LEGAL TALK
Planning for the Newly Retired BY LAUREN C. ENEA, ESQ
(72). That being said, your monthly in- and can no longer manage your a-•airs. come needs may require distributions In addition to avoiding probate, an Irrefrom these accounts early. This decision, vocable Medicaid Asset Protection Trust along with your Social Security and pen- can be used for Medicaid Planning. sion elections, should be reviewed with yourfinancialadvisor,planadministrator 4. Engage in long-term care planning. But the milestone of retirement is also a or perhaps an individual who specializes Engaging in long-term care planning will good time to make sure your finances, in optimizing Social Security and retire- help you determine if and how you’ll be beneficiary designations, estate planning ment elections. able to pay for the cost of your long-term and long-term care strategy is in proper care, in the event you need assistance order. Here are some items to consider: in your home (a home health aide) or in 3. Meet with an Estate Planning an assisted living residence or nursing and Elder Law Attorney. 1. Create an inventory of your assets, Ensuring your estate planning docu- home. Paying for long-term care can be accounts, safe deposit boxes, retirements are updated is crucial during this done in a variety of ways: by using your ment accounts, beneficiary designanext chapter of your life. You will want life savings; using long-term care insurtions and digital assets. to designate an agent to make medical ance, or taking steps to become eligible Creating an inventory of all your assets decisions for you in a Health Care Proxy, forMedicaidbenefits.Havingaconver sation with an Elder Law attorney may will not only help when working with a alongwithanagent(s)tomakefinancial financial advisor or estate planning - decisions at for you in a Power of Attorney, be beneficial to determine what you torney, but will also be invaluable to your in the event you are unable to make said exposure to the cost of your long-term family and/or spouse in the event you decisions yourself. Your Last Will and care is, and what steps you can take to are unable to handle your own finances Testament and, if you prefer, a Revoca- minimize that exposure. or pass away. ble Living Trust should be created or upn n n dated to ensure you’ve taken advantage Lauren C. Enea, Esq. is an Associate at Enea, Scan2. Review your monthly income needs of all estate planning options available to lan & Sirgnano, LLP. She concentrates her practice and create a budget for your expenses. you and have properly named the ben- on Wills, Trusts and Estates, Medicaid Planning, Special Needs Planning and Probate/Estate AdminThe most obvious impact of retirement is eficiaries, executors and/or trustees in istration. She believes that it is never too early or too probably to your income. Make sure you accordance with your wishes. late to start planning for your future and she enjoys have reviewed and made any necessary working with individuals and families to ensure that Social Security and/or pension elections, If your assets are held in a revocable and/ their estate and long- term care plan best suits their and determined the Required Minimum or irrevocable trust, a probate proceed- needs. Ms. Enea is on the executive committee of the New York State Bar Association (NYSBA) Elder Law Distributions (RMDs) you must take from ing will be avoided upon your death. A and Special Needs Section and is also the Co-Editor your retirement assets (IRAs/401ks). trust can also allow for ease of transition of the NYSBA Elder Law and Special Needs Section Qualifiedmoniestypicallydonotrequire to those you want handling your a-Journal. •airs She is admitted to practice law in New York the RMD be taken until age seventy-two in the event you become incapacitated and Florida. She can be reached at 914-948-1500. Congratulations on your retirement! You finally have time to work on your bucket list: traveling, spending more time with family and friends, taking up a new hobby, volunteering for a worthy organization. All great endeavors.
What steps have you taken to protect your life savings from the cost of long term care? . Elder Law . Asset Protection . Medicaid Applications (Nursing Home/Home Care) . Guardianships (Contested/Non-Contested) . Wills, Trusts & Estates WHITE PLAINS
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Contact LAUREN C. ENEA, ESQ. westchesterseniorvoice.com
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. 914.948.1500 spring 2022
