Weinstein & Randisi
Phone:585-310-1578
Toll free:800-768-1780

Resize the Content Text

End-of-life issues in New York need to be thought about

Having enough income to deal with any long-term care can be a stress factor that many baby boomers are ignoring. It can eat into your plans for the future and, if not thought of and planned for in advance, can bring about a dismal retirement.

While long-term care can cost upwards of $7,200 a month, planning ahead for this is a smart idea. Estate planning with an expert is the best idea. Selling or giving your assets away before Medicare kicks in is the safest and best idea because once you need long-term care, you have to sell off your assets before Medicare picks up the balance.

While this is controversial, it is also smart. Many people buy term life insurance and, when it gets expensive, they choose not to renew. This is important because, if you have to sell your assets to start receiving long-term care, you will not be able to leave anything to your family.

A different way to look at estate planning is to earmark some of your funds for stocks and investments that will assist in the cost of long-term care later in life. Annuities are excellent ways to build wealth in a specific allocation.

If you pass away without utilizing those funds, they can revert to your family instead of to long-term care.

One of the ways to be able to use estate planning to your benefit while you are young is to invest in whole-life insurance. This gives you the peace of mind that you will leave something to your family when you pass away.

As a popular book title advises, "Dig Your Well Before You're Thirsty." Planning ahead always makes sense.

Source: Daily Finance, "Will end-of-life expenses eat up your estate?" John Jamieson, May. 05, 2014

No Comments

Leave a comment
Comment Information
  • I wanted to write to say how pleased my wife and I were at your professional handling of our estate planning and preparation of new wills. We were put at ease by your visit to our home for an interview and were pleased that you listened to us and captured the things that we felt were important.

    --Robert and Christine Simonson, Fairport
  • In order to finalize the documents we came to your office and were greeted in a very professional manner and we could not have asked for finer service. We left with copies of everything we needed and feel very confident our needs have been met. Thanks again. We will surely recommend you should the opportunity arise.

    — Christine and Robert Simonson, Fairport
  • I have been working with Weinstein & Randisi for about two years now. Elizabeth Randisi, through a very thorough process, has helped my wife and me determine what is really important in our lives. Thus, we were able to draft a living will that reflected our most important values regarding our estate.

    --David and Ajia Cherry, Fairport
  • I would like to give a testimony for Elizabeth Randisi, an estate attorney with Weinstein & Randisi. Her knowledge of wills and estate planning was clearly demonstrated in her presentation to us. Realizing our need for a will, my husband and I went to see Elizabeth.

    --Kathy and Gary Gray, Webster
  • Filing for Medicaid is never an easy or fun process. However, working with the Weinstein & Randisi firm made the process simple and streamlined. We were able to obtain all files and records regarding Medicaid enrollment within a few days using specially prepared checklists and verbiage recommended by our assigned paralegal.

    --Ajia and David Cherry, Fairport
Awarded Top 50 Estate Planning Blog
Email Us For a Response

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Blog Feed

Blog

Weinstein & Randisi - estate planning

290 Linden Oaks, Ste. 200
Rochester, NY 14625

Toll Free: 800-768-1780
Phone: 585-310-1578
Rochester Law Office Map

Map

Call us now for a free, 100% confidential consultation: