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WGY Ask the Expert: Button Up the Basics with Estate Planning

Each week iHeartMedia radio station, WGY, invites local experts to share their knowledge on a range of topics. Recently, they invited attorney Lou Pierro to share his biggest tips on Estate Planning.

Dec 19. A Will is something everyone should have if they are age 18 or older. A Will requires probate – a court process – which can take a long time and cost a substantial amount of money. As an alternative to a trust, a ‘Living Will’ does not require a court process. It’s a faster way to pass your assets on to your beneficiaries. The only way to know which one would work best for you is to ask an experienced Estate Planning lawyer. Lou also suggests that people review their documents every 1-5 years. Life can move fast, so staying on top of your assets is very important.

In the next podcast on Dec. 26, Joe asks Lou about long-term goals people should be considering.  Today, people are living longer and want to age in place. To do this successfully, you need to plan for the type of care you want to receive, and how to cover those expenses. The cost of a nursing home is about $150,000 dollars a year. Many people will not be able to sustain this, unless they plan in advance. Pierro, Connor & Associates offers free consultations to generate options customized for each family’s needs. Call us at 518-459-2100.

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WGY Ask the Expert: Be Prepared for Tax Reforms

Each week iHeartMedia radio station, WGY, invites local experts to share their knowledge on a range of topics. Recently, they invited attorney Lou Pierro to share his biggest tips on Estate Planning.

In the first podcast, Lou and Joe discuss tax reform in Washington. Although it is not final, the elimination of income tax deductions is likely to be included in the final bill. It will affect blue states the most, which tend to have higher income taxes. Because of this, Lou recommends being proactive in your spending habits. Take advantage of the deductions by the end of the year and pre-pay property taxes and mortgage. 

In the second podcast, Lou talks about the misconceptions with Medicare. Many seniors rely on Medicare, but are unaware of the gaps in coverage that it can leave. Medicare pays for no long-term care, so it’s important that you plan to protect yourself and assets as you get older. Ask yourself: what is my liability? Then, plan to anticipate that risk. Examples of this are setting up a trust, so that if you do need to go on Medicaid, your assets will be protected, and you can avoid the ‘spend down’.

Call (518) 459-2100 today to set up a free consultation and learn more!

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WGY Ask the Expert: Crucial Conversations During the Holidays

Each week iHeartMedia radio station, WGY, invites local experts to share their knowledge on a range of topics. Recently, they invited attorney Lou Pierro to share his biggest tips on Estate Planning.

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GOP Tax Plan Could Deal Blow to Seniors Paying for Long-Term Care

The tax plan put forward by the Republican-led House of Representatives would eliminate many current deductions, and getting rid of one of them in particular could deal a serious financial blow to seniors and individuals with disabilities. The plan proposes eliminating the medical expense deduction, a change that will especially affect those needing long-term care.

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8 Questions and Answers About Being an Agent Under a Power of Attorney

You have just been appointed as an agent, or “attorney-in-fact,” under a durable power of attorney, a document that, for most people, is even more useful than a will.  Your appointment allows you to act in place of the “principal” – the person executing the power of attorney — for financial purposes when and if that person ever becomes incapacitated.  Here are answers to eight frequently asked questions about the agent’s duties, responsibilities and powers under the document.

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Why You Should Use a Lawyer for Medicaid Planning

Many seniors and their families don’t use a lawyer to plan for long-term care or Medicaid, often because they’re afraid of the cost. But an attorney can help you save money in the long run as well as make sure you are getting the best care for your loved one.

Instead of taking steps based on what you’ve heard from others, doing nothing, or enlisting a non-lawyer referred by a nursing home, you can hire an elder law attorney. Here are a few reasons why you should at least consider this option:

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Private Nursing Home Prices Skyrocket

The median cost of a private nursing home room in the United States has increased to $97,455 a year, up 5.5 percent from 2016, according to Genworth’s 2017 Cost of Care survey, which the insurer conducts annually. Genworth reports that the median cost of a semi-private room in a nursing home is $85,775, up 4.44 percent from 2016. The rise in prices is much larger than the 1.24 percent and 2.27 percent gains, respectively, in 2016.

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Things They Don’t Teach You in School – Planning to Live Beyond 65

PLAN FOR YOUR FUTURE

With the school year back in full swing, it’s the perfect time for grown-ups to get a lesson or two in smart retirement planning. Maybe your children are off to college and you’re trying to care for parents, work full time – and plan for the future? Or, perhaps you’ve been concerned about preserving assets so you can pay for long-term care in these financially rocky times. If these scenarios sound familiar, you’ll want to listen to a Life Happens Radio podcast.

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Alzheimer’s and Dementia: Planning for the Challenges

Knowing the best way to offer support, compassion and financial help to a loved one with Alzheimer’s Disease can be challenging. Life Happens Radio host, and founder of Pierro, Connor & Associates, Lou Pierro, spoke on this topic during the August 26th edition of the show. He was joined by Beth Bovin, CEO of the Northeastern New York Chapter of the Alzheimer’s Association.

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The Estate Planning Advice You Would Want Your Parents to Receive

Female Neighbor Helping Senior Woman To Complete Form

Many people see an attorney for estate planning reasons, and we’ll assume that is the reason your parents have gone to see their attorney.

Let’s also assume your parents are in their mid-70s, retired and in fairly good health, although there is a family history of dementia on your mother’s side. They live in their own home and are fairly independent, and have modest net worth that would be far from a taxable estate under the current estate tax rules.

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