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BY CAROL ABAYA
NEWJERSEYNEWSROOM.COM
THE SANDWICH GENERATION
Multiple marriages and blended families can mean children get cheated out of money and assets their parent(s) earned and had before the second or third marriage.
At the 2012 senior citizens’ law day conference, Lawrence A. Friedman, Bridgewater elder law attorney, said elders need to protect their children of prior marriages from being disinherited.
"Even if your spouse’s current will provides for your children, your spouse may change it after you pass away,” he said.
In addition to protecting one's child, an appropriate will can minimize N.J. estate taxes, which kick in if assets are over $675,000.
At the conference, Cathyanne Pisciotta from North Brunswick discussed guardianship which could be necessary if various legal documents are not signed.
Pisciotta said that if a person does not have a durable power of attorney (for financial affairs) and a living will (for medical decisions), anyone else can seek guardianship of that person. An expensive court proceeding is mandatory. And she said, “If one person seeks guardianship, someone else can challenge the appointment. Another relative may seek to be appointed guardian because he/she wants the money and power.”
If a guardian is appointed, Pisciotta said, the incapacitated person loses his/her free will, all legal rights over money and the ability to make personal life style decisions. A guardian can make living arrangements decisions and can force a person into a nursing home, even if the incapacitated person does not want to be moved.
Pisciotta also warned anyone placing a person in a skilled nursing home (SNF) to be aware of illegal clauses that may be in the contract.
"According to recent case law, the SNF contract cannot restrict certain components of a case in litigation, cannot limit compensation for non-economic damages or preclude punitive damages,” she said.
Peggy Sheahan Knee from Hackensack discussed power of attorney (POA), living wills, advanced funeral arrangements and long term care insurance. She said that a POA covers only financial chores and decisions. “A POA does not give the designee the right to make personal decisions. The designee cannot force an elder to go into an assisted living residence or nursing home, even if the elder is not competent.”
The Sandwich Generation is reader interactive, and questions and comments are welcome. Contact Abaya via her web site www.sandwichgeneration.com or e-mail This e-mail address is being protected from spambots. You need JavaScript enabled to view it . She does not respond to comments posted on this website.
