This post was contributed by a community member. The views expressed here are the author's own.

Community Corner

Sayville Library Holds Elder Law Seminar

Seniors provided guidance on asset protection.

The Sayville Library recently hosted a seminar on how to protect your assets and still pay for long-term care. The presentation was made by Frank Buquicchio, an elder law and estate planning attorney/partner with Vincent J. Russo & Associates, a firm specializing in elder law, special needs and estate planning with locations in Westbury, Lido Beach, Islandia and Woodbury. He has been practicing elder law for 17 years, 11 years with this firm.

Ralph Caruso, a senior advisor with the firm, congratulated the attendees for their presence. Planning ahead, he said, and having the education and knowledge will help people make the right decisions. "If you plan ahead, you will make sure none of the horror stories you hear happen to you," he said.

Elder law is a completely different field of law. You don't go to a dentist if you had a heart attack; you shouldn't be seeing a real estate or divorce attorney for your estate planning needs, Caruso said.

Find out what's happening in Sayville-Bayportwith free, real-time updates from Patch.

Buquicchio presented what he called "Elder Law 101" or the basics of how it can help you. The foundations of planning asset protection begin with three legal documents: power of attorney, a health care proxy and a will (optional living will can be added).

A will provides for the disposition of your assets upon your demise. If your will provides for your spouse outright, all or part of your estate may be lost if your spouse is in a nursing home.

Find out what's happening in Sayville-Bayportwith free, real-time updates from Patch.

The power of attorney allows you to name one or more persons to act on your behalf regarding financial decision making. A health care proxy enables you to appoint a person to make any and all health care decisions for you.

Medicaid is the safety net for most seniors when it comes to long-term care. But the program is complex and varies from state to state. "Medicaid has a lot of rules," Buquicchio said. "You must know the rules, but you also need to know the exceptions – which is where I (lawyers) come in."

Knowing the Medicaid system and its eligibility requirements can help seniors make better decisions. The lookback period is 53 months, Buquicchio said. Seniors need to know their assets and income requirements, transfer penalty rules and the spousal allowance rules, which apply on the nursing home side of Medicaid, not in-home care. Nursing home costs run approximately $12,000 per month. "If you give money away, they can penalize you for five years," he said. "But you can move money from spouse to spouse."

What Buquicchio wants seniors to understand is the difference between crisis planning versus advanced planning. "Nobody should lose their life savings because of a hardship," he said. He advised attendees to set up a living trust tailored to their specific needs. A trust is an entity, not a person and can provide ongoing management of your assets. It can help you avoid probate and will protect your assets from a nursing home should you require long-term care.

For more information or to set up a consultation, visit www.vjrussolaw.com.  

We’ve removed the ability to reply as we work to make improvements. Learn more here

The views expressed in this post are the author's own. Want to post on Patch?