Elder law estate planning

The Five Steps to an Elder Law Estate Plan

Published on: March 22, 2023 | by Ettinger Law Firm

Elder law estate planning provides for (1) your care in the event you become disabled as you age, and who will be in charge of that care, and (2) the passing of your assets on death to whom you want, when you want, the way you want, with the least amount of taxes and legal fees possible. These are the five steps to creating such a plan.

Step One: Understanding the Family Dynamics. Clients often overlook the inestimable value of getting to know the family dynamic. We are firm believers that the social goes first and the legal should serve the social. Too often it is the other way around. Once we understand who’s who and everyone’s interpersonal relations with each other, we are far better able to craft a plan that will work socially as well as legally. The failure to address the social aspects has led to many a plan tearing the family apart.

Step Two: Reviewing the Client’s Assets. IRA’s and other “qualified” assets (i.e. tax deferred) are treated quite differently, on death or disability, from “non-qualified” assets. The determination of the amount and value of all assets, who owns them, and whether they have named beneficiaries are of the utmost importance in planning correctly, including saving legal fees and taxes.

In Wills We Trusted

Published on: January 19, 2023 | by Ettinger Law Firm

Ask most people if they’ve done their estate planning and a common answer is, “Yes, I have a will.” However, estate planning is not just a plan for death. It’s a plan for life that addresses what happens if you become disabled. About half of us will eventually becoming disabled. You can choose ahead of time who will be in charge of your affairs if you become disabled through a power of attorney, health care proxy, and a trust.

A will cannot provide for disability. A will tells the world where you want your assets to go when you die. A will is probated, which means proven, in court, and becomes a public document. Those without their own living trust plan, with their personal choices for who will be in charge if they become disabled, risk getting the state’s plan of guardianship proceedings where the court chooses who will handle your affairs if you become disabled.

Probate court proceedings can go smoothly but they may also be complicated, such as having a special needs child or disinheriting a child. Also, if you own property in another state, a trust makes more sense than a will because you may deed the out-of-state property into the name of your trust, and avoid both a New York probate and a probate in the other state.

2023 Elder Law Estate Planning Changes

Published on: January 6, 2023 | by Ettinger Law Firm

Happy New Year to all!

There have been significant changes in the law in a number of areas as of January 1, 2023.

The gift tax exclusion, which many people still think is $15,000, is now $17,000, up from $16,000 in 2022. Each person may give up to $17,000 to as many people as they want to without incurring any Federal gift tax liability and without using any of their Federal estate tax exemption at death.

Eight Good Reasons to Plan Your Estate

Published on: December 23, 2022 | by Ettinger Law Firm

1. Makes sure your estate goes to whom you want, when you want, the way you want. Most estate plans leave the assets to the next generation outright (i.e., in their hands) in equal shares. However, with a little bit of thought on your part, and some guidance from an experienced elder law estate planning attorney, you may dramatically improve the way your estate is ultimately distributed. For example, you may delay large bequests until children or grandchildren are older or give it to them in stages so that they have the chance to make some mistakes with the money without jeopardizing the whole inheritance. Similarly, you may place conditions on receipt of money such as “only upon graduation with a bachelor’s degree” or “only to be used to purchase an annuity to provide a lifetime income for the beneficiary”. The possibilities, of course, are endless.
1. Allows you to give back to the people and places that have helped you. Again, most people leave their assets to their children in equal shares. Yet time and again we see children who really don’t need the money or, unfortunately, don’t deserve it. Even when they do need and deserve it, there is a place for remembering those people and institutions who have helped make you what you are today.
1. It proves stewardship by showing your family that you cared enough to plan for them. When you put time, thought and effort into planning your affairs it sends a powerful message to your loved ones. You are saying that you handled the matter with care and diligence. This will reflect itself in how the money is received, invested and spent by your heirs.

Deciding Whether Your Senior Loved One Needs an Elder Law Attorney

Published on: June 16, 2022 | by Ettinger Law Firm

Choosing to retain the services of an experienced elder law attorney is not a light decision, but instead is often the result of great consideration. Unfortunately, deciding whether or not to retain an elder lawyer can result in a great amount of uncertainty as well as anxiety for the elderly individual as well as that person’s loved ones. Various reasons exist why deciding whether or not you need an elder law attorney is a difficult situation.

# 1 – Retaining an Elder Law Attorney Makes You Confront Your Mortality

One of the most direct reasons why retaining an elder law attorney is difficult is that it makes the elderly individual confront the fact that he or she will not live forever. Coming to grips with our mortality is a frightening prospect. An elder law attorney can be retained for various reasons including estate planning, which comes with the grim perspective each of our lives will one day draw to an end. Not only is this difficult for the elderly individual, but you also cannot look past the difficult emotions that this brings up in loved ones as well.

Tips on Avoiding Uncertainty about Health Documents While Estate Planning

Published on: May 24, 2022 | by Ettinger Law Firm

Health documents used in an estate planning context are some of the most valuable documents that a person can have. These documents, however, often invite uncertainty because the documents are referred to by various names and one document can be confused for another. When it comes to the subject of estate planning, four primary types of healthcare planning documents exist.

# 1 – Healthcare Power of Attorney

Healthcare power of attorney documents are the most commonly utilized in the estate planning field. These documents are also referred to as healthcare surrogates or medical power of attorney. These documents often exist separately from durable power of attorney documents, which address legal and financial issues. Comparably, healthcare power of attorney documents appoints at least one individual who will function as a healthcare agent. These documents should also address an additional individual who will function as a backup.

Restraining Orders by the Elderly Can Help Avoid Estate Planning Pitfalls

Published on: May 5, 2022 | by Ettinger Law Firm

In some situations, courts throughout the country are able to stop other individuals from altering an elderly individual’s estate plan.

In one recent case, White v. Wear, the appellate court considered the creation of a restraining order blocking the respondent from performing any alternatives to estate plans. The order might preempt estate planning changes and as a result, eliminate a further dispute over the estate planning document.

The man at the heart of the case established a corresponding trust several decades ago with the

Home Care and Hospice Services Still Uncertain about Federal Vaccine Requirements

Published on: November 11, 2021 | by Ettinger Law Firm

Frustration is growing for medical professionals including those who work at hospices as they wait for President Biden to reveal details about how federal regulations for COVID-19 will be enforced.

This frustration is in part driven by uncertainty about aspects like permissible exemptions, testing costs, and the number of worker counts that will be utilized. Until the regulation is published, the country will not be certain about the exact impact on home care organizations by COVID-19 regulations.

The National Hospice and Palliative Care Organization President and CEO have reported that there is widespread concern and that the country continues to collect input about COVID-19 to inform its discussions with the administration to make sure that the requirement is executed in the best possible manner.

Important SSI Changes that You Should Know

Published on: September 14, 2021 | by Ettinger Law Firm

The Social Security Administration recently revised its rules addressing how pandemic-related financial assistance can end up impacting a person’s eligibility for Supplemental Security Income or monthly Social Security Income benefits. The Social Security Administration once counted various types of assistance as income and resources for social security income purposes, which led to individuals having their social security income benefits reduced or suspended. Sometimes, social security benefits were outright denied.

A Change to What the Agency Counts as Assistance

Due to the covid-19 pandemic, the Social Security Administration has decided to not count many types of pandemic-related assistance against either Supplemental Security Income eligibility or benefit amounts. Some types of assistance that are now excluded include economic impact payments, state stimulus payments, unemployment assistance, paycheck protection, and loans or grants to employers and self-employed workers.

Elderly with Functional Impairments at Higher Risk for Misuse of Prescription Drugs

Published on: July 15, 2021 | by Ettinger Law Firm

A recent study from the Centers for Disease Control and Prevention found that 22 percent of older adults in the United States experience functional impairment which is characterized by the difficulty to perform daily living activities as well as challenges with concentration or decision making due to emotional, mental, or physical conditions.

Another recent study published in the American Journal of Preventive Medicine found that functional impairments among individuals age 50 and older are associated with a higher risk of medical cannabis use as well as prescription drug misuse. The author of the study later commented that a link might exist between functional impairments and the misuse of prescription drugs. Given the concern for such a high rate of misuse of prescription drugs among elderly adults with functional impairments, you must know what you can do to help your loved one.

Remember the Aftermath of Drug Abuse is Severe