Asset Protection

Registering your Will with a Probate Court in New York

Published on: November 12, 2017 | by Ettinger Law Firm

After taking the time to plan and execute a will, many people wonder what to do with the actual document to ensure it stays safe and can be found by the executor when the time comes. Without the original, executed copy of the last will and testament, the executor may be unable to pass the estate through probate and the court will consider the estate to be in intestacy.

Some of the most common places people keep their wills can include the office of the attorney who may have helped draft the will and advise the client, a safe deposit box in a bank, or in a fireproof safe at the individual’s home. Each of these scenarios have strengths and weaknesses and what may be the right fit for one person may not be the best for another. In any case, the executor’s access to the original copy of the last will and testament is crucial to the estate passing through probate.

Another less well known option is the register the original copy of the will with the appropriate Surrogate’s Court while the testator is still alive. Filing the will with your local probate court is a good plan in case the executor to your estate cannot find the original copy of the will or if you believe the document may be subject to tampering.

Joint Ownership in New York

Published on: November 4, 2017 | by Ettinger Law Firm

Many of the assets we own are held in joint ownership with another person, typically a spouse or other family members. Types of assets commonly held in joint ownership with others include homes, real estate, bank accounts, and other investments. When it comes time to writing a will and engaging in estate planning, asset holder need to understand the different types of joint ownership under New York law and how it can affect the outcome of passing an estate through probate.

One of the most familiar forms of joint ownership in New York is known as joint tenancy with rights of survivorship and is very common between married couples for joint checking accounts, homes, and other property. Under this type of arrangement, assets do not need to pass through probate since the surviving spouse or person automatically receives the deceased’s property rights.

Under joint tenancy with rights of survivorship, each person has an equal and undivided share of the assets and is entitled to sell his or her share to another party. If a sale occurs, the joint ownership agreement becomes a tenancy in common and the assets lose some of the protections they otherwise would have enjoyed under a joint tenancy with rights of survivorship.

Missteps with Retirement Withdrawals May Significantly Impact Your Estate Plan

Published on: October 30, 2017 | by Ettinger Law Firm

Comprehensive financial planning is an intricate, multistep process that often goes hand-in-hand with comprehensive estate planning. There are many different financial planning options available to you when you begin thinking about planning for your retirement, and it is never too early to start looking into them. One of the most commons options people choose in planning for retirement is the establishment of a retirement account like an IRA or 401(k) plan. A recent article from The Motley Fool discusses three common missteps people make when approaching their retirement account withdrawals.

Waiting Too Long

The United States Internal Revenue Service requires minimum distributions from retirement accounts after age seventy and a half. However, that does not mean you need to wait until then to start taking these distributions. In fact, doing so could actually cause you unintended financial harm. By the time a person is seventy and a half, they have likely amassed a good deal of savings in these retirement accounts.

What are Advance Directives for Healthcare?

Published on: September 16, 2017 | by Ettinger Law Firm

Advance directives for health care are legal documents that ensure an individual’s wishes are carried out if he or she cannot make decision. New York State recognizes three types of advance directives including a health care proxy, living wills, and do not resuscitate orders (DNR). Even younger and more healthy individuals should consider putting these types of directives into place in case of a serious accident or medical event.

Health Care Proxy in New York

A health care proxy allows individuals to name a health care agent who will make decisions if that person cannot make those decisions for himself or herself. Under state law, these types of decisions can take effect after two doctors examine the individual and determine that person cannot make decisions for his or her health. New York state offers standard forms for a health care proxy.

Important Steps to Take After a Loss: Part 2 – Within Six Months

Published on: September 16, 2017 | by Ettinger Law Firm

In the second part of our series on the topic of things you need to do when a loved one dies, we will explore some of the things that should be addressed within roughly six months of the death of a loved one. Again, these lists are not exhaustive. However, they can help you start to think about the various issues that need to be addressed.

Notify Social Security

Within one month after the death of a loved one, the United States Social Security Administration needs to be informed of their death. They will have to put various processes in motion that stop social security and other benefit payments from continuing. Failure to do so could result in identity theft, or even if liability for repayment of such benefits. Depending on your relationship with the deceased and their benefits, you could also be eligible for survivor benefits that can have a significant positive impact on your everyday life.

Important Steps to Take After a Loss: Part 1 – Immediately

Published on: September 13, 2017 | by Ettinger Law Firm

Death is a challenging subject, even more so when we are confronted with it directly. When a loved one dies, it is an immeasurably difficult experience. People experience a range of emotions, and often it can be hard to understand what to do next. In this series, we will explore some of the important steps you need to take after experiencing the death of a loved one. While these are not exhaustive lists, the first part of this series is dedicated to helping you understand some of the things that need to be addressed as soon as possible after the death of a loved one. It is not easy to bring yourself to undertake some of these tasks, but being aware of how crucial many of them are is an important part of finding ways to accomplish them – either personally or by enlisting the help of someone your trust.

Safeguard Property and Secure Arrangements

Depending on the circumstances surrounding a person’s death, it may become crucial to ensure that any property they have left behind is properly secured. This may include their home and/or their vehicle. You will want to make sure everything is locked and stored appropriately, that utilities are shut off, and that anything potentially dangerous to others has been properly taken care of.

529 College Savings Plans and Estate Planning

Published on: September 11, 2017 | by Ettinger Law Firm

Today, financial planning and estate planning are inherently intertwined in a number of different ways. Comprehensive estate planning requires responsible financial planning, and responsible financial planning will create assets which comprehensive estate planning will help you protect. One of the world’s most important assets is our children. Once children enter the picture, their future becomes one of the most important focuses of a parent. To that end, one of the most important aspects of a child’s well-being is their education and a college savings plan – typically known as a 529 plan – can be an integral part of financing higher education opportunities, which makes it an important part of your estate planning considerations, too.

Understanding 529 College Savings Plans

A 529 college savings plan is a state-sponsored program that enables parents or other interested individuals to set aside money each year to eventually help offset the rising costs of higher education. These plans are meant for long-term contributions that build the amount by collecting earnings on the principal you contribute to the plan. Eventually, you can make penalty-free withdrawals from the plan as long as you are using those withdrawals to pay for qualified educational expenses. These withdrawals may even be made directly to a school for such expenses. Some states offer various types of plans, but most of them accomplish the same goal.

Do Not Forget Yourself in Your Estate Plan

Published on: September 6, 2017 | by Ettinger Law Firm

For the most part, most of your comprehensive estate planning is aimed at making sure other people are taken care of after your death. However, providing for others is not the only goal of estate planning in today’s world. As we begin to live longer lives, we must also take our own potential needs into consideration when designing an estate plan. Recently, Forbes ran an article that pointed out many people make a huge mistake when engaging in estate planning: they forget to plan for their own well-being. In other words, an important part of your estate plan is making sure you put mechanisms in place to address scenarios where you may become seriously ill or disabled, or for circumstances where you may require long-term care. The following important documents should be part of everyone’s estate plan.

Advanced Health Care Directive

An advanced health care directive allows you to nominate an individual that can make decisions about your healthcare should you become incapacitated or otherwise unable to make such decisions on your own. The amount of leeway given to this nominee depends on how you structure the directive, which means that you can make it as narrow or as broad as you would like. These work in tandem with living wills, which can be used to explain the type of medical treatment you do and do not want to receive in certain circumstances. Together, these forms can help spare family members and other loved ones from making difficult decisions that may be contrary to your wishes because they enable you to clearly convey your views on medical care.

Limitations of Life Insurance

Published on: August 23, 2017 | by Ettinger Law Firm

Estate planning often involves discussions about investments and other forms of financial planning. Inevitably, life insurance will likely enter the discussion as well. However, when considering life insurance as an estate planning strategy, it is important to understand the limitations that come with life insurance. These limitations often depend on the type of policy you are considering, but reviewing your life insurance options with your estate planning attorney can help you make an informed decision about what – if any – life insurance is right for you.

Choosing the Right Policy

There are several different types of life insurance policies available, most falling into the category of either whole-life or term life insurance. Deciding which type of policy will best meet your needs and goals is an important first step into understanding exactly where life insurance fits into your estate plan.

Estate Planning and Foreign Assets

Published on: August 14, 2017 | by Ettinger Law Firm

Estate planning can be a complicated process, especially for individuals that have diversified assets. The process can be even more complex for individuals engaging in estate planning when those individuals have foreign assets to consider. If you have or are considering acquiring foreign assets, including foreign real estate property, it is important that you understand how doing so may affect your estate planning tools. An experienced estate planning attorney can help you further understand the unique nature of foreign assets as well as the mechanisms that you can put in place to protect them.

Validity of Wills

It is possible for a valid United States Last Will & Testament to be considered invalid in a foreign country. Typically, to avoid a Will being deemed invalid it must comply with the requirements of a valid Will in the foreign jurisdiction where a person’s assets are located. This is one reason why it is imperative to work with an experienced estate planner in the country in which your foreign assets are located – otherwise, you risk losing those assets or having them distributed in a way that is not according to your wishes. You also need to check with an experienced estate planning attorney in the United States to see how multiple Wills can affect your Will here.