Articles Posted in Elder Law

Aging in place is almost always preferable to being forced to move into a long-term care facility. New York City elder law estate planning attorneys work with residents to ensure they are able to stay in their own homes as long as possible. Yet, it is a mistake to simplify the aging process as merely an effort to live on one’s own indefinitely. Research continues to pour out examining the range of lifestyle issues that affect seniors. The studies are important to consider in the broader context of planning to not only live, but thrive, in one’s golden years.

For example, last week MedPage Today profiled a new study on longevity and maintaining an active lifestyle. Published by the BMJ Group (full study here), the researchers found that those who were over 85 years old lived, on average, 4 extra years if they maintained an active lifestyle. Physical activity was found to be the best indicator of longevity when other factors were held constant, like smoking and weight.

Social interactions were also found to be pivotal in longevity. This is one of many reasons why New York elder law attorneys urge nursing home decisions to be based on proximity so that family visits can be frequent. The BMJ study found that those with a rich social network, were married, or had frequent contact with relatives lived a few years longer on average when all other factors were held constant.

Elder care encompasses a wide-range of issues, from day-to-day lifestyle concerns to potential long-term care moves. The issues progress over time for most families. They begin with family questions about whether a senior should continue driving, for example, and advance to consideration of moving into an assisted-living home or even a skilled nursing facility is prudent.

One common theme in all of these issues is disagreement. For example, several adult children may disagree as to whether a senior should pursue alternative living arrangements or whether funds should be spent on at-home care. Or perhaps all the children are in agreement but the parent is steadfast in their belief that they do not need extra help. The problem is usually more pressing when the senior is suffering from any form of cognitive challenges–like Alzheimer’s or other dementias.

Fortunately, more and more families are coming to appreciate the crucial role that a third-party can play in these situations. New York elder law attorneys often provide critical information which settle issues concerning caregiving, living arrangements, estate planning, inheritances, and similar facets of the aging process.

There is a misconception that New York elder law estate planning is all about money. While finances are obviously central to this field, at the end of the day the main concerns are long-term well being. That is particularly true in the context of elder law. Ensuring adequate resources for long-term care is important but only insofar as those resources can be used to ensure one’s golden years are filled with happiness, contentment, and an ability to thrive as a human being.

In that way it is important to keep a focus on the overall factors that contribute to well-being in the senior population. One helpful, comprehensive report on this subject was recently released by the Federal Interagency Forum on Aging-Related Statistics. A full copy of the research findings can be found Here.

The authors summarized the effort as one based on the notion that “it has become increasingly important for policymakers and the general public to have an accessible, easy-to-understand portrait of how older Americans fare.”

When working on a plan for a local resident, our New York elder law attorneys often advise on the importance of long-term care insurance (LTCI). Where affordable, long-term care insurance is an incredibly powerful tool that both protects assets from the possible costs following disability and creates an avenue by which seniors can receive at-home care to age in place. In some cases LTCI is coupled with a Medicaid Asset Protection Trust. In these cases, it may be helpful for the LTCI to be purposefully underfunded to provide a somewhat more affordable, but still helpful, approach to planning for possible care needs down the road.

In any event, while LTCI has clear benefits, it remains out of reach for some residents. The main problem is the cost–this insurance is expensive. Unfortunately, there are no signs that LTCI is going to get more affordable any time soon.

A story this week from the NY Daily News, for example, explores how some companies are raising rates and even getting out of the LTCI business. There are radical transformations taking place in the industry, which may have consequences on many local families wanting to protect themselves with this insurance.

A new report from the “State Budget Task Force” released last week found that two issues were by far the most pressing for state and local government budgets: pensions and Medicaid. The full report can be viewed HERE.

Chaired by former New York Lieutenant Governor Richard Ravich, the group creating the report examined six states (including New York). Much focus was placed on currently unfunded New York Medicaid and pension obligations. It is unsurprising that these two issues are at the top of the list, and our New York elder law estate planning lawyers know this is even more reinforcement of the vital need for residents to plan for retirement and elder disability issues on their own.

In issuing the report, Ravitch argued that the problems extend beyond the recession. Instead, the report claims that the underlying financial concerns are far greater than a simple drop in revenues and increased need for aid services due to the economic climate. Like all similar reports of this nature, the author claims vast structural changes are needed to account for the looming fiscal crisis.

Over the past two years there has been increased focus on the scourge of elder abuse in all its forms. Yet, the awareness effort has not led to any federal legal changes to help protect seniors from things like physical neglect at home to senior financial exploitation. That may soon change.

According to a report from the West Central Tribune, a bill in the U.S. Senate to help prevent these harms recently advanced out of the Senate Judiciary Committee. It passed out of committee on a 15-3 vote and will now be sent to the full Senate for approval.

Known as the Guardian Accountability and Senior Protection Act, the measure strengthens the tools available to states to provide proper oversight of guardians and senior conservators. This focus on oversight is critical, as New York elder law attorneys know that, at least when it comes to financial abuse, a lack of third-party monitoring allows the problem to go unnoticed.

There is a tendency to underestimate the actual risk of suffering mental and physical disabilities as one ages. Everyone knows that seniors often face physical issues and others suffer from cognitive problems, but most relatively healthy individuals convince themselves that they are less likely to face those concerns down the road. In our area, this self-denial often means that individuals put off creating a New York elder law estate plan. The consequence is that many only look into the issue after suffering an emergency. Available options are always less attractive when planning in the face of immediate need.

Everyone needs to plan, regardless of their current mental and physical state. That fact was made even more evident following the release last week of a new report from the Institute of Medicine. Entitled, “The Mental Health and Substance Use Workforce for Older Adults: In Whose Hands?”, the project was commissioned by Congress to better understand the long-term mental health and wellbeing needs of seniors. The full report can be read HERE.

What were the findings?