Wills

Exemptions to the Bankruptcy Marital Exception

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

In the United States, married individuals almost always receive assets from their spouses without paying estate tax. One exception is the often-overlooked law involving marriage between a citizen of the United States and a foreign national. If you find yourself in this situation, it can create a unique challenge during estate planning.

The Foreign National Exception

Under federal law, if an American citizen is married to a foreign national and the first to die in the couple, the surviving foreign national is prohibited from using the standard marital deduction to inherit property. If the couple lives in the United States, the entire asset is subject to this regulation. If the couple lives overseas, however, only US-based assets are impacted by this law.

Understanding the Role of Trust Protectors

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

Trust protectors are becoming an increasingly common part of estate plans in New York as well as the rest of the country. A trust protector refers to someone who is appointed to look over a trust and make sure that the trust is not adversely affected by changes in the law.

Appointing a trust protector is not a decision that benefits everyone. As a result, this article reviews some of the biggest advantages that people realize throughout appointing a trust protector.

# 1 – Make Changes to a Trust without Formal Amendments

What You Should Know About the New York Survivor’s Benefit Program

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

The Mississippi Court of Appeals recently decided that a man convicted of DUI manslaughter that led to the death of his wife can collect survivor benefits from the state. The late woman had designated her husband as a 40% beneficiary while the deceased woman’s sister was a 60% beneficiary. While Mississippi law permits spouses in the husband’s situation to still receive benefits, some states have prevented this type of result by altering statutory language. The husband previously pleaded and was sentenced to 25 years in prison with 10 years suspended and 15 to serve. The man later received a separate two-year sentence for possession of contraband.

While the Mississippi Court’s decision might seem strange, it emphasizes the importance of understanding the basics about the New York Survivor’s Benefit Program, which will be briefly reviewed in this article.

The Role of the New York Survivor’s Benefits Program

4 Pieces of Advice on Selecting an Executor

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

After the devastation of accepting the loss of a loved one subsides, it can be challenging to determine how to best process. Unless you have navigated this process before, performing the various tasks asked of an executor can seem overwhelming.

As a result, this article reviews some pieces of advice that will make the selection of an executor easier.

# 1 – Understand the Role of an Executor

Estate Planning and Alzheimer’s

Published on: October 8, 2019 | by Ettinger Law Firm

Following a diagnosis of Alzheimer’s, you and your loved one will end up facing a number of serious challenges.

For one, there are a number of difficult emotions including fear and uncertainty about what the future holds. Second, there are a number of complex issues involving estate planning.

As a result, this article reviews some important estate planning tips that you should remember following an Alzheimer’s diagnosis of a loved one.

Estate Planning after the Death of a Spouse

Published on: October 3, 2019 | by Ettinger Law Firm

There are few things as painful in life as the death of a spouse. In addition to weathering the devastating emotions like loneliness and sadness that accompany this process, it is still important to plan for your future as a widow or widower.

Unfortunately in some situations, the surviving spouse might have even been left out of financial and estate planning decisions that were made before death.

This article reviews some of the important strategies that you should remember when it comes to estate planning and the death of a spouse.

Spotting Common Errors Associated with Estate Planning

Published on: September 19, 2019 | by Ettinger Law Firm

There are a number of common estate planning errors that we see people make. These errors occur in almost equal proportion among the wealthiest as well as individuals of modest means.

In the hopes of making the estate planning process more efficient for everyone, this article reviews some of the most common mistakes made by people during the estate plan.

# 1 – Not Having an Estate Plan

Tips on Keeping Estate Planning Documents Safe

Published on: September 16, 2019 | by Ettinger Law Firm

After creating an estate plan, you might think that you’ve made all of the steps necessary to plan for your future.

Instead, it is just as important to make sure that estate planning documents are stored in a safe location. This article reviews some of the various options that people utilize to make sure that estate planning documents are safely stored.

# 1 – A Lawyer Holds the Documents

Common Type of Estate Planning Mistakes (and How to Avoid Them)

Published on: July 27, 2019 | by Ettinger Law Firm

As estate planning professionals, we encounter a number of situations and are very familiar with the most common types of estate planning errors that people make.

No matter if these mistakes are the result of laziness or lack of care, errors in estate planning have the potential to create a number of substantial obstacles. For example, if a will is declared invalid, your estate might be administered in a way that does not conform with your wishes.

Hopefully by reviewing some of the most common types of estate planning mistakes in this article, you will be able to avoid them.

Advice on Funding Special Needs Trusts

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

If you are a parent with a special needs trust, you likely understand how critical it is to prepare for the future. After all, these trusts make sure that a child continues to receive financial support in case you die or become incapacitated. These trusts are also particularly helpful because directly transferring assets to a special needs child outside of a trust can result in the discontinuation of government benefits.

Deciding the amount of funds to place in a trust, however, can be difficult. That’s why this article reviews some of the important details you should consider when funding a special needs trust.

# 1 – Housing Costs