Elder Law News
From Enea, Scanlan & Sirignano, LLP July 2024
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New York's Elder Law Team
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Sharing is Caring: Pros and Cons of Communicating Your Estate Plan
By: Lauren C. Enea, Esq.
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Clients often fall into two categories: those who want their children and loved ones involved in their estate plan and those who simply do not. When asked which is better, my answer is often “it really depends on your family dynamics and circumstances.” I typically believe that as people age, greater communication and understanding of the situation by my clients’ family and children is helpful in the event of an emergency or upon one’s passing. However, learning of a windfall inheritance, for example, can do “funny” things to people. In rare circumstances you will hear stories of elder financial abuse being committed by “trusted” family members.
If you are planning to discuss your estate plan with your children and/or loved ones, here are a few tips I can share:
Communication helps set expectations One of the biggest challenges in estate planning is that each generation has different values, investment priorities and expectations as to who should be involved in the safeguarding and distribution of assets after a parent or loved one passes away. It is important for you to communicate your goals and wishes to your children and loved ones who will be handling your affairs in the event of your incapacity or death.
For example, if you have four children and are only choosing two to act as Co-Executors, it may be helpful to explain why you are choosing those children: perhaps they are geographically located near you, or perhaps you are appointing your executors in age order or based on their knowledge of financial matters. Similarly, setting expectations for how you would or would not want your money spent in the event of incapacity can be extremely helpful to your appointed agents and successor trustees so they can ensure your wishes are followed. The same can be said for medical decision making and communicating your medical wishes, conditions, medications and doctor information to your agent named in your health care proxy.
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The Perils of the Online “DIY” Will
By: Stella King, Esq.
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As the use of AI and cloud-based platforms have become widespread, so have “DIY” Last Wills and Testaments (LWTs). There is no denying the convenience of drafting your LWT from home, and the idea of saving a few dollars in hiring a lawyer is tempting, however, there are a multitude of potential problems that stem from DIY LWTs.
First, no matter how user-friendly the software, there’s no substitute for a discussion with an experienced attorney who knows what questions to ask in building an estate plan. Being able to tailor a plan to your personal circumstances is imperative. For instance, DIY software may not consider your (or your beneficiaries’) history of bankruptcy, divorce, children from prior marriages, or your relationships with and among your children and other beneficiaries, all of which affects how your plan should be drafted.
Likewise, if you are prompted to enter the size of your estate, and you respond that your gross estate is $6M, then the software may (accurately) ascertain that you do not have a taxable estate—but will the software account for your age, future earning potential, and the likelihood that the size of your estate may double or triple over the balance of your lifetime? If not, your estate may end up paying millions to the government when these funds could have been passed on to your family without any estate taxes.
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Upcoming Speaking Engagements
Featuring the Attorneys of Enea, Scanlan & Sirignano, LLP
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Tuesday, September 10, 2024 from 5:30-6:30pm Lauren C. Enea, Esq. will be speaking on “Accountable Aging: Preparing for the Elder Years” Hosted by: North Castle Public Library 19 Whippoorwill Rd E, Armonk, NY 10504 To register, visit: https://tinyurl.com/NorthCastleLibrary
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Thursday, September 12, 2024 from 2:00-3:00pm Anthony J. Enea, Esq. will be speaking on “Protecting Clients from Financial Elder Abuse and Senior Scams” Hosted by: Lawline Webinar To register, visit: https://tinyurl.com/yjbvmphe
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Monday, September 16, 2024 from 1:00-2:00pm Sara E. Meyers, Esq. will be speaking on “Aging in Place: A Guide to Growing Older at Home” Hosted by: Yonkers NNORC Webinar For more information, please contact our office at (914) 948-1500.
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Tuesday, September 17, 2024 from 12:00-1:00pm Anthony J. Enea, Esq. will be speaking on “Planning Considerations for New York's New Medicaid Eligibility Requirements for Long-Term Care” Hosted by: NYSSCPA’s Manhattan/Bronx Chapter Webinar For more information, please contact our office at (914) 948-1500.
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Tuesday, September 17, 2024 from 7:00-8:30pm Sara E. Meyers, Esq. will be speaking on “Utilizing A Trust For Your Elder Law and Estate Planning Needs” Hosted by: Chappaqua Continuing Education Horace Greeley HS, 70 Roaring Brook Rd, Chappaqua, NY 10514 To register, visit: https://bit.ly/43cEkpK
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Thursday, September 19, 2024 from 12:20-1:30pm Anthony J. Enea, Esq. will be speaking on “Aging in Place with Medicaid Home Care” Hosted by: Rockland County Bar Association Webinar For more information, visit: www.rocklandbar.org
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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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