemption by gifting assets during life before the law sunsets can be an expensive decision. When combined with a potential New York estate tax, the total tax rate reaches forty-nine point nine percent (49.9%).
Thus, between now and December 31, 2025, those with large taxable states need to take action or risk losing $13 million of the exemption.
|
|
|
New Year's Resolutions: Estate Planning Edition
By: Lauren C. Enea, Esq.
|
|
|
If you are like me, January 1 comes with lofty goals, such as elimination of cheese and fried food from my diet and a resolution of exercising at least 4 days a week. I’m hopeful I’ll make it 6 weeks! A more permanent goal, and one with very long term benefits might be getting your affairs and estate plan in order. Here are a few questions to get you started:
1. Have you created an inventory of all your assets, accounts, safety deposit boxes, retirement accounts, beneficiary designations and digital assets?
Throughout your life you have accumulated a variety of assets that are held and titled in different ways. Creating an inventory of all your assets will not only help you prepare to meet with a financial advisor or estate planning attorney, but will also be invaluable to your family and/or spouse in the event you are unable to handle your own finances or pass away.
2. Have you reviewed your monthly income needs and created a budget for your expenditures?
Does your monthly income cover your expenses? Are you able to save money for retirement, household projects and/or your children and grandchildren? Discussing a budget with your spouse and a plan for your future with your trusted advisors is an excellent way to start the new year.
|
|
|
Upcoming Speaking Engagements
Featuring the Attorneys of Enea, Scanlan & Sirignano, LLP
|
|
|
Monday, February 26, 2024 from 1:00-2:00pm
Sara E. Meyers, Esq. will be speaking on
“Accountable Aging: Preparing for the Elder Years”
Hosted by: Yonkers NNORC
Webinar
To register, please contact our office at (914) 948-1500.
***
Wednesday, March 6, 2024 from 10:00-10:50am
Anthony J. Enea, Esq. will be speaking on
"Protecting Assets from the Cost of Long-Term Care in New York"
Hosted by: Lawline
Webinar
To register, please contact our office at (914) 948-1500.
***
Thursday, March 14, 2024 from 7:00-8:30pm
Sara E. Meyers, Esq. will be speaking on
"Aging in Place: A Guide To Growing Older at Home"
Hosted by: Chappaqua Continuing Education
Horace Greeley High School, 70 Roaring Brook Rd, Chappaqua, NY 10514
To register, please contact our office at (914) 948-1500.
***
Wednesday, March 20, 2024 from 12:00-1:00pm
Anthony J. Enea, Esq. will be speaking on
"Protecting Assets from the Cost of Long-Term Care in New York"
Hosted by: White Plains Bar Association
Webinar
To register, please contact our office at (914) 948-1500.
***
Wednesday, March 20, 2024 from 2:00-3:00pm
Lauren C. Enea, Esq. & Stella King, Esq. will be speaking on
"Protecting Yourself and Your Loved Ones
from Financial Elder Abuse and Senior Scams"
Hosted by: The Club at Briarcliff Manor
25 Scarborough Road, Briarcliff Manor, NY 10510
For more information, please contact our office at (914) 948-1500.
***
Monday, April 8, 2024 from 3:00-4:00pm
Lauren C. Enea, Esq. will be speaking on
“Aging in Place: A Guide to Growing Older at Home”
Hosted by: Bronxville Public Library
201 Pondfield Rd, Bronxville, NY 10708
To register, visit: https://bit.ly/3StmWZP
***
Tuesday, April 9, 2024 from 12:15-1:15pm
Lauren C. Enea, Esq. will be speaking on
“Accountable Aging: Preparing for the Elder Years”
Hosted by: North Salem Seniors
North Salem Community Center, 3 Owens Rd, Croton Falls, NY 10519
For more information, email jinxremson@gmail.com.
***
Tuesday, April 9, 2024 from 3:00-4:00pm
Anthony J. Enea, Esq. & Michael P. Enea, Esq. will be speaking on
“Avoiding the New York Estate Tax Cliff”
Hosted by: Mount Vernon Bar Association
Valentina's Ristorante, 546 Gramatan Avenue, Mt. Vernon, NY 10552
To register, please contact our office at (914) 948-1500.
|
|
|
The Talking Seniors podcast is currently on break.
Take a listen to some of the episodes from last season.
|
|
|
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.
|
|
|
Follow Us on Social Media
|
|
|
If you would like to unsubscribe and stop receiving these emails click here.
|
|
|
|
