Grimaldi & Yeung

Planning for Nursing Home Expenses

“A revocable trust is great for many reasons, but it does NOT protect assets from nursing home expenses.”

The question raised in the article “Fact or Fiction: I Can Protect My Assets from a Nursing Home with a Revocable Trust” from New Hampshire Business Review is frequency asked, and the reason for it is understandable. Any form of long-term home care is costly and can quickly decimate a lifetime of savings. There are ways to protect assets, but a revocable trust is not one of them.

There are some reasons why a person might find a revocable trust attractive. For one thing, if the grantor (the person who creates the trust and is also the trustee (i.e., the person in charge of the trust)), there is no loss of control. It is as if you still own the assets that are in the trust. However, when you die, the assets in the trust don’t go through the probate process. Instead, they go directly to the beneficiaries named in the trust documents. A revocable trust also lets you make specific provisions for beneficiaries and beneficiaries with special needs.

There is a trust that can be used to protect assets from the cost of long-term care. It is the irrevocable trust, which must be properly prepared by an estate planning attorney and done in a timely fashion: five years before the person needs to go to a nursing home.

The difference is in the name: the irrevocable trust is irrevocable. Once it is created, you (the grantor) may not change it. Once an asset is placed in the trust, you don’t own it. The trust is the owner. You can’t change your mind. The grantor may also not serve as the trustee of the trust.

You have to be prepared to give up complete control of the assets that go into the trust.

Some people think simply by handing over their assets in the trust to their children, they’ve solved everything. However, there are problems. If your children are sued or run into debt problems, that lifetime of saving which is now in their control is also subject to creditors or claims. If you need to enter a nursing home within five years of your handing over the assets, you also won’t be eligible for Medicaid.

The best course of action is to meet with an estate planning attorney and discuss your overall estate plan. You should have a frank conversation about your wishes, what kind of a legacy you want to leave behind and your bigger picture for the world after you’ve passed. The attorney will help work out a plan that will protect you, your spouse, your assets and your family.

Remember that an estate plan is not a one-and-done document. Every three or four years, or as “life happens” and changes occur in your life, you should touch base with your attorney. A new family member by marriage, birth or adoption, may call for some changes to your estate plan. It might also be affected by the sadder events of life; death, divorce, or a significant health change. All require a phone call and a discussion to ensure that your estate plan still achieves your goals and protects those you love.

Reference: New Hampshire Business Review (July 30, 2020) “Fact or Fiction: I Can Protect My Assets from a Nursing Home with a Revocable Trust”

Planning for Nursing Home Expenses

“A revocable trust is great for many reasons, but it does NOT protect assets from nursing home expenses.”

The question raised in the article “Fact or Fiction: I Can Protect My Assets from a Nursing Home with a Revocable Trust” from New Hampshire Business Review is frequency asked, and the reason for it is understandable. Any form of long-term home care is costly and can quickly decimate a lifetime of savings. There are ways to protect assets, but a revocable trust is not one of them.

There are some reasons why a person might find a revocable trust attractive. For one thing, if the grantor (the person who creates the trust and is also the trustee (i.e., the person in charge of the trust)), there is no loss of control. It is as if you still own the assets that are in the trust. However, when you die, the assets in the trust don’t go through the probate process. Instead, they go directly to the beneficiaries named in the trust documents. A revocable trust also lets you make specific provisions for beneficiaries and beneficiaries with special needs.

There is a trust that can be used to protect assets from the cost of long-term care. It is the irrevocable trust, which must be properly prepared by an estate planning attorney and done in a timely fashion: five years before the person needs to go to a nursing home.

The difference is in the name: the irrevocable trust is irrevocable. Once it is created, you (the grantor) may not change it. Once an asset is placed in the trust, you don’t own it. The trust is the owner. You can’t change your mind. The grantor may also not serve as the trustee of the trust.

You have to be prepared to give up complete control of the assets that go into the trust.

Some people think simply by handing over their assets in the trust to their children, they’ve solved everything. However, there are problems. If your children are sued or run into debt problems, that lifetime of saving which is now in their control is also subject to creditors or claims. If you need to enter a nursing home within five years of your handing over the assets, you also won’t be eligible for Medicaid.

The best course of action is to meet with an estate planning attorney and discuss your overall estate plan. You should have a frank conversation about your wishes, what kind of a legacy you want to leave behind and your bigger picture for the world after you’ve passed. The attorney will help work out a plan that will protect you, your spouse, your assets and your family.

Remember that an estate plan is not a one-and-done document. Every three or four years, or as “life happens” and changes occur in your life, you should touch base with your attorney. A new family member by marriage, birth or adoption, may call for some changes to your estate plan. It might also be affected by the sadder events of life; death, divorce, or a significant health change. All require a phone call and a discussion to ensure that your estate plan still achieves your goals and protects those you love.

Reference: New Hampshire Business Review (July 30, 2020) “Fact or Fiction: I Can Protect My Assets from a Nursing Home with a Revocable Trust”

Our firm now offers Care Advocacy to service all of our clients' needs with our new social work staff. Please call our office anytime for assistance in your Estate Planning, Long Term Care Planning, Medicaid or Special Needs Planning: (718) 238-6960 or info@gylawny.com. We will be happy to schedule an appointment with one of our attorneys.

Combining Households during Coronavirus

“If family members are anxious about each other, sometimes it seems it might be easier if they simply joined households. This is not just due to COVID-19.”

Not that long ago, multigenerational living was how most people lived.  Since people are living longer, it may become the norm again. In times of crisis like these, says the article “Moving ahead during coronavirus,” from The Mercury, many parents and adult children are combining family units to care for each other.

Parents might move in with their son or daughter’s family. The adult children and their spouse and children may also come to live with Mom and Dad. It is not just about parents and children, since siblings also decide it’s better for everyone to live closer.

If family members are considering combining households, they need to create a plan for important issues. Who will pay for what, what is the back up if the arrangement does not work and what boundaries will be set, so that the children and their parents have a sense of privacy?

Conversations about how this arrangement relates to the parent’s overall estate plan also need to take place. Will parents fund the entire household, if one or more adult children are not working? Will there be expectations of eventual re-payment? How does the household pay its bills and who will be responsible for what chores?

An important question to address, is the issue of a parent’s gifting assets to the adult child. If the long-term plan is for the parent to apply for Medicaid, it will be important to plan any asset transfers to avoid having the parent become ineligible for long-term care coverage.

It’s easy for this kind of joint living arrangement to be derailed by misunderstandings and expectations that are not discussed. Writing out a document with the help of our firm can make the discussion more concrete and ensure that the agreement will complement and not conflict with the estate plan. Every situation is different, and what works for one family may not work for another. Having our attorneys advise you can reduce the emotional aspect and clear the way for a happy arrangement that works for everyone. Make your virtual appointment today to discuss these options.

Reference: The Mercury (July 28, 2020) “Moving ahead during coronavirus”

Our firm now offers Care Advocacy to service all of our clients' needs with our new social work staff.
Please call our office anytime for assistance in your Estate Planning, Long Term Care Planning, Medicaid or Special Needs Planning: (718) 238-6960 or info@gylawny.com. We will be happy to schedule an appointment with one of our attorneys.

Alzheimer’s, Dementia and other Brain Diseases Require Special Estate Planning Steps

 

 

 

 

 

 

“Covid-19 or Coronavirus has created health worries and fear for everyone. For those with underlying health issues, which include multiple sclerosis, Parkinson’s disease, Alzheimer’s disease, or other brain diseases, those concerns are even more pronounced.”

There are certain steps that can be taken by individuals, loved ones and family members to make this challenging time safer and smarter, advises an article “Financial And Estate Planning Steps To Take Now: Special Considerations For Those With Brain Disease” from Forbes.

Anyone living with a neurologic condition needs to be sure their planning reflects not only their condition but their personal experience of the condition. The variability of each person’s experience of a brain disease, from symptoms and severity to the progression rate and future prognosis to the possibility of any recovery, affects how they need to plan.

For an Alzheimer’s patient, in early stages there may be no problems in signing legal documents and putting legal safeguards in place to protect finances. Most people are not aware that the degree of competency to sign legal documents varies, depending upon the complexity of the documents to be signed and the circumstances. A relatively low level of competency is required to sign a will. This is known as “testamentary capacity.” A higher level of competency is required to sign something like a revocable trust, investment policy statement, etc. Therefore, a person who may be legally able to sign a will may not have the legal capacity to sign other documents. Alzheimer’s patients need to get their entire estate plan in order, as soon as a diagnosis is received. Safeguards are extremely important, including having an independent person, like a CPA or trusted family member, receive copies of all monthly bank and brokerage statements, in case abilities decline faster than anticipated.

Patients living with peripheral neuropathy may experience issues with balance, burning sensations, dizziness, hypersensitive skin and pain that make wearing socks or shoes impossible. If the condition becomes so severe that the person becomes homebound, they need to make changes: set up accounts, so bills can be paid online, have income streams set to automatic deposit and simplify and consolidate accounts. It is important to have a Power of Attorney (POA) that is effective immediately or a revocable living trust with a co-trustee. In this way, you do not have to leave home to conduct your business.

Parkinson’s disease may not be well understood by professional advisors. You’ll need to explain that your facial expression—Parkinsonian masked face—does not mean that you are not responding to a conversation. They need to know that your handwriting may change, becoming small and cramped. This can result in a bank or other financial institution refusing to accept your signature on documents. Your attorney can prepare a document that confirms you are living with Parkinson’s disease and that micrographia is one of your symptoms. The document should include three or four different signatures to reflect the variations. Have each signature witnessed and notarized.

People living with MS (multiple sclerosis) face the possibility of an exacerbation that could leave them incapacitated at any time. A revocable trust to coordinate financial management, with trusted individuals as co-trustees should be in place.

For people with these and other brain illnesses, an emergency financial and legal road map needs to be prepared. It should include monthly recurring bills, non-recurring bills like life insurance, property taxes, etc. Contact information for key advisors, your estate planning attorney, CPA, financial advisor, banker, insurance agent, etc., needs to be shared.

Our firm has recently created a Life Care Planning segment to our practice which includes a social work staff that will assist in navigating you and your loved one through the estate planning, long term care planning process.

 

Our firm now offers Care Advocacy to service all of our clients' needs with our new social work staff.

Please call our office anytime for assistance in your Estate Planning, Long Term Care Planning, Medicaid or Special Needs Planning: (718) 238-6960 or info@gylawny.com. We will be happy to schedule an appointment with one of our attorneys.        

Requests for Estate Plans Reflect Fears about Coronavirus

 

 

 

 

 

 

 

 

“Lawyers are being bombarded with requests to write Wills, update estate plans and prepare Living Wills and health care directives, as people are confronted by the realization that they could be diagnosed with COVID-19 and dead within days.”

Estate planning lawyers have always known that estate planning is not about “if,” but about “when.” The current health pandemic has given many people a wake-up call. They realize there’s no time to procrastinate, reports the article “Surge on wills: Fearing death by coronavirus, people ask lawyers to write their last wishes” from InsuranceNews.net. Legal professionals urge everyone, not just the elderly or the wealthy, to put their end-of-life plans in writing.

The last time estate planning attorneys saw this type of surge was in 2012, when wealthy people were worried that Congress was about to lower the threshold of the estate tax. Today, everyone is worried.

Top priorities are creating health care directives such a Health Care proxy, which appoints a person to be your health spokesperson when you are unable, and a living will stating your wishes for end of life choices such as “Do Not Resuscitate” orders. In addition, individual are recognizing the importance of granting power of attorney to someone who can make legal and financial decisions. Once these safety net planning documents are fully executed and the agents are in place for life crises and emergencies, then one can plan of their afterlife inheritances and wishes.

 An estate plan, including a Last Will and Testament or Living Trusts, details what you want to happen to assets, or who will be guardian to minor children upon your death. A Last Will and Testament can provide guidance when you are no longer alive to do so and spares your family court involvement in family affairs, opens the door to family disagreements that can result extensive legal fees. These can occur when there is no estate plan. You can meet with one of our firm’s estate planning attorneys, to help assist in your estate plan for peace of mind.

The coronavirus has created a new problem for families. In the past, a health care surrogate would be in the hospital with you, talking to healthcare providers and making decisions on your behalf. However, now there are no visitors allowed in hospitals and patients during the Pandemic, the patient can be completely isolated. Estate planning attorneys are recommending that specific language be added to any end of life documents that authorize a surrogate to give instructions by phone, email or during an online conference.

Any prior documents that may have prohibited intubation and or the use of ventilators may need to be revised, since intubation has been a vital treatment for COVID-19 and not necessarily just an end-of-life stage.

Our attorneys will ensure that documents are properly witnessed and signed.  New York State has permitted remote signings, but it is currently by Executor Order of the Governor and is not permanent law.

There are many stories of people who have put off having their wills prepared, figuring out succession plans that usually take years to plan and people coming to terms with what they want to happen to their assets.

Equally concerning are seniors in nursing homes who have not reviewed their wills in many years and are not able to make changes now. Older adults and relatives are struggling with awkward and urgent circumstances, when nursing homes or senior communities do not permit visitors.  We are hopeful this will end soon. We have be able to do remote signing by video or “window” of special outdoor signing to accommodate the new health rules.

Please call our office anytime for assistance in your Estate Planning, Long Term Care Planning, Medicaid or Special Needs Planning: (718) 238-6960 or info@gylawny.com. We will be happy to schedule an appointment with one of our attorneys.        

REMINDER: NYS Department of Health Announced Conditions for Re-Opening Visitation in Nursing Homes

 

 

 

 

 

 

Important reminder of our previous post:

On July 10, 2020 the New York State Department of Health issued an advisory to Nursing home operators and administrators to permit outside visitation and limited indoor visitation for nursing homes in PHASE 3 regions when certain conditions are met:

1. The nursing home is complying with all state and federal requirements, state Executive orders and guidance, state reporting requirements and federal requirements for submission of COVID-19 data.
2. The nursing home has protocols in place for separating residents into cohorts of positive, negative, and unknown for COVID-19 infection, and has separate staff for positive and negative residents. Residents must be transferred to another facility if the nursing home cannot separate them. 
3. The nursing home has filed the required safety plan with the Department of Health.
4. The nursing home has no staffing shortages.
5. No active or new onset of COVID cases of staff or residents for at least 28 days.
6. All consenting nursing home residents must receive a baseline COVID-19 test, and the nursing home must have the capability of testing all residents if any individual displays symptoms of COVID-19, or be able to arrange for such testing. The nursing home must also have the capacity to retest staff and residents if a staff member tests positive for COVID-19. 
7. Adherence to written approved daily screening and monitoring protocols for staff, residents and anyone entering the building.
8. Posting of nursing home’s formal visitation plan in the facility, on the website, and publicized by email or social media to provide clear guidelines for visiting or to announce a pause in visitation due to an increase in positive COVID-19 diagnosis in residents or staff.

If the above conditions are met, visitation may resume in accordance with the following guidelines, which must be included in the nursing home’s safety plan:

1. Visiting shall occur outdoors, weather permitting. Indoor visitation may only occur in a well-ventilated space with no more than 10 individuals, including residents who are visiting with each other.  All persons must be socially distanced and wearing face masks or coverings. 
2. No more than two visitors per resident, and no more than 10% of residents may have visitors at any one time. Length of the visit will be in compliance with nursing home policy.
3. Visitors under the age of 18 must be accompanied by an adult 18 years of age or older.
4. No visitors allowed for residents who have active COVID or tested positive for 14 days. (Prior compassion care exception is still in place.)
5. No visitation in resident’s room (except pediatric visitation for parents and immediate family.)
6. Visitors may include, and are not limited to, family members, loved ones, and representatives from long-term care ombudsman program and resident advocacy organization.
7. Adequate numbers of staff must be present to help with transition of residents, monitor visitation, and clean and disinfect visiting areas after each visit.
8. Visitors must be screened for signs and symptoms of COVID. Those who do not pass the screening guidelines must be denied visitation.  Screening guidelines and mask requirements must be posted and screening documentation must be kept for review.
9. The nursing home must provide a mask to the visitor who lacks an adequate face covering, and must provide alcohol-based hand sanitizer to residents and visitors.
10. Nursing Home facilities must publish a fact sheet of their visitation policy including visiting hours, safety rules and conditions.
11. If any visitor fails to adhere to the published protocols, the facility must prohibit that individual from visiting.

The Department of Health can rescind these rules at any time due to community or facility spread of infection, or the failure of the facility to follow these requirements.  Visitation is subject to staff availability to implement the visitation requirements.

This is a summary of the NYS Department of Health requirements. Refer to the Health Advisory for complete details: https://www.health.ny.gov/press/releases/2020/2020-07-10_resumption_of_limited_nh_visitation.htm .

If you have questions concerning these rules or if you need advocacy to enforce you or your family’s visitation, or if you have concerns that the facility is not following the above requirements, please contact us and/or speak with our attorneys or our firm’s team of care advocates (718) 238-6960.        

Joanne Seminara, Partner of Grimaldi & Yeung LLP - Article Published in Brooklyn Daily Eagle Newspaper

 

 

 

 

 

 

 

 

 

 

"We must protect the ‘Greatest Generation’ in our nursing homes"

As an elder law attorney, together with my colleagues at Grimaldi & Yeung LLP, I am very concerned about the suffering and death of so many residents of nursing homes in New York due to COVID-19.  As someone actively working with other attorneys throughout New York to effect change so that our clients and loved ones are better served, I joined with City Councilman Justin Brannan in writing the editorial that appeared in the Bay Ridge Eagle below - Joanne Seminara

 

Please click here to read article: "Opinions & observations: We must protect the ‘Greatest Generation’ in our nursing homes"

 

 

 

Our firm now offers Care Advocacy to service all of our clients' needs with our new social work staff.

Please call our office anytime for assistance in your Estate Planning, Long Term Care Planning, Medicaid or Special Needs Planning: (718) 238-6960 or info@gylawny.com. We will be happy to schedule an appointment with one of our attorneys.                      

Don't Miss Out - Next Two Webinars in Summer Series – July 30, 2020!

 

 

 

 

 

 

 

See links below to register/join webinars:

Pauline Yeung-Ha to present Medicaid Law Changes seminar in Cantonese:

Pauline Yeung-Ha, partner of Grimaldi & Yeung LLP was asked to present on the upcoming Medicaid Law Changes (as of October 1st) in Cantonese for Caringkind, NYC (*Formerly known as the Alzheimer’s Association, New York City Chapter) Chinese Outreach Program: CaringKind阿茲海默症關愛服務

日期Date: 2020年7月30日（星期四）Thursday, July 30, 2020
時間Time: 下午2時至3時2pm – 3pm

如欲參加講座請按下述指示進入會場：
1: 撥打電話： 929 205 6099
2: 輸入會議密碼 Dial Meeting ID: 838 7214 1757#
3: 再按一次Dial #，進入會議
如果您已經下載了Zoom，請直接點擊鏈接進入If you have downloaded Zoom, please click the link directly to join Zoom Meeting:

https://us02web.zoom.us/j/83872141757?pwd=YU9yY2oyZzRJd1NSL2dES2JBYmJMZz09

Meeting ID: 838 7214 1757
Password: 846874

 

 

 

 

 

 

 

 

 

 

 

 

 

Judith D. Grimaldi to present “5@55: The Five Essential Legal Documents You Need by Age 55”:

July 30, 2020 - 2:00 PM to 3:00 PM: Presenter, Judith D. Grimaldi, Partner of Grimaldi & Yeung LLP:

Sunrise at East 56th - Topic: "5@55: The Five Essential Legal Documents You Need by Age 55"

Sunrise Senior Living offers senior living and care options to seniors and their families. Sunrise at East 56th is a new community coming soon to the upper East side of Manhattan.

5@55 is a national educational campaign which sets age 55 as the time for advanced health and estate planning. Ms. Grimaldi will discuss the importance of making these legal decisions, to avoid costly surprises for you and your family.

Registration to this event is required. Please follow this link to register: https://the5at55.eventbrite.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Our firm now offers Care Advocacy to service all of our clients' needs with our new social work staff.

Please call our office anytime for assistance in your Estate Planning, Long Term Care Planning, Medicaid or Special Needs Planning: (718) 238-6960 or info@gylawny.com. We will be happy to schedule an appointment with one of our attorneys.                      

Pauline Yeung-Ha to Present Medicaid Law Changes Seminar in Cantonese

 

 

 

 

 

 

 

 

 

 

 

 

 

Pauline Yeung-Ha, partner of Grimaldi & Yeung LLP was asked to present on the upcoming Medicaid Law Changes (as of October 1st) in Cantonese for Caringkind, NYC (*Formerly known as the Alzheimer’s Association, New York City Chapter) Chinese Outreach Program: CaringKind阿茲海默症關愛服務

日期Date: 2020年7月30日（星期四）Thursday, July 30, 2020
時間Time: 下午2時至3時2pm – 3pm

如欲參加講座請按下述指示進入會場：
1: 撥打電話： 929 205 6099
2: 輸入會議密碼 Dial Meeting ID: 838 7214 1757#
3: 再按一次Dial #，進入會議
如果您已經下載了Zoom，請直接點擊鏈接進入If you have downloaded Zoom, please click the link directly to join Zoom Meeting:

https://us02web.zoom.us/j/83872141757?pwd=YU9yY2oyZzRJd1NSL2dES2JBYmJMZz09

Meeting ID: 838 7214 1757
Password: 846874

Our Office is Now Open - Time to Review Your Estate Plan!

 

 

 

 

 

 

 

 

 

As of Monday, July 13th, our office will be open during regular business hours, Monday through Friday from 9:00 AM to 5:00 PM for in-person services (by appointment only) in all areas of our practice: 

• Estate planning
• Probate
• Estate and trust administration
• Medicaid and long term planning and special needs services
• Care advocacy
• Gift and estate tax advice
• Guardianship issues

For health and safety, as well as speed and convenience, we will continue to offer our services virtually with remote signings continuing as permitted by law. (Please see our home page for more details)

Take this time to review and update your estate plan: 

Please make sure you have reviewed your plan to consider updating it, if life events like the following have changed your circumstances:

• The birth or adoption of a new child or grandchild
• When a child or grandchild becomes an adult
• When a child or grandchild needs educational funding
• Death or change in circumstances of the guardian named in your will for minor children
• Changes in your number of dependents, such as the addition of caring for an adult
• Change in your or your spouse's financial or other goals
• Marriage or divorce
• Illness or disability of your spouse
• Change in your life or long-term care insurance coverage
• Purchasing a home or other large asset
• Borrowing a large amount of money or taking on liability for any other reason
• Large increases or decreases in the value of assets, such as investments
• If you or your spouse receives a large inheritance or gift
• Changes in federal or state laws covering taxes and investments
• If any family member passes away, becomes ill, or becomes disabled
• Death or change in circumstance of your executor or trustee
• Career changes, such as a new job, promotion, or if you start or close a business

Reviewing your plan at regular intervals will help ensure that your legacy, both financial and otherwise, is passed on in accordance with your wishes and that your beneficiaries receive their benefits as smoothly as possible (communicate often and early to avoid litigation later).

Please feel free to contact our firm with assistance in your Estate Planning, Medicaid and Special Needs Planning and we will be happy to assist you: (718) 238-6960 or info@gylawny.com.