With the average monthly cost of a nursing home in Westchester County being approximately $14,000 to $15,000 per month, failure to plan ahead can have devastating financial consequences.
White Plains, NY (PRWEB) January 28, 2015
Elder law attorney Anthony J. Enea, managing partner at Enea, Scanlan & Sirignano, LLP in White Plains and Somers, N.Y., recently addressed the importance of estate and long-term care planning for seniors at an education program for the Financial Planning Association of New York. Mr. Enea, past chair of the New York State Bar Association’s Elder Law Section, urges seniors to take a proactive role in planning for the years ahead.
The aging of the “baby boomber” generation will produce an unprecedented wave of seniors and retirees in the coming decades. More than 20 percent of U.S. residents are projected to be aged 65 and over by 2029 (U.S. Census) and, according to the U.S. Department of Health and Human Services, nearly 70 percent will need long-term care at some point in their lives. Mr. Enea’s latest speaking engagement, “Asset Protection for Seniors and their Families,” outlined effective estate planning strategies senior clients, particularly relevant as the number of individuals requiring long-term care continues to grow.
“With the average monthly cost of a nursing home in Westchester being approximately $14,000 to $15,000 per month, failure to plan ahead can have devastating financial consequences,” said Mr. Enea. “Two documents of great importance to seniors as they age are the Durable General Power of Attorney and Health Care Proxy. The execution by the senior of a sufficiently broad POA and HCP will alleviate significant potential problems for both the senior and his or her family.”
Anthony Enea has spent nearly three decades protecting the rights of seniors, the disabled and their families. Named Westchester County’s Leading Elder Care Attorney at the Above the Bar Awards, Mr. Enea’s practice areas include elder law; Medicaid planning and applications; special needs planning; wills, trusts and estates; guardianships and estate litigation.
Enea continued, “There are a number of specific options available to seniors which will allow them to shelter their assets from the cost of care. Purchasing long-term care insurance can help finance the cost of in-home or nursing home care. Utilizing a Medicaid Asset Protection Trust is another way to protect one’s home and savings. Implementing these options prior to needing care, however, is imperative.”
Comprised of more than 23,000 members, the Financial Planning Association is a national membership organization for the financial planning community committed to the highest standards of professional and public education. The Financial Planning Association of New York provides an open forum where both certified financial planners and other professionals such as attorneys, accountants, bank trust officers, estate planners, investment brokers, portfolio managers, and insurance advisers in the financial planning profession can meet and discuss matters of mutual interest and importance.
Mr. Enea is president of the Westchester County Bar Foundation and a former president of the Westchester County Bar Association. He was named Best Lawyers’ 2015 Trusts and Estates “Lawyer of the Year” in White Plains, a Top 25 “Super Lawyer” in Westchester County, and received the 2014 Golden Harvest Corporate Award from the Westchester Public/Private Partnership for Aging Services for outstanding and lasting contributions to Westchester seniors.
Enea, Scanlan & Sirignano, LLP is located at 245 Main Street in White Plains, N.Y. with additional offices in Somers, N.Y. Elder law attorney Anthony J. Enea can be reached at 914-948-1500 or a.enea(at)esslawfirm.com. For the latest news, visit Enea, Scanlan & Sirignano online at http://www.esslawfirm.com or the firm’s blog, westchesterelderlawblog.wordpress.com.
About Enea, Scanlan & Sirignano, LLP
Enea, Scanlan & Sirignano, LLP is an AV preeminent rated elder law firm with offices in White Plains and Somers, N.Y. The practice concentrates on Elder Law; Medicaid Planning; Nursing Home and Home Care Applications; Wills, Trusts and Estates; Guardianships; Estate Litigation; Supplemental Needs Trusts; and Special Needs Planning. Enea, Scanlan & Sirignano, LLP serves Westchester, Rockland, Putnam, the Bronx, Manhattan, Long Island and Queens and is committed to providing the highest quality legal services to seniors, the disabled and their families. Visit the firm online at http://www.esslawfirm.com and http://www.westchesterseniors.com.