. Alzheimer?s Awareness Day ? September 21, 2011
The number of Americans with this devastating disease is growing- and fast. Today, 5.4 million Americans are living with Alzheimer?s disease- 5.2 million aged 65 and over; 200,000 with younger onset Alzheimer?s.*
Unfortunately, we do not yet have a way to prevent the disease. There are, however, legal steps we can take in advance to ensure that strangers won?t be making health care and financial decisions for us in the event that Alzheimer?s robs us of decision making skills.
The simplest advance directive to create is a Health Care Proxy. This document allows us to appoint an agent (and back-up agent) who will be empowered to make medical decisions in the event we are later unable to do so. You don?t need a lawyer to create this document. It is available on the WNBC website.
Frequently Asked Questions
Q: The costs of caring for someone with Alzheimer?s can be tremendous. What can a family do in advance to avoid becoming bankrupted by the costs of care?
A: This is a valid concern. We are living longer, utilizing more health care, the cost of that care is going up and public financing of that care is shrinking. Long Term Care insurance is a good option for many. For those who don?t qualify or can?t afford the steep premiums, there are estate planning options such as trusts to protect family assets.
Q: What about putting the house in the kids? names to protect it against Long Term Care liability?
A: This is never a good idea. Parents will lose their property tax exemptions; the house will be subject to the childrens? liabilities (divorces etc).
Horror Story: Widower ?turned his house over? to daughter. They were extremely
close. He had no concerns about trusting her. Then she died ?without a will! State
intestate law dictated that house went to the widower?s son-in-law and 4 year old grandson. Careless estate planning made dad homeless.
Q: My husband and I have wills, isn?t that good enough?
A: Not if someone later develops Alzheimer?s or any other long term chronic condition. A will only takes effect upon death. A properly executed Power of Attorney, on the other hand, will enable me to transfer the house or other assets into my name alone in order to shield it from long term care claims.
Q: If someone has Alzheimer?s should their will be changed?
A: No- but the well spouse?s will should be changed. Otherwise, all assets would revert to the individual who may lack capacity to handle financial affairs. A Court may then be called upon to name a Guardian of that person?s property.
*Source: Alzheimer?s Association
BIO ? Ann Margaret Carrozza is a practicing Elder Law and Estate Planning Attorney who recently completed her fourteenth year as a New York State Assemblywoman. During her fourteen (14) year tenure in the legislature, she authored dozens of bills designed to protect seniors against consumer fraud and to expand access to quality long term care.
She is the author of legislation holding insurance companies accountable to the public. In addition, she authored the law which reduces bureaucratic red tape for retired physicians who wish to volunteer for uninsured New Yorkers.
Ann Margaret Carrozza is an executive member of the N.Y.S. Bar Association, Elder Law section, the National Academy of Elder Law Attorneys, the Queens County Bar Association, and is a member of the Long Island Alzheimer?s Foundation legal advisory board. She serves as estate planning and elder law counsel to numerous organizations. She is rated as preeminent by Martindale-Hubbell.
Ann Margaret Carrozza received her Juris Doctor from Hofstra University School of Law where she served on Law Review and was on the Dean?s List.
Her practice focuses on Elder Law, Trusts and Estates, Asset Protection Estate Administration and Long Term Care Planning. A frequent lecturer, Ann Margaret Carrozza has spoken before numerous professional and civic groups on state policy and legal issues. She has been a keynote speaker for the NYS Bar Association, the keynote speaker for the Surrogates Association and has taught numerous Continuing Legal Education courses focusing on her areas of expertise. In addition, she teaches courses on legal issues at Queensborough Community College, Queens College and Hunter College. Her Articles on Elder Law and Estate Planning are featured regularly in the New York Law Journal.
*and any visuals avail (ie-jpeg, dvd, links) www.myelderlawattorney.com attached is a jpeg photo of Ann representing the 26th District.
Harold Channer interviews Ann-Margaret Carrozza on his program, Conversations with Harold Channer. Harold has the longest running talk show on community television and in the Metro New York area and now the program reaches the world.
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