Taking a proactive role in advanced planning – either before a diagnosis or as soon as possible afterward – will allow seniors to protect and preserve their wealth in the years to come and help ensure their final wishes are honored.
WESTCHESTER COUNTY, N.Y. (PRWEB) May 29, 2019
According to the Alzheimer’s Association, approximately 5.8 million Americans are currently living with Alzheimer’s and, by 2050, the number could rise as high as 14 million. In recognition of Alzheimer's & Brain Awareness Month this June, Westchester County elder law attorney Anthony J. Enea, member at Enea, Scanlan & Sirignano, LLP in White Plains and Somers, N.Y., is offering his insights on the importance of legal planning prior to or soon after a diagnosis.
The Alzheimer's Association predicts that the costs associated with increased diagnoses in the coming years will reach $1.1 trillion annually by 2050 – resulting in a more than four-fold rise in government spending under Medicare and Medicaid.
“As more individuals are diagnosed with the illnesses commonly associated with the aging process, irrespective of whether it impacts one mentally and/or physically, it is inevitable that the cost of care on the Medicare and Medicaid programs will dramatically increase,” said Anthony Enea, who has spent the past three decades protecting the rights of seniors, the disabled and their families. “When these costs increase, it is likely that the financial eligibility requirements for a program such as Medicaid may become more restrictive as well.”
Enea recommends a proactive approach to advanced planning before an individual’s mental capacity may become an issue. This often includes executing a combination of documents – a durable power of attorney with broad powers, an irrevocable trust funded with one’s home and a portion of one’s liquid assets, advance directives such as a health care proxy and HIPPA form, and a revocable living trust to allow continuity of management of one’s assets in the event of incapacity. Purchasing long-term care insurance is another option to consider.
“For those recently diagnosed, it’s crucial to get your estate planning needs in order as soon as possible,” noted Enea. “Executing a durable power of attorney with broad powers, including broad gifting powers, will allow your family to handle all financial affairs should you no longer have the capacity to do so. In addition to preserving continuity of asset management, a revocable living trust also helps avoid the possibility of probate in the future.”
A strong leader in Westchester’s legal community, Anthony J. Enea is chair of the New York State Bar Association’s Senior Lawyers Section and president of the Westchester County Bar Foundation. He was named Westchester County’s Leading Elder Care Attorney at the Above the Bar Awards and Best Lawyers’ 2019 Trusts & Estates “Lawyer of the Year” in White Plains. A past chair of the New York State Bar Association’s Elder Law Section, Enea’s 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.
“While no one anticipates developing Alzheimer’s or dementia, it is a reality for millions across the country,” said Enea. “Taking a proactive role in advanced planning – either before a diagnosis or as soon as possible afterward – will allow seniors to protect and preserve their wealth in the years to come and help ensure their final wishes are honored.”
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.
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.