Planning and caring for the needs of Long Island’s aging population

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Like many places throughout the United States, Long Island is experiencing a surge in its aging demographic: The baby boomers of yesteryear are the grandparents of today.

While the overall population on Long Island increased by 3 percent during the past decade (2011 to 2021), the number of people aged 65 and over increased 28 percent, according to the Center for an Urban Future.

As the aging population grows, more services will be required to meet the needs of older individuals, whether they age in place and receive home healthcare as needed or move to 55-plus communities, assisted living and nursing care facilities.

Long before they reach their landmark birthdays, Long Islanders should have plans in place to live out their golden years happy, fulfilled and worry-free.

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 life 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.”

A successful succession

Business owners need to plan early and meet often with their attorneys, as businesses and tax laws change over time, advises Mary P. O’Reilly, a partner and co-chair of the trusts and estates group of  Meltzer Lippe, based in Mineola.

“A good plan is meeting and doing and transferring and restructuring, year after year,” O’Reilly said.

In 2024, estates with assets greater than $6.94 million, which includes the value of the business, home, life insurance and investments, will be subject to New York State variable estate taxes.

The 2024 exemption for federal taxes is $13.61 million, above which the estate is taxed at 40 percent.

If you plan ahead, however, estate tax is discretionary, O’Reilly said.

“We have clients who own businesses and none of them are subject to estate tax,” O’Reilly said. “We’ve gotten it out of their estate over time, so that when they die there will be no tax on their business.”

To avoid family feuds, business succession plans need to be determined in advance of the business owner’s death.

“Far more important than getting the business out of their estate and saving estate taxes, I prioritize keeping the family together,” O’Reilly said. “For most clients that is their ultimate goal.”

Vibrant living and a planned future

At the 450-person Jefferson’s Ferry Life Plan Community there are about 20 different resident-run committees, including photography, education, entertainment, and fitness and wellness, said Elissa Gargone, vice president of sales and marketing for the 62-and-over South Setauket community.

“We’re known as a life plan community,” Gargone said. “There aren’t many life plan communities on Long Island.”

Life plan communities entail multiple living situations on one campus: independent living; assisted living; nursing care and memory support.

“Residents that move into a life plan community are moving into the independent living part of the community and they’re purchasing what’s called ‘lifecare,’” Gargone said.

Lifecare guarantees that if they do need to, they can make a seamless transition to another level of care, with no change in monthly fees, Gargone explained.

You need to start planning what your future is going to look like in your sixties, at around the age of retirement.

If someone is not actually ready to move, they can put their name on the waiting list by joining Jefferson’s Ferry’s Gold Club, which entitles them to use the community and fitness centers, dine and take courses there.

“They get to be a part of the community before actually really living here,” said Gargone, noting that by the time they move in, they’re very familiar with the place.

People plan for everything in life: where they’re going to school, where they’re going to live, and more.

“Why wouldn’t you plan for the retirement years and further down?” Gargone said. “I guess you don’t want to think about it, but your retirement years are some of your best years.”

For more information on this important topic, please visit our website to view the on-demand recording of our 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/.