Insight

If Covid-19 Is Not Enough to Motivate You to Get Your Estate and Elder Law Planning and Affairs in Order, What Is?

If Covid-19 Is Not Enough to Motivate You to Get Your Estate and Elder Law Planning and Affairs in Order, What Is?

Anthony J. Enea

Anthony J. Enea

February 3, 2021 11:32 PM

By: Anthony J. Enea, Esq.

For the past nine (9) months I have received calls from individuals who are typically not motivated to engage in estate planning because of their age and belief that it will be many years before they need to confront their mortality. Sadly, Covid-19 has upset the proverbial apple cart on this belief. That being said, I am also still receiving calls from the 92 year old individuals who have never executed a Last Will and Testament and/or any other form of estate or long-term care planning documents and when asked why not, they state “I’ve been very busy the last 92 years!”

For many, trying to broach the topic of estate and elder care planning with a loved one can be an uncomfortable and daunting task. I realize that some grandparents/ parents will never discuss their personal finances and planning with their children. It is something they feel is no one’s business. However, I also know that this can often be quite unfortunate for both the parent(s) and the child(ren). The lack of knowledge about the parent’s finances becomes problematic especially if a parent has taken ill, rendered incapacitated and/or unexpectedly passes away. Under said circumstances, the family is often hampered in its ability to gather the necessary financial information and documents to apply for Medicaid, and/or take the necessary steps to protect one’s assets from the cost of long-term care. Additionally, when the parent passes away, children are often left trying to piece together information relevant to the decedent’s finances for the requisite estate and tax filings.

Clearly, if one is unsure as to whether an aging and/or ailing loved one has done any planning it is best to raise the issue as soon as possible. One can directly ask whether or not they have done any planning and if not, recommend that they consult with an experienced attorney. However, if this approach is not effective, one may need to resort to more creative approaches.

Some of the tactics often used to motivate a loved one to plan are as follows:

  1. Educate the loved one about the advantages of engaging in estate and long-term care planning. For example, providing them with articles about the cost of long-term care (nursing homes/ home care), the use of a Medicaid Asset Protection Trust to protect assets from said cost, the Medicaid eligibility requirements and potential estate taxes resulting from the failure to plan. It is not unusual for one to be poorly informed about the devastating impact that long term care costs can have on their finances if they are unable to become eligible for Medicaid. Articles along with our new podcast series, “Talking Seniors” are available on our firm website at www.esslawfirm.com;
  2. Inquire with your family and friends about the issues they have faced when a loved one has been taken ill or been diagnosed with dementia. This is especially relevant if they have a family member that needs home care and/or nursing home care. Share these stories with your loved one. There is nothing better than real life stories about a member of one’s family or friends to motivate one into taking action;
  3. Offer to pay for your loved one’s initial consultation with an attorney. I have found that in some instances children who are willing to finance the cost of the consultation, and in some cases even pay for the planning can help a parent who is reluctant to pay for the cost of an estate and/or elder law plan;
  4. If the loved one continues to resist any attempt to engage in significant planning, such as drafting a last will and/or creating and funding a trust, a step that could prove to be very helpful in the event of the parent’s incapacity is to have the parent execute a Durable General Power of Attorney with broad provisions that allow the agent to engage in estate tax planning, Medicaid/ Long term care planning for the parents.

More than anything else Covid-19 placed a spotlight on the uncertainties of life; having a plan in place to deal with the eventuality of death or incapacity is much better than not having one.

Related Articles

The New PPE


by Jennifer Stavros

How to plan your pandemic preparedness estate—all from the safety of home.

Planning Your Digital Estate Plan

Protecting Your Legacy With Estate Planning


by Tripp Wiles

You're careful with your finances; do you still need asset protection?

Protecting Your Legacy With Estate Planning

Is It Time for You to Have the Long-Term Care Planning Talk With Your Parents?


by Anthony J. Enea

How should you talk to your parents about long-term care options? Estate planning can make for a difficult conversation, but wills and trusts are necessary documents for anyone growing older.

Estate Planning for Parents Guide

Most Americans Lack a Power of Attorney for Assets


by George M. Riter

Only 25 percent of American households have estate planning documents in place. A Power of Attorney for Assets will secure your financial affairs should you be unable to do so yourself.

Power of Attorney for Assets Documents

Trending Articles

The Best Lawyers in South Africa™ 2023


by Best Lawyers

Best Lawyers proudly announces lawyers recognized in South Africa for 2023.

South African flag

Announcing the 2023 The Best Lawyers in America Honorees


by Best Lawyers

Only the top 5.3% of all practicing lawyers in the U.S. were selected by their peers for inclusion in the 29th edition of The Best Lawyers in America®.

Gold strings and dots connecting to form US map

Best Lawyers Voting Is Now Open


by Best Lawyers

Voting has begun in several countries across the globe, including the United States, the United Kingdom and Europe. Below we offer dates, details and answers to voting-related questions to assist with the voting process.

Hands holding smartphone with five stars above phone

Best Lawyers: Ones to Watch in America for 2023


by Best Lawyers

The third edition of Best Lawyers: Ones to Watch in America™ highlights the legal talent of lawyers who have been in practice less than 10 years.

Three arrows made of lines and dots on blue background

Rising Transfer Taxes


by Angus C. Beverly

Transfer taxes in California are becoming a statewide trend with potentially national implications. Here is a breakdown of the effects in several cities.

State of California in orange with city in backdrop

Announcing The Best Lawyers in Australia™ 2023


by Best Lawyers

The results include an elite field of top lawyers and firms from Australia.

The Best Lawyers in Australia™ 2023

Announcing the 2023 The Best Lawyers in Canada Honorees


by Best Lawyers

The Best Lawyers in Canada™ is entering its 17th edition for 2023. We highlight the elite lawyers awarded this year.

Red map of Canada with white lines and dots

Could Reign Supreme End with the Queen?


by Sara Collin

Canada is revisiting the notion of abolishing the monarchy after Queen Elizabeth II’s passing, but many Canadians and lawmakers are questioning if Canada could, should and would follow through.

Teacup on saucer over image of Queen's eye

Famous Songs Unprotected by Copyright Could Mean Royalties for Some


by Michael B. Fein

A guide to navigating copyright claims on famous songs.

Can I Sing "Happy Birthday" in Public?

What the Courts Say About Recording in the Classroom


by Christina Henagen Peer and Peter Zawadski

Students and parents are increasingly asking to use audio devices to record what's being said in the classroom. But is it legal? A recent ruling offer gives the answer to a question confusing parents and administrators alike.

Is It Legal for Students to Record Teachers?

The Upcycle Conundrum


by Karen Kreider Gaunt

Laudable or litigious? What you need to know about potential copyright and trademark infringement when repurposing products.

Repurposed Products and Copyright Infringemen

Caffeine Overload and DUI Tests


by Daniel Taylor

While it might come as a surprise, the over-consumption of caffeine could trigger a false positive on a breathalyzer test.

Can Caffeine Cause You to Fail DUI Test?

Wage and Overtime Laws for Truck Drivers


by Greg Mansell

For truck drivers nationwide, underpayment and overtime violations are just the beginning of a long list of problems. Below we explore the wages you are entitled to but may not be receiving.

Truck Driver Wage and Overtime Laws in the US

Best Law Firms® Research Has Begun


by Best Lawyers

Best Law Firms® rankings are annually produced awards recognizing the top law firms across the United States. We are here to offer insight into the submission process for all eligible firms.

Black background with colorful squares and faces

Choosing a Title Company: What a Seller Should Expect


by Roy D. Oppenheim

When it comes to choosing a title company, how much power exactly does a seller have?

Choosing the Title Company As Seller

Thirteen Years of Excellence


by Best Lawyers

For the 13th consecutive year, “Best Law Firms” has awarded the most elite and talented law firms across the country through a thorough and trusted data review process.

Red, white and blue pipes and writing on black background