Asset Protection

New Study: Marriage Boosts Retirement Security

Published on: April 22, 2013 | by Ettinger Law Firm

Do I have enough to retire? Countless New Yorkers ask their financial advisers, estate planning attorneys, and other professionals that very question each and every day. There is no one-size-fits-all response, as retirement is a personal matter based on individual expectations, goals, and perspective.

Mountains of pages have been written about how much money you should have before retiring and what you should do with it. Perspectives abound.

Interestingly, there is less disagreement about general characteristics that make one more or less likely to be financially secure enough to retire. For example, the Wall Street Journal pointed to a new study last week which found that married couples are far better positioned to make the leap and officially enter retirement.

NAELA Journal Article on Future of Medicaid

Published on: April 18, 2013 | by Ettinger Law Firm

It can can a confusing, scary, and stressful time for all New Yorkers who use the Medicaid system for necessary health care or for those who suspect they may need it down the road. Not a day goes by that news does not break at either the state or national level regarding payment cuts, service trimming, changes to qualifications, and more.

Considering the complex political dynamics involved in any major decision regarding the New York Medicaid system, it is next to impossible to make predictions with certainty. But many experts in the field are more than eager to share their ideas about what the program might look like in the future.

For example, some may be interested in a recent article a the journal published by the National Association of Elder Law Attorneys (NAELA). Entitled “Whither Medicaid,” the comprehensive article takes a look at all of the major notions about how Medicaid might disappear in coming years and how it may be saved via different alternative arrangements. The article can be read for free online in it’s entirety here.

Don’t Underestimate Medical Costs in Retirement

Published on: January 16, 2013 | by Ettinger Law Firm

The fiscal cliff crisis dominated the last month of 2012. Even though an agreement was reached on New Years Day, the compromise is far from the end of partisan political battles and confusion. Observers are already making predictions about the possible implications of the looming “debt ceiling” fight between the White House and certain members of the Republican caucus which must be resolved in the next month or two. The outcome may have significant impacts on the nation’s long-term stability and the performance of the financial sector.

It is easy to see how New Yorkers thinking about their long-term care planning and retirement might be uneasy about the state of affairs. While some things are simply out of your hands, it is critical not to forget that there are smart ways to plan for retirement regardless of the flux in national politics. A recent Forbes article is worth a look, as it explores five of the best way to protect one’s retirement from the federal government’s “fiscal follies.”

Plan Ahead

Be Careful with Estate Planning Shortcuts – Joint Tenancy

Published on: December 31, 2012 | by Ettinger Law Firm

Money is always tight. No matter where you fall on the income and asset ladder, no one wants to spend money unnecessarily, including on services that are not sure they need. However, sometimes that reluctance can lead to mistakes which actually cost money down the road. Estate planning–or the lack of it–is the poster child for this situation. Some community members are tempted to try half-measures and “do it yourself” planning instead of actually visiting with a legal professional and ensuring comprehensive security for the long-term.

One of the most common methods of this homemade planning is the use of joint tenancies to transfer property. While a joint tenancy may make sense in certain situations, when used improperly, serious adverse and unintended consequences might result. It is critical to be aware of those risk factors. An article published earlier this month by the Gazette provides a helpful primer of some of those pitfalls.

Act Cautiously

Elder Financial Exploitation: Prevention & Reporting Abuse

Published on: December 21, 2012 | by Ettinger Law Firm

Earlier this week we shared information on the new guide from ElderCare Locator. The brochure (available here) provides helpful tips for all New York families to ensure theft from seniors is stopped. As noted, the problem is widespread, affecting as many as one in ten elderly community members. Unfortunately, there is no easy way to tackle the problem. But it is also worthwhile to be reminded of the basics.

Prevention

Education is the key to stopping senior financial exploitation in its tracks. If all elderly community members are trained in the most common scams and keep a close eye on all financial details, then the chance of theft going unnoticed is drastically reduced. Beyond that, the best way to prevent abuse is by use of third-party support. For example, the AARP provides a wealth of information on various “money managers” who help seniors with day-to-day financial transactions. They may be particularly helpful for those who have just lost a partner. Often one partner in a relationship will handle more of the financial details, if that partner passes away, then the other is often placed in a difficult financial situation without the experience to keep things in order. To learn more about money managers take a look at the AARP website on the subject: www.aarpmmp.org

Consumer Voice Updates on Filial Responsibility Laws

Published on: December 17, 2012 | by Ettinger Law Firm

Few seniors have the resources to pay for long-term skilled nursing home stays. As we have previously discussed, New York maintains one of the highest average cost per day rates at these facilities. For most families, those costs are far more than they are able to pay from their own income and savings. That is one reason why the elder law attorneys at our firm urge consideration of long-term care insurance (LTCI). However, LTCI premiums remain too high for many, and so Medicaid is generally used to provide for necessary care.

Some facilities are actually resorting to another option to ensure they are paid for providing care–getting adult children to foot the bill. Recently, the Consumer Voice–one of the nation’s leading nursing home resident advocacy groups–published information on the use of filial responsibility laws. While enforcement of rules based on these statutes remains relatively rare, some argue that more and more facilities will take a look at pursuing adult children to increase payments.

Local residents should know that New York currently does not have a filial responsibility law on the books. Some neighboring states do have these rules however, including New Jersey, Pennsylvania, Massachusetts, and others. Those with loved ones in facilities in one of those states need to be aware of the possibility of a facility filing suit against an adult child for unpaid nursing home bills.

Legislators Issue Call to Protect Medicare & Medicaid From Fiscal Cliff Talks

Published on: December 13, 2012 | by Ettinger Law Firm

Talks between President Obama and Speaker of the House John Boehner to avert the “fiscal cliff” continue this weeks. While not the only leaders involved in the effort, most disagreement on the issues exist between the President and House Republicans. Some observers are confident that the parties will reach an agreement before the January first cliff. However, members of the public remain skeptical, and many are rightly worried about how the automatic cuts and tax increases will affect them.

New York seniors are likely wondering whether their Medicare or Medicaid support will be changed in any way as a result of going over the cliff or in a compromise to avoid it. While we will not know for sure until things are more settled, some members of Congress recently came forward to issue their support for protecting the full value of the programs.

As reported by Now NY, the group of Democratic Senators and House members held a conference this week arguing that no deal to avoid the cliff should include cuts to Medicare or Medicaid. This is stark contrast to some other policymakers who argue that there is no way to get a deal without actually conceding some budget cuts for those programs.

Holiday Gatherings: Time to Check for Senior Financial Exploitation

Published on: November 26, 2012 | by Ettinger Law Firm

If there was an easy way to identify and prevent seniors being taken advanage of financially, then the rate of exploitation would be far lower than it is. The stark reality is that it is a big challenge to catch elder financial abuse before it occurs and identify the problem afterwards. Yet, the difficulty does not mean that nothing can be done. Instead, there must be an amped up effort to address the problem, and there is no better time to do that than now.

Over the next few weeks many families will get together in various settings to celebrate the holiday season. From dinners and parties to religious services and family meals, this time of year is always filled with relatives and close friends convening together to share in one another’s company. As such, it may be a great time for families to bring up–very carefully–any concerns they might have about protecting a senior loved one’s financal resources from those who prey on vulnerable elders. A recent Forbes article recently made the same point.

The story mentioned that represenaties from the Aging section of the U.S. Department of Health and Human Services issued a similar call. The representive remarked: “This holiday season, we encourage families to spend some time asking older family members some basic questions to ensure that their finances are in good hands and that if there are signs of abuse, that the right steps are taken to stop it.”

Don’t Wait for Disaster to Plan for the Future

Published on: November 16, 2012 | by Ettinger Law Firm

Hurricane Sandy brought with it many preparedness lessons. Everyone leads a busy life, and it is easy to procrastinate on matters that do not have immediate ramifications. Update the will or drive Mom to her doctor’s appointment? No contest. Often it is only when something is barrelling down on us–like a hurricane–that we act to get certain affairs in order. Sometimes, there is simply not enough time to properly plan before disaster strikes.

For example, stories have emerged regarding the lack of planning exhibited by a nursing home in Queens, leading to suffering and chaos among residents. The New York Times recently reported on the fiasco at the long-term care facility. According to reports by several familiar with the incident–including some facility employees–the owners of the home were far from prepared for the major weather event. The facility is near the water, and in the midst of the storm, most of the first floor windows were blown out. Rising waters then seeped into the area, flooding everything. Many of the residents were upstairs at the time, and the water took out the power. At first the caregivers assumed the back-up generators would have things up and running again. They didn’t. That is because the generators were on the first floor and were swept up in the flooding. On top of that, the owners and operators of the facility had not stocked up enough food for the disaster, and the kitchen itself was on the first floor. This all meant that very vulnerable senior residents were forced to wait hours in the cold without food, water, or access to certain electronic devices they desperately needed for health and well-being purposes.

But it gets even worse.

Failure to Update a Plan Nightmare

Published on: August 3, 2012 | by Ettinger Law Firm

Estate planning takes time. Unfortunately, considering the daily time stresses faced by all local residents, our New York elder law estate planning attorneys appreciate that there is often not a sense of “urgency” with this planning. It is usually a task that gets pushed to the side while day-to-day choeres are dealt with.

Yet, there are many individuals out there who can testify about the consequences of failing to plan their estate.

For example, one recent editorial shared that story of a husband and wife who had been married for one year. The husband was waiting for a liver transplant and despite his precarious health situation the couple did not do any estate planning, thinking they had “plenty of time.” This would prove incredibly harmful for the family.