Estate Planning

Tips on Picking a Personal Representative

Published on: March 15, 2019 | by Ettinger Law Firm

A personal representative named in a Last Testament is allowed to be an out of state resident only if that individual is a blood relative or a relative through an existing marriage. If a representative does not satisfy this criteria, a person is still able to use an alternative to estate administration in the form of a trust. There are several important things that a person should consider when determining who should act as their personal representative.

Tip # 1 – Trust the Person that Is Chosen

The person that is selected to act as a personal representative must have the ability to complete a task accurately and efficiently. This element is important because personal representatives are given the duty of financial responsibility over a person’s estate. As a result, the person chosen to act as personal representative should have displayed the ability to be trustworthy through other examples in their life.

Are Electronic Wills the Wave of the Future?

Published on: March 13, 2019 | by Ettinger Law Firm

Electronic wills have the option of providing a variety of important benefits to individuals who are interested in the estate planning process. Considering the tendency of many individuals to delay issues related to estate planning, electronic wills provide individuals with an opportunity to quickly create a legal document that decides how their assets should be divided following their death.

Weaknesses in Electronic Wills

There are some dangers that exist in using an electronic will, which must be addressed before these wills are capable of being used before individuals. A skilled estate planning attorney, however, is often able to help individuals navigate these various issues which include the following:

Popular Estate Planning Strategies That Can Lower Your Taxes

Published on: March 5, 2019 | by Ettinger Law Firm

Tax preparation is one of the most important considerations when creating an estate plan. Whenever a person or business creates an estate plan, there are multiple types of taxes to avoid – inheritance taxes, estate taxes, and income taxes, to name a few. Without a proper estate plan, these taxes can eat into a large portion of the estate.

Here are several common estate planning strategies that could reduce your tax liability:

Marital Transfers. If both spouses in the marriage are American citizens, then lifetime gifts or bequests at death between them not be subject to estate taxes.

Advice when Estate Planning for Someone with Brain Damage

Published on: February 28, 2019 | by Ettinger Law Firm

Unfortunately, brain injuries have the potential to challenge families in a number of ways and can create a unique set of obstacles. Due to the uncertain diagnosis, many families find themselves spending an uncertain amount of time on a loved one’s recovery from brain damage. One of the first steps that many people make when financial planning is involved is to take the steps necessary to make sure that assistance is allocated for the injured person. This article reviews some of the other important steps to consider when it comes to create an estate plan when a person with brain damage is involved.

Why Brain Injuries Are Often Challenging

One of the reasons why estate planning for brain injuries is particularly complicated is that many brain injuries are particularly complicated. It is critical that our brains are responsible for handling a large number of decisions including everything from emotions to regulating body temperature. Because each part of a person’s brain has different responsibilities, a person who experiences brain damages in one region that another person with a brain injury does not. It is also important to understand that brain death is different from a vegetative state. While in a vegetative state, a person’s brain stops functioning while the lower half of the brain remains active. During a coma, however, a person’s brain enters an unconscious condition.

Creating Estate Plan for Your Pets

Published on: February 25, 2019 | by Ettinger Law Firm

One of the most pressing questions asked by people that loved their pets is how they will respond if their pet dies. Some people assume that a relative or family member will happily take the pet, this is not always true. In reality, it is almost always a much better idea to create estate plans about how your pet will be taken care of following your demise. This article will reviews some of the critical things to think about when it comes to leaving a pet behind.

# 1 – Appreciate the Expenses Associated with your Pet

When deciding how much money to designate for the care of your pet in the future, it is critical to understand that the associated costs can vary greatly. Caring for a larger, recently born animal can be much different than the costs associated with an older, much smaller cat. To determine the amount that should be allocated, some people find it helpful to calculate the costs associated with several months of care for the animal.

Important Estate Plan Considerations as You Begin 2019

Published on: February 23, 2019 | by Ettinger Law Firm

It might be surprisingly to learn that a large number of people have estate plans that are not adequately updated. Fortunately, there is no better time to begin estate planning than the New Year. This article reviews some of the numerous estate planning that you should think twice about incorporating into your plans in the new year.

# 1 – Make Sure to Update Everyone about Estate Plan , Changes

You should make sure to inform anyone who will be affected by any changes to your estate plan. If you do not yet have an estate plan, now is the perfect time to create one and then inform your beneficiaries about the contents of your estate plan.

Signs it is Time to Revise Your Estate Planning Documents

Published on: February 20, 2019 | by Ettinger Law Firm

There are a number of common types of estate planning errors. One of the most widespread errors is the failure to update a person’s estate planning documents. As a result, even if you have written estate planning documents, there are numerous events that can arise that interrupt with your plans and require the revisions of these documents. This article reviews some of the most common signs about which people with estate plans should be aware.

# 1 – Executors Become Inappropriate

Executors refer to the individuals that are tasked with implementing an estate plan. Many people appoint executors without thinking carefully about whether the assigned person is able to perform successfully. Unfortunately, circumstances occur that make it no longer necessary to appoint a person as an executor. In these situations, it is critical to consider the individuals that are appointed in your estate plan and whether they are able to successfully carry your goals.

Reasons to Think Twice about Do It Yourself Estate Plans

Published on: February 18, 2019 | by Ettinger Law Firm

Beginning with a list of your assets can be a simple way to begin estate planning. Unfortunately, statistics compiled by Caring.com reveal that more than half of Americans do not have a will. This is despite the numerous advantages offered by having a will which include avoiding potentially high legal fees and tax consequences. If you do not yet have a will or estate planning documents in place, it can be tempting to use one of the numerous do it yourself forms that are available online. Before writing an estate planning document in this manner, however, it is important to understand the numerous complications that can arise from creating an estate planning document on your own rather than obtaining the help of an experienced estate planning lawyer. This article reviews some of the important things that you should consider when creating an estate planning document online.

# 1 – Recognize All of the Available Options

There are several options to create an estate planning documents: a do it yourself service, on your own, or with the help of an experienced attorney. If you decide to create state planning documents on your own, it is critical to have a firm understanding of various applicable estate planning issues. If you decide to use an online service, you will not have any legal advice to create these documents or to warn if you create any mistakes while engaged in the planning process. Obtaining the assistance of an estate planning lawyer helps to make sure that you fully address any issues that can arise in the estate planning process.

Legal Basics: Questions a NY Estate Planning Lawyer Can Help You Address

Published on: February 15, 2019 | by Ettinger Law Firm

An estate planning attorney has the potential to help with a number of issues. Making sure to review all applicable issues with your attorney, however, can prove particularly difficult. Some people are not even sure what issues to bring up with their estate planning lawyer can prove particularly difficult. As a result, this article reviews some of the important questions that you should make sure to raise with your attorney.

# 1 – Who Will Receive What after Your Divorce?

If you do not have a will or trust, it is a wise idea to tell your attorney how you would like your benefits distributed to loved ones after your death. The only way to make certain that your assets are based in the way that you desire is to make sure that these wishes are reflected in writing. Even if you already have a will or trust, it is important to review this document and make sure that the people who you want to inherit from your estate are actually named in your estate planning documents. Many people go a number of years without reviewing their legal documents. This means that if you have not reviewed your will for some time, it might name individuals who are no longer alive. In addition to the death of a beneficiary, there are a number of other conditions that can change how a person would like their estate to be distributed. Some other things that can change a person’s condition include financial difficulties, marriage, or the birth of new family members.

Commonly Asked Questions about 529 College Plans

Published on: February 7, 2019 | by Ettinger Law Firm

A large number of people in New York are curious about 529 college plans as the result of campaigns run by the state. Not only do 529 college plans provide tax advantages, they are also particularly helpful when estate planning is involved. Despite the benefit of 529 college plans, there are still a number of questions that people have about these plans. This article focuses on addressing some of the most commonly raised of these issues.

What Is a 529 Plan?

These accounts are named after Section 529 of the Internal Revenue Code, which allows individuals to reduce their taxable estate while preserving funds for higher education. Funds that are placed in 529 accounts are usually invested in mutual funds and the earnings from these accounts are most often tax-free.