Genser Dubow Genser & Cona Attorney Paul Hyl Speaks on Financing Elder Care at LI Conference
Online, February 22, 2010 (Newswire.com) - Elder law and estate planning attorney Paul Hyl, of Genser Dubow Genser & Cona, Melville, recently presented an elder care program at an Intergenerational conference sponsored by The Center for Intergenerational Policy & Practice, Dowling College in Oakdale.
Citing a 2009 NYS Office of the Aging study, Mr. Hyl told a group of social workers, long term care administrators, clergy and others that 79% of adults provide care to older family members and friends. Most of these caregivers are between the ages of 50 - 64. More than ½ spend over 40 hours a week caring for a loved one.
In counseling clients about long term care options and how to finance such care, Mr. Hyl notes, "Many clients bring their children to the legal consultation and are open to disclose finances and all other personal matters."
Once an elderly person requires assistance with daily living activities, bill paying, medication supervision, etc., they generally try to start with home care but also explore adult day care, assisted living facilities or nursing home care as the needs increase. "The costs for any of these options can be astronomical," explained Paul.
As with choices for long term care, there are also various ways to pay for the services that include: private pay, long term care insurance, Veterans benefits, and Medicaid, which is the largest payor.
There are different rules governing Medicaid home care versus nursing home care. Paul described the income and assets that are allowable under Medicaid depending on the type of care received. "If you transfer money from the senior to the child, you will incur a penalty period for nursing home purposes based on the amount and date it was given away," noted Paul. For home care Medicaid, there is no penalty for transfers.
"One way to preserve assets and spend down excess income is to create a trust," says Paul. It can be an irrevocable trust or a pooled income trust, which is managed by a non- profit organization.
According to Ron Roel, facilitator of Paul's presentation and president of Roel Resources, LLC, "Elder law is intergenerational by nature. It not only requires a professional with legal expertise, but someone who can understand the psychological needs and emotions of each generation in a family that may be going through a crisis, such as when an elder loved one becomes ill and needs immediate care."
Genser Dubow Genser & Cona, is a Melville, LI based law firm in practice for over 30 years. The firm provides a full range of elder law and estate planning services. GDGC has been featured in print and broadcast media including: The New York Times, The Wall Street Journal, Newsday, L.I. Business News, Reader's Digest as well as WNBC-TV, CNNfn, News 12, WLNY-TV, News 55, WFAN and other radio programs.
Visit the GDGC website at www.genserlaw.com