Articles Posted in Elder Law

Family arrangements are diverse. Some New Yorkers still have a “traditional” nuclear family with parents who remain married. However, the standard model of husband, wife, kids, in-laws, and grandkids no longer represents the majority. Instead, most families have some complexities. There are divorces, new marriages, stepchildren, adopted children, grandparents raising their grandchildren, nephews moving in with aunts, and countless other scenarios.

One of the key reasons to be prudent about selecting an elder law estate planning lawyer with significant experience is so that the professional can provide insight into common issues that affect your specific situation. The longer the legal team has been around, the more likely they are to have worked on plans similar to yours, able to craft the package that best protects you and you loved ones. Over the years, many trends become clear.

For example, one of the most common causes of family strife are disagreements between adult children and step-parents. It is quite common for parents to re-marry after a divorce, setting up potential conflicts between a subsequent spouse and children from the first marriage.

In helping families throughout New York plan for potential care needs down the road, we frequently explain that the ideal solution is long-term care insurance (LTCI). As the name implies, these policies require community members to pay premiums now with assurances that certain financial support will be available if you need care down the road. One key benefit of long-term care insurance is that it often allows for more flexibility in caregiving options, like paying for at-home caregiver to avoid the need to move into a new location.

But is this insurance good for everyone?

A recent story from Financial Planning suggests that, in some cases it may be worthwhile for retired individuals to “self insure” for long-term care. The basic idea is that it could be more prudent to not pay high premiums for care that may not be needed and instead invest the money that would have been spent on premiums. You may have heard something similar and are wondering if self insurance is the right fit for you.

Preparation is critical to prevent financial exploitation of elderly community members. Our team of elder law estate planning attorneys frequently discuss how legal documents can be crafted and arrangements made to provide trusted family members with access to financial details of a senior’s life to spot exploitation early. Similarly, by placing assets in trust with oversight from professional trustees, it becomes far harder (often impossible) for scammers to take control of certain parts of an estate.

But, it is important to point out that proper planning does not take away all difficult choices that comes with aging relatives. Many adult children will still be forced to make tough choices on behalf of their loved one. That is particularly true when the senior suffers from progressive cognitive conditions like Alzheimer’s and other forms of dementia.

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