Articles Posted in Elder Law

In New York, there are several ways to distribute assets at your death other than through provisions in a will or trust. In fact, it is possible to dispose of many of their assets by using “beneficiary designations.”

Pay On Death Accounts

“Pay On Death” (POD) accounts (also called Transfer on Death or TOD accounts) are arrangements between a bank, credit union, brokerage or other financial institution and a client. These arrangements allow the client to designate a beneficiary who will receive the client’s assets if the client dies. These assets could include money, savings bonds, stocks, bonds or other account holdings.

Last week New York City announced plans to expand its legislative program that helps senior tenants freeze their rent and make living on their own more affordable. Mayor Bill de Blasio has cited a lack of affordable housing as a major problem, and the elderly who live on a fixed income are particularly disadvantaged when it comes to rent increases. In the past, elderly renters have not participated due to language barriers, lack of computer access, and challenges travelling to get the proper paperwork. However, new funding and a public awareness campaign are helping more seniors sign up for the program. The campaign is also aimed at the adult children of elderly renters in hopes that they will help their parents sign up for the program.

What is SCRIE?

SCRIE, or the Senior Citizen Rent Increase Exemption, is a program that began in New York City in 1970. The program allows renters in New York City to freeze their rent at its current level if certain qualifiers apply. In exchange for the frozen rent, landlords of these apartments are given property tax rebates. State legislation is now contributing millions of dollars in financing over the next two years to expand the initiative and provide more information to seniors.

According to new research, over forty percent of Americans are caring for their elderly family members, and most are doing so in addition to managing their careers. Cartoonist Roz Chast illustrated these difficulties in her memoir detailing the care of her parents in their final years. However, more employers are realizing the need to help their employees who are similarly struggling with balancing elder care in addition to their jobs, and as a result elder care benefits in the workplace are on the rise.

The Families and Work Institute recently published a new report, the 2014 National Study of Employers, which detailed the growing trends in elder care support and benefits in the workplace from 2008 to 2014. Some of the key findings of this report include:

· 75% of employers surveyed provide time off for employees to provide elder care without jeopardizing their jobs · Employers are now more likely to report that they offer elder care resource and referral programs · More employers are offering DCAPs (Dependent Care Assistance Programs) and access to respite care

Yesterday we discussed the various programs, agencies, options available to help families with aging seniors. In addition to assistance programs, it is important for caregivers of older adults to make sure that their loved one’s wishes will be met at the end of life or if the older adult becomes mentally incapacitated. Preparing for management of finances also is important. These matters can be addressed in the following documents–

Living Will- a living will is a written statement about an individual’s wishes regarding medical treatment should he or she become incapacitated. This includes statements about a person’s wishes regarding “Do Not Resuscitate” (DNR) orders, intubation, feeding tubes and hydration, and other critical care matters.

Health Care Proxy (also called Durable Power of Attorney for Healthcare)- The Health Care Proxy is a written document where the older adult appoints someone he or she trusts (such as a family member or close friend) to decide about medical treatment for the older adult if he or she cannot make that decision. The agent is instructed to act on the older adult’s behalf and in his or her best interests.

Being a caregiver to an older adult can be very rewarding for both the caregiver and the person receiving the care. However, being a caregiver also is hard work. It’s hard mentally, emotionally, physically and sometimes financially, as well. However, certain programs and actions can sometimes make caring for an aging parent less difficult.

Assistance Programs

There are a variety of benefit program and support services are available to older adults who need care. Tapping into these sources can help free up financial resources that are otherwise being provided by an adult child caregiver. Programs vary by state, but here are a few places to start–

When American Top 40 legend Casey Kasem’s daughter, Kerri Kasem, appeared in front of a Los Angeles County Superior Court Judge this past Monday, she told the Court she believed her 82 year old father had been “kidnapped“. Prior to the disappearance the radio icon, who suffers from Lewy body dementia, had been residing in a Santa Monica nursing home receiving 24-hour medical care. Kerri Kasem feared that removal from the nursing facility allegedly by Kasem’s wife, with whom Kasem’s children had been involved in a long-time feud, threatened his health and safety considering his medical condition. Kerri Casem was immediately granted a temporary medical conservatorship, filed a missing persons report with the Santa Monica Police Department, and Kasem was ultimately located on Wednesday in Washington State with his wife. Kasem’s children suspect Jean absconded with their father out of fear that they would coerce him into changing his will.

Casey Kasem’s family saga is a public and an extreme example of how contentious familial relationships can become when disagreements as to the health care of an older family member arise. Medical Conservatorship is a legal concept in the United States where a guardian is appointed by a court to manage the healthcare decision-making concerning an incapacitated or individual. As explained by the New York Department of Health, an individual is determined incapacitated when an attending physician finds to a reasonable degree of medical certainty that the patient lacks ability to understand and appreciate the benefits, risks and consequences of proposed health care. The individual must be able to make an informed decision as to health care. If an individual already has in place an advanced healthcare directive, the decision-making about the individual’s medical care in the event of sudden incapacity, or incapacity due to old age, is already taken care of.

But oftentimes, there is no directive document. That is where the conservatorship arises. Conservatorship is a legal arrangement that requires appointment by a court, granting authority to a legal decision-maker to act on behalf of the incapacitated family member. In addition, a conservatorship provides a legal process where major healthcare decisions, for example removal from life support, must be approved by the court. In the absence of a healthcare directive, conservatorship grants family members a clear legal determination of authority when it comes to medical care of an incapacitated family member.

There is growing discussion about elder caregiving in America and across the world. As the population ages, much more attention is being paid to how seniors are treated when their health falters and their ability to care fully for themselves wanes. In general, there is a rough assumption that many cultures around the world have closer family units, while here in the United States we are more likely to pay professional caregivers.

That assessment is somewhat misleading, because even in the U.S., younger generations (adults children) continue to provide the majority of care to seniors. That is not to say that use of nursing homes, assisted living facilities, and at-home caregivers is not common. But, elder care is simply a reality for tens of thousands of families throughout New York.

Who is Providing Care?

It is a common problem for New York residents: how to protect your ailing parents’ assets. For many families, the largest asset is the family home. Many seniors spent their entire lives pouring money into their home, with property rates increasing over the years, the home is a significant asset to be passed on to heirs. At the same time, if the senior does not have long-term care insurance, there is always the risk of the home being lost to pay for a nursing home or other support services.

The Life Estate

After first considering the risk, many adult children who are unfamiliar various elder law and estate planning tools attempt rudimentary protection efforts. For example, the adult son or daughter may convince their parent to sign a new deed, giving ownership of the home to the child. This seemingly avoids having the transfer go through probate and may protect the home from some long-term care costs (though this is not always the case).

Elder financial exploitation is a nuanced term for a growing problem–the financial abuse of the elderly.

Financial abuse of the elderly is a growing concern in today’s society. There are more senior citizens now than ever before and many of them are institutionalized or require help to get by in life. These dependent situations create an environment where the elderly can be taken advantage of financially.

What Is Financial Abuse?

Residents throughout New York continue to experience “sticker shock” when exploring their long-term care options. Whether you are planning for possible needs in the future or working quickly to secure support for an ailing loved one, there is a good chance you may be surprised by the overall costs of this care. Naturally, there is a spectrum of care–from occasional, at-home aides to a move into a skilled nursing home. And there are wide variances in quality among specific caregivers. In most cases, however, the overall cost is quite significant, particularly in a relatively expensive state like New York.

The Cost Data – 2014

A helpful starting point to understand the financial toll of long-term care is to examine the newly released 2014 Cost of Care Survey from Genworth. This particular survey has been conducted for over a decade, allowing an understanding of year over year trends on top of providing information on current costs.

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