Joseph T. La Ferlita, partner, is quoted in this article.
Far too many people wait much too long to make plans for their retirements, as well as all aspects of old age for that matter, with some never making such plans at all.
The consequences of not planning can be devastating for them and their families, according to a group of experts who discussed aging on Long Island this week.
When it comes to legal planning, it’s important for everybody to consider issues involving what will happen both before and after they die, according to Joseph La Ferlita, a partner at Uniondale law firm Farrell Fritz who specializes in trusts and estates.
“The key takeaway is planning for the inevitable because it is going to happen,” La Ferlita said of death. All too often, he told attendees, he “sees the outcome of the problem” of lack of planning when meeting with surviving spouses and others who’ve just lost loved ones, and the clients are confused and “don’t know where the assets are” in some cases, or “they’re concerned whether they’re going to have enough to live, they’re concerned about taxes and liquidity,” and also concerned about special needs children and family businesses.