Tag: #estateplanninglawyerRoslyn

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Stephen J. Silverberg Named a Top Business Leader by Prominent Nassau Publisher

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I am honored to be named to Blank Slate Media’s first Top Business Leaders of Nassau County Award and invite you to join me on Thursday, February 18, at 7 PM for a virtual awards event with Michael Dowling, CEO of Northwell Health as a fellow honoree and keynote speaker.

As if being honored along with Michael Dowling wasn’t enough, I am pleased to find myself in such good company. Other local luminaries being honored that night include:

  • Stuart Rabinowitz, President, Hofstra University
  • Andrew Malekoff, CEO North Shore Child and Family Guidance Center
  • Michael N. Rosenblut, President & CEO, Parker Jewish Institute
  • Jeffrey L. Reynolds, President & CEO, Family and Children’s Association
  • Phil Palumbo, Founder, CEO, Palumbo Wealth Management
  • Jan Burman, President, The Engel Burman Group
  • Edward Blumenfeld, President & Founder, Blumenfeld Development Group
  • Richard Kessel, Chairman, Nassau County IDA/LEAC

We were asked about the business impact of the pandemic in March 2020 when the state placed all but essential services on “pause.”

We transitioned to remote work smoothly, as our firm’s management, document storage, and communications systems were all internet and cloud-based even before the pandemic, allowing attorneys and staff to work in the office, at home, or anywhere. Investing in technology has always been a high value at the firm, and clients benefited from our ability to keep working without interruption. Since returning to the office, we have followed all CDC guidelines, including masks and sterilization requirements.

To see the complete list of honorees and register for this virtual event, click here.

To see the journal for this event, click here.

We hope to “see” you on Thursday, February 18!

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Estate Planning Tells Them You Really Care

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Another box of chocolates, another dozen roses, but after Valentine’s Day has been and done, and these are fleeting moments. What is not fleeting is an estate plan, which may not sound romantic until considering how much an estate plan shows your love.

We’re not kidding.

An estate plan includes a will. That gives your loved ones security, in knowing you have planned for their well-being after you are gone. A surviving spouse will know what your intentions are and, if they are named the executor, be able to put your plan into effect.

Without a will, your surviving spouse and family members must go to court and an extensive process to determine what happens to your assets. The time and expense in settling your estate far exceed the cost of a proper will.

An estate plan also includes trusts. A trust can be either created while you are living or in your will. The use of trusts can prove essential to protecting your family from outside claims such as healthcare costs and marital and creditor claims. It is a great kindness, ensuring that your loved ones can access assets (depending upon the terms of the trust) and have one less pile of paperwork to deal with.

An estate plan addresses taxes. While most Americans do not come near today’s current federal estate tax exemption of $11.7 million per person, odds are the estate tax exemption will soon be reduced to somewhere between $3.5 million to $5 million. This will cause a tenfold increase in taxable estates. And there are state taxes to deal with and taxes on certain inherited assets. Creating a comprehensive estate plan address tax issues, including retirement accounts and real property. Tax planning could make a significant difference in the quality of life for your surviving spouse.

Estate plans include documents that protect you and your family while you are living. A health care proxy will give your loved ones the ability to decide on your behalf if you are severely sick and cannot communicate your wishes. An Advance Directive will clarify your wishes for end-of-life care.

Think of the stress alleviated if your spouse need not play guessing games about what you want to happen. And the years of guilt if they decide in haste and during the high emotions of your illness without knowing what you wanted.

A few other steps to take to complete your estate plan:

  • Review your power of attorney to make sure it is still current and valid.
  • Review your life insurance beneficiary designations.
  • Review all accounts with beneficiary designations to ensure you still want the people named to receive your assets.

You can always go out to dinner or send your true love a gift. But the gift of an estate plan demonstrates love in a much deeper way – by showing your loved ones you care enough about their lives when you are not with them.

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Medicare Doesn't Cover Everything

What’s Not Covered by Medicare?

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Medicare provides health insurance for retirees, but it doesn’t cover everything. In fact, there’s a lot that Medicare does not cover, and many of these are health care costs that can consume a nest egg. Here are the top five healthcare costs that should be part of your retirement preparations:

Medicare and Long Term Care Costs

Long Term Care is one of the biggest budget busters for retirees. Long term care can easily cost tens of thousands of dollars a month. Medicare does offer some skilled nursing care coverage, but it’s very limited. If you are eligible, in terms of age, health and finances, buy a long-term care insurance. Sometimes a long-term health insurance policy is folded into a life insurance policy. Talk to your insurance broker—this is something you need, as much as an estate plan.

Alternative or Chiropractic Care

If your healthcare includes alternative or chiropractic care, Medicare is not yet fully evolved to pay for these services. The monthly massage that you know keeps headaches or crippling joint pain at bay is not covered, regardless of how effective it is for your well-being. There are some Medigap or Medicare Advantage plans that do cover specific kinds of alternative therapies, so do your research.

Dental and Oral Health

Medicare does not connect your healthy smile with your overall health. Despite studies that clearly demonstrate the connections between good oral health and overall health, especially cardiovascular health, Medicare is not paying for your dental treatment, unless they are “medically necessary” for you before your physician will allow you to undergo covered procedures.

But in most cases, you have to pay for your own dental care. And if you’ve ever needed a crown or root canal work, you know these procedures can cost several thousand dollars. Best to set aside some assets for dental work.

Glasses and Vision Care

The same goes for vision care. The cost of an eye exam, glasses and contact lenses must be paid by you. There are more options today than there were ten years ago (i.e., online, or big box prescription glasses and contact lenses) but it’s still an expense that you need to cover yourself.

Hearing Aids

Hearing aids are the bane of many retiree’s financial life. They are extremely expensive, and Medicare doesn’t cover the audiology exam that is needed before you can be fitted for them or the devices themselves, some of which can cost as much as $10,000. A federal law was passed in 2017 that directed the U.S. Food and Drug Administration to ease the financial barriers to purchasing a hearing aid, but the self-fitted, less expensive devices don’t work for everyone.