Long Term Care Planning

Baby Boomers Discuss Retirement and Long-Term Living Plans Amid Tough Economy

Published on: October 28, 2011 | by Ettinger Law Firm

It is no surprise that only 9% of Baby Boomers stated in a new Associated Press poll that they were “strongly convinced” that they would be able to live comfortably when they retired. With financial affairs in flux for many members of the 77-million strong Baby Boomer generation, many are beginning to reevaluate their retirement plans. Our New York elder law estate planning attorneys know that a growing number of local residents find themselves worrying about whether they will be able to live out their golden years in comfort.

One single 53-year old woman profiled in an Associated Press story on the Baby Boomer retirement situation explained that she once planned to retire at sixty and move to the beach. Those plans changed when her pension was eliminated five years ago, her personal investments tanked, and her home of 21 years lost half its value. Now she is not sure what her future holds, but she doesn’t expect to move any time soon. When asked about potentially moving when he retired, a 60-year old small business owner explained, “It just depends on what happens to the economy. I’d like to find someplace warmer and doesn’t have the high taxes, but we’ll just have to see.” Many local residents find themselves in the same situation.

The latest poll on the topic found that about 60% of Boomers had retirement plans, personal investments, and real estate that lost value in the latest recession. As a result, more than half of that group expects to delay their retirement. According to the research, 73% of respondents claimed that they will continue to do some work even after they retire. These delayed retirement plans have also led many Boomers to admit that they no longer expect to move out of their current home, and a majority claim that they plan to live out their golden years exactly where they are now. Other priorities for soon-to-be retirees include living near their children and being close to necessary medical care.

New Companion Service Provides New York Elder Care at Senior’s Own Home

Published on: October 26, 2011 | by Ettinger Law Firm

The aging of the population both in our state and throughout the country is leading many community members to re-think the best way to provide long-term care for seniors when they reach their golden years. In the past, options for seniors were few and far between. In most cases a senior lived on their own for as long as they could. When extra care was needed it was provided by a close relative if possible. If no relative was able to provide the care, or the senior’s needs were more than a relative could handle, then the individual ended up in a nursing home. Most seniors in our area were unable to pay for that nursing home care on their own, and so it was paid for by New York Medicaid programs. However, most of the seniors’ assets built up over a lifetime were lost to pay for the care or to qualify for Medicaid participation.

Recently, there has been an explosion in new options available to area seniors and their families, particularly for those families that take the time to visit with a New York elder law attorney to plan ahead for this stage in life. For example, many assisted-living facilities have been built which allow seniors to receive day-to-day aid from professionals while keeping much more independence than that found in traditional nursing homes. Other services are popping up which allow seniors to receive extra care without leaving their home at all.

For example, this week Bright Days Home Care, a new “senior companion” service announced that it was opening its doors to provide assistance for local residents. The New York elder care service provides companions to visit the homes of seniors on a particular schedule to provide any manner of aid necessary. This new service provides non-medical care, which may include anything from buying groceries and making dinner to cleaning the house and chatting with the senior about their day. In addition, the company’s founder explains that the at-home service also helps local families find other resources. She notes that they “are committed to ensuring that people are aware of the plethora of options that are available.”

The Medicaid Asset Protection Trust (MAPT) – Do’s and Don’ts

Published on: April 13, 2010 | by Ettinger Law Firm

by Michael Ettinger, Attorney at Law The Medicaid Asset Protection Trust (MAPT) is a technique commonly used by elder law attorneys. It consists of an irrevocable trust, usually set up by a parent of parents sixty-five and older. One or more of the adult children are named as “trustees” to manage the trust for the benefit of the “beneficiaries” who remain the parents during their lifetimes. For example, the parents retain the right to the exclusive use and enjoyment of the home and the income from all of the trust assets. The establishment and “funding” of the trust, i.e. retitling the home and the investments in the name of the trust, starts the five year look-back period running. After five years, those assets become exempt and are protected from the costs of long-term care.

Once the MAPT is established, there are certain things the parties can and cannot do. Below are a list of the “Do’s and Don’ts” concerning the MAPT.

Do’s