With the federal estate tax and the New York estate tax being of little concern for most New Yorkers, the most important issue many seniors should focus on are the steps needed to ensure that their life savings are not dissipated by the significant cost of long term care.
WESTCHESTER COUNTY, N.Y. (PRWEB) April 27, 2018
The number of Americans over age 65 is projected to more than double from 46 million today to over 98 million by 2060 (2016 Population Reference Bureau report) 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. This May, elder law attorneys Anthony J. Enea and Sara E. Meyers of Enea, Scanlan & Sirignano, LLP in White Plains and Somers, N.Y. will address the importance of estate and long-term care planning at education programs for the Yonkers Lawyers Association and Estate Planning Council of New York City.
The programs, “Tax Reform and Long Term Care Planning” and “Critical Issues Facing Senior Clients,” mark the latest speaking engagements for Anthony Enea and Sara Meyers, both highly regarded for their expertise, integrity and commitment to protecting the rights of seniors, the disabled and their families.
Mr. Enea will offer his insights to the Yonkers Lawyers Association on the Tax Cuts and Jobs Act of 2017, which provides for a dramatic increase in the federal estate and gift tax credit.
“In January, the federal estate and gift tax credit increased to $11.2 million per person – more than double the previous $5.49 million in 2017 – and $22.4 million for a married couple,” said Mr. Enea. “This change in the federal estate and gift tax law allows one, either during lifetime (by gifting) or upon death, to pass a staggering amount of money without the payment of any federal taxes.”
He continued, “With the federal estate tax and the New York estate tax ($5.25 million per person and $10.5 million per couple) being of little concern for most New Yorkers, the most important issue many seniors should focus on are the steps needed to ensure that their life savings are not dissipated by the significant cost of long term care – whether it be utilizing an Irrevocable Medicaid Asset Protection Trust, the gifting of assets to loved ones, and/or purchasing long term care insurance.”
A strong leader in Westchester’s legal community, Mr. Enea is president of the Westchester County Bar Foundation, a past president of the Westchester County Bar Association, and a past chair of the New York State Bar Association’s Elder Law Section. His practice areas include elder law; Medicaid asset protection trusts; Medicaid applications (home care and nursing home); special needs planning; guardianships (Article 81 and 17-A); and wills, trusts and estates.
Sara Meyers will provide an in-depth look at critical issues facing senior clients at the Estate Planning Council of New York City’s annual Estate Planners Day, including criteria for Medicaid eligibility and the most common components of asset protection planning.
“With the average cost of a nursing home in the New York metro area ranging from $14,000 to $15,000 per month, failure to plan ahead can have devastating financial consequences,” said Ms. Meyers. “Two documents of great importance to seniors as they age are the Durable General Power of Attorney and Health Care Proxy. The execution of a sufficiently broad POA and HCP will alleviate significant potential problems for both the senior and his or her family.”
An authority on Medicaid and special needs planning, Ms. Meyers concentrates her practice on elder law, estate planning, special needs planning, guardianships, and long term care planning strategies, with a focus on Medicaid home care and nursing home. She is a past chair of the Westchester County Bar Association’s (WCBA) Elder Law Committee and a frequent lecturer for both the WCBA and New York State Bar Association.
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 [email protected] For the latest news, visit Enea, Scanlan & Sirignano online at http://www.esslawfirm.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.