Planning and Caring For the Needs of Long Island’s Aging Population

Jennifer Cona’s quotes were recently featured in an article by LIBN. To view the full article please click here.

A Holistic Approach

Elder law entails legal, financial and emotional planning, notes Jennifer Cona, founder and managing partner of Melville-based Cona Elder Law.

Estate and asset protection planning is typically completed around the time of retirement.

“That’s a great time to update any estate planning documents that a person may have, or do them for the first time and start asset protection planning,” Cona said.

Many people with revocable trusts set up years earlier falsely believe that large assets, such as their homes, are protected. An irrevocable trust protects those assets.

“People should not ‘set it and forget it,’ as we say,” Cona added. “Don’t just sign your legal documents and then forget all about it forever: You have to revisit them.”

Early planning is key, particularly if someone has health issues. People should have in place a healthcare proxy, living will, power of attorney and last will and testament.

“We also encourage clients to look at long-term care insurance,” Cona said.

Taking care of their estate planning is something that aids the entire family.

“If they have organized their finances and signed their will, they are helping the smooth transition of assets for the next generation,” Cona adds.

Through important documents such as a healthcare proxy and a living will, a person’s wishes for end of life care can therefore be granted.

“That’s taking that whole burden off loved ones to make those tough decisions by making them for themselves while they’re physically and mentally able to do that,” she said.

As difficult as these conversations may be, it’s necessary to have them with your family, to communicate where you’d like to live and other future matters, advises Cona.

“Even though you’re documenting it, talk to your loved ones about it,” said Cona, adding, “You don’t really want people to be surprised.”

For more information on this important topic, please visit LIBN’s website to view the on-demand recording of their Healthcare Forum virtual event held last month, which includes a panel discussion on Our Aging Population: The Future of Elder Care on Long Island:
https://libn.com/event/healthcareforum/.