Articles Posted in Elder Law

When working on a plan for a local resident, our New York elder law attorneys often advise on the importance of long-term care insurance (LTCI). Where affordable, long-term care insurance is an incredibly powerful tool that both protects assets from the possible costs following disability and creates an avenue by which seniors can receive at-home care to age in place. In some cases LTCI is coupled with a Medicaid Asset Protection Trust. In these cases, it may be helpful for the LTCI to be purposefully underfunded to provide a somewhat more affordable, but still helpful, approach to planning for possible care needs down the road.

In any event, while LTCI has clear benefits, it remains out of reach for some residents. The main problem is the cost–this insurance is expensive. Unfortunately, there are no signs that LTCI is going to get more affordable any time soon.

A story this week from the NY Daily News, for example, explores how some companies are raising rates and even getting out of the LTCI business. There are radical transformations taking place in the industry, which may have consequences on many local families wanting to protect themselves with this insurance.

A new report from the “State Budget Task Force” released last week found that two issues were by far the most pressing for state and local government budgets: pensions and Medicaid. The full report can be viewed HERE.

Chaired by former New York Lieutenant Governor Richard Ravich, the group creating the report examined six states (including New York). Much focus was placed on currently unfunded New York Medicaid and pension obligations. It is unsurprising that these two issues are at the top of the list, and our New York elder law estate planning lawyers know this is even more reinforcement of the vital need for residents to plan for retirement and elder disability issues on their own.

In issuing the report, Ravitch argued that the problems extend beyond the recession. Instead, the report claims that the underlying financial concerns are far greater than a simple drop in revenues and increased need for aid services due to the economic climate. Like all similar reports of this nature, the author claims vast structural changes are needed to account for the looming fiscal crisis.

Over the past two years there has been increased focus on the scourge of elder abuse in all its forms. Yet, the awareness effort has not led to any federal legal changes to help protect seniors from things like physical neglect at home to senior financial exploitation. That may soon change.

According to a report from the West Central Tribune, a bill in the U.S. Senate to help prevent these harms recently advanced out of the Senate Judiciary Committee. It passed out of committee on a 15-3 vote and will now be sent to the full Senate for approval.

Known as the Guardian Accountability and Senior Protection Act, the measure strengthens the tools available to states to provide proper oversight of guardians and senior conservators. This focus on oversight is critical, as New York elder law attorneys know that, at least when it comes to financial abuse, a lack of third-party monitoring allows the problem to go unnoticed.

There is a tendency to underestimate the actual risk of suffering mental and physical disabilities as one ages. Everyone knows that seniors often face physical issues and others suffer from cognitive problems, but most relatively healthy individuals convince themselves that they are less likely to face those concerns down the road. In our area, this self-denial often means that individuals put off creating a New York elder law estate plan. The consequence is that many only look into the issue after suffering an emergency. Available options are always less attractive when planning in the face of immediate need.

Everyone needs to plan, regardless of their current mental and physical state. That fact was made even more evident following the release last week of a new report from the Institute of Medicine. Entitled, “The Mental Health and Substance Use Workforce for Older Adults: In Whose Hands?”, the project was commissioned by Congress to better understand the long-term mental health and wellbeing needs of seniors. The full report can be read HERE.

What were the findings?

This week the Washington Post published an interesting, extended story seeking to share information on life in assisted-living facilities. The article, written by a man living in one of these homes, paints a grim picture of life for seniors needing extra day-to-day care. The text was adapted from a literary journal, The Feathered Flounder, which showcases work of people over sixty years old.

Each New York elder law attorney at our firm appreciates that it is important for local residents to understand the realities of long-term care so that decisions can be made as early as possible to plan for the ideal care.

The man in this case suffered from early-onset Parkinson’s disease in his 40s. For a decade he lived at his home, able to manage with at-home care. However, as his condition deteriorated, and he ended up in a wheelchair, the man decided to move into an assisted-living facility. He was only 53 years old. He admits knowing that it was a unique choice, considering that most residents were decades older and facing far more severe health problems.

Elder law professionals agree that preventing senior financial exploitation requires acting fast–it is never too early to investigate suspicions about a senior loved one’s finances. As reported in a recent Star-Telegram article, many adult children begin asking questions about their parents finances only when it is too late–after they’ve already been swindled out of a fortune. For example, the article shared the story of a woman who waited to learn mor after noticing some red flags with her parents money management. By the time she started investigating the elderly couple had already had nearly $100,000 taken by another family member over a ten year period.

Unfortunately, each New York elder law attorney at our firm knows that this situation is far from unique. Many seniors, particularly those without outside observers keeping an eye on their finances, find themselves exploited in their golden years. The wrongdoers can be anyone, from family members and caregivers to strangers who gain the senior’s trust.

Financial exploitation takes many forms. In the case described in the article, the elderly parents, in their 80s at the time, had more than 35 different credit-card accounts taken out in their names unknowingly. It took their daughter almost two years to sort out the mess. The solution included giving the daughter a Power of Attorney over the couple’s finances so that the daughter could monitor the situation and identify any problematic issues.

There is no shortage of news stories about the changing demographics in the United States. Advances in healthcare and slowed birth rates mean that a much larger percentage of the country is elderly than ever before–the trend will continue for years to come. Our New York elder law attorneys understand that most discussion of these issues revolves around fear about what these changing demographics mean. However, an interesting New York Times article this week took a different look at the issue, noting that it is wrong to “assume defeat” when considering the challenges posed by an aging population. Instead of dwelling on the challenges, we instead need to embrace the benefits of our increasing longevity and buckle down to get the financial, social, and healthcare concerns raised by the demographics in check.

The article included an interview with Dr. Linda P. Fried, an epidemiologist and geriatrician. She noted that new research needs to “reframe our understanding of the benefits and costs of aging.” Dr. Fried notes an increased focus on science into the aging process, with the potential for positive impacts on social and political policies that address these issues–including many elder law concerns.

Dr. Friend is at the forefront of exciting new research into the aging process, with implications in many different fields, from nationwide healthcare policy to nursing home abuse prevention.