The world of elder law, which includes estate planning and will preparation, is a tricky environment to traverse.
Glenn Witecki, of Witecki Law Firm in Schenectady, said he has yet to see a “civilian” navigate through his own plans without help. “You can’t do it on your own,” he said. Estate planning, asset protection trusts, stand-by guardianships, wills – all of which are vehicles to assist people plan to protect their financial interests for families and personal endeavors once they no longer can. Most people approach a lawyer later in life, as Witecki said he has observed, and that’s not when people ought to be planning.
“Some folks come to us and say they should have done this year ago,” he said.
Witecki has been navigating the waters for more than 20 years. A substantial accomplishment, if not for duration alone, considering how drastically elder law has changed in that time. “It became new territory on February 8, 2006 with the passing of the Deficit Reduction Act.”
As the Federal government reviewed how to reduce the deficit, some of the focus turned on personal and estate taxes. Reviewing the values of estates, and the means in which estates were protected to preserve that money for future generations, was also changed. The game field estate planners had played upon for years, had changed dramatically. Witecki said the Deficit Reduction Act was a defining moment that drove some of his colleagues out of the business entirely.
Nearly ten years have passed since, and in that time strategies have been tried, discarded and retuned, said Witecki. New insurance products and investment vehicles have developed over the years, but the best means to help have emerged through networking with other planners. Witecki founded the Upstate Elder Law discussion group six years ago. It’s a network of lawyers involved with Medicaid planning through various counties. Because Medicaid qualifications can vary over county lines, the brain trust established with the discussion group is able to share experiences and lay down strategies to best help clients.
A graduate of Albany Law School, Witecki graduated in 1984, and said, “I hung up my shingle and I’ve been practicing law by myself ever since.” His father worked at General Electric, as have many of his clients, which has allowed him to help those employees with pension payment options.
It’s never too early to formulate a plan to protect your assets, said Witecki. At the same time, those who think it may be too late ought to think again. Those planning late in life may be able to save close to half of their savings, he said. It’s just a matter of making a visit.
For more information, call the Witecki Law Firm at 372-2827, or visit the firm at 8 South Church St. in Schenectady.
