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Retirement Mistakes

retirement-150x150 Don’t make mistakes regarding your retirement. Your senior years should be enjoyable, relaxed and stimulating. They should not be frustrating and worrisome times.

Have Sufficient Assets and Cash Flow

You should not retire unless you have enough savings, pension, funds or 401K funds to support your lifestyle. Social Security alone will not be sufficient to fund your retirement goals. Social Security pays approximately $14,000 a year to retirees. This is simply not enough money to live on!

Be Active In Your Retirement

Researchers show that retirees who maintain an active lifestyle have a longer life expectancy. Exercise is important to seniors. Stimulating your body and your mind will keep you healthy, happy and extend your life.

Stay Close With Friends and Family Members

Don’t retire to your room. Have an outgoing social life and lifestyle. Stay in touch with the people you love and whose company you enjoy.

Alzheimer’s Disease and Dementia

Studies indicate that approximately 14% of all Americans over the age of sixty-five suffer from some form of dementia or Alzheimer’s disease. In the long run. Alzheimer’s disease and dementia negatively impact your brain, which in turn has a negative impact on your life and may land you in a nursing home. Medicare will not cover nursing home stays. Nursing homes can cost as much as ten to twelve-thousand dollars per month. To avoid the potential of an uncovered stay at a nursing home from impoverishing you, you should consult with an attorney who handles elder care work.

Elder Care Lawyer

The Law Offices of Schlissel DeCorpo provides elder care legal services to our clients. We draft wills and trusts. We probate wills. We deal with Medicaid planning issues. We assist our clients with nursing home issues. We provide all types of elder care legal representation. We also draft special needs trusts and supplemental needs trustsfor our clients. Should you need a will, trust or an elder care attorney, call us at 1-800-344-6431, 516-561-6645 or 718-350-2802.

Is Social Security a Ponzi Scheme?

perry-150x150Republican politicians have recently referred to Social Security as a “Ponzi scheme”. This is an absurd misrepresentation of a program that has helped keep many of America’s senior citizens out of poverty. Rick Perry, the governor of Texas, in a recent debate, stated “it is a Ponzi scheme to tell our kids that are 25 or 30 years old today, you’re paying into a program that’s going to be there. Anybody that’s for the status quo with Social Security today is involved with a monstrous lie to our kids, and that’s not right.” What’s not right is that Governor Rick Perry is clueless as to the nature and makeup of the Social Security system!

Ponzi Scheme
Ponzi Schemes are swindles where early investors are paid with money invested by later investors. The later investors never receive a return on their investments or their principal back. Ponzi schemes involve investors who are lied to about their eventual payouts. The Social Security system in the United States is an open system. Annual reports are prepared by trustees. These trustees project the future of the program 75 years in advance. Social Security has been paying benefits to seniors for decades. It has never missed a payment to recipients. The program is currently fully funded to pay all benefits for seniors through the year 2036.

Governor Rick Perry

Perry’s comments about Social Security are inexcusable nonsense! Social Security is an entitlement program because Americans pay into Social Security during the course of their working lives. Entitlement programs are a type of insurance. Social Security is not a form of welfare! It is a social insurance policy. During the course of each American’s working life, he or she pays into a pool, so when he or she reaches retirement age, they will be able to receive the benefits from this pool.
Social Security Trust Funds

The Social Security Trust Fund will have a surplus that will reach it’s peak in the year 2022. At that time, the surplus in the fund will be 3.7 trillion dollars. Social Security is a program that has worked for more than 50 years. Politicians shouldn’t mess with a system that already works well.

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Elliot S. Schlissel, Esq. has been helping seniors with regard to elder law matters for three decades. Our Law Office prepares wills and trusts. We handle medicaid planning, nursing home abuse and all estate related problems. We also draft revocable living trusts and irrevocable trusts for our clients. We have extensive experience in preparing special needs trusts for our clients who have children with special needs. Call for a free consultation at 1-800-344-6431, 516-561-6645 or 718-350-2802.

Nursing Home Expenses are Rising

nursing-150x150It now costs more than $400 a day to stay in a semi-private room in a nursing home in the Metropolitan New York area. The cost of nursing home care in the state of New York is rising at a fast pace. It is estimated that in ten years the rates for a semi-private room in a nursing home will be in excess of $600 a day.

High Cost of Nursing Home Care

An annual stay in a nursing home in a semi-private room on Long Island costs approximately $150,000. The cost of living in a one bedroom assisted living facility would be $52,000. Living in your home and having a health care aid for approximately 40 hours a week would cost approximately $50,000. With these high costs and anticipated higher costs in the future, Americans can’t afford to grow old unless they can take care of themselves.

Stay At Home

Although nursing homes try hard to provide comfortable living conditions for their residents, it is strongly recommended that you stay in your home and avoid nursing homes, if at all possible. Men and women feel more comfortable at their residences. Living in ones home provides a sense of security and self worth. Sometimes when men and women move into nursing homes, they become depressed at the loss of their freedom.

Medicaid and Nursing Homes

The large majority of men and women in nursing homes can’t afford to pay ten to twelve thousand dollars a month for their own care. The rely on medicaid to pay for the expenses of staying in a nursing home. Qualifying for medicaid is no longer simple.

Medicaid Planning

I am a member of the National Academy of Elder Law attorneys. I meet with men and women and their children on a regular basis to discuss long term planning. Unfortunately, many families come to me right on the eve of one of their parents requiring nursing home care. They are under the mistaken impression they can immediately transfer all of their assets out of their parents’ names and put one of their parents in a nursing home. Unfortunately, this is not the case. There is a five year look back rule in medicaid. This means the asset has to be completely out of the parents name for a period of five years prior to submitting a medicaid application. If the medicaid application is submitted during this five year period, the person requiring the medicaid benefits is subject to a penalty period in which the individual must self-pay for his or her nursing home care.

Estate Law – Wills & Trusts Lawyer

The Law Offices of Schlissel DeCorpo has been assisting senior Americans regarding wills and trusts issuesfor more than thirty years. We draft wills and trusts. We probate wills. We litigate will contests. We draft special needs trusts for special needs children.

Elliot S. Schlissel is a member of The National Academy of Elder Law Attorneys. He handles elder care planning related to Medicare, Medicaid and nursing home issues. Call us for a free consultation.

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