New York Estate Planning & Elder Law Blog

Choosing an End Game for Dementia

Published on: February 16, 2015 | by Ettinger Law Firm

A number of elderly people create an advance directive that states that they do not wish to have life-saving measures performed in the case of a medical emergency. But now, more seniors are adding a new provision to their advance directives that state that if they develop a certain level or form of dementia or Alzheimer’s disease they do not want any type of nutrition or hydration. It has started a quiet debate among medical professionals over whether seniors who develop dementia can use this method to hasten the end of their lives in an advance directive.

Use of an Advance Directive for Dementia

The measure at issue is called “voluntarily stopping eating or drinking,” otherwise known as VSED, and it is a common end-of-life strategy for elders dying of a terminal illness. However, only a handful of people have incorporated the strategy into their advance directive as it pertains to dementia and Alzheimer’s disease.

A New Way to Approach Long-Term Care Insurance

Published on: February 13, 2015 | by Ettinger Law Firm

According to a new article published by Financial Planning, “How to Fix LTC Insurance” claims that the best way to make long-term care insurance accessible to more seniors, as well as affordable, is to integrate the use of short-term elimination periods. The Director of Research at the Pinnacle Advisory Group is claiming that the use of this often avoided measure may be the key for more seniors to be able to use long-term care insurance for their medical needs.

Purpose of LTC Insurance

Originally, the purpose of long-term care insurance was to guard against the “high-impact but lower-probability risk of needing long-term care assistance at an advanced age.” When this insurance was introduced, the thought was that a small number of seniors would need long-term care, but those who did would face incredibly high medical costs.

Attorney Claims Judges were Bribed in Estate Case

Published on: February 12, 2015 | by Ettinger Law Firm

An attorney claims that he has evidence that a panel of judge in the Panama Supreme Court were bribed into stripping him of control over a $150 million estate. The lawyer, Richard Lehman, says that he has an affidavit that proves that the foreign court illegally removed him from his position as executor of the estate of his client, Wilson Lucom. According to Mr. Lehman, Mr. Lucom’s final wishes for his estate were that the estate be overseen by Mr. Lehman and that a portion of the estate be donated to “needy Panamanian children.” However, Mr. Lucom’s took over the estate after her legal team bribed several judges.

Facts of the Case

This lawsuit stretches back to 2006, when Mr. Lucom passed away. A wealthy American expatriate living in Panama, he appointed both his widow Hilda Lucom and Mr. Lehman as the executors of his estate in his original will. However, he made modifications to the estate plan prior to his death that contributed to the legal battle over his estate as well as over its real estate holdings on the Pacific coast of Panama.

Looking Back at the IRA on Its 40th Birthday

Published on: February 11, 2015 | by Ettinger Law Firm

In 1974, the Individual Retirement Account (IRA) was born, and since its inception more than 43 million Americans have created at least one IRA account for their retirement savings. Over the years the IRA has transformed greatly and has the potential to continue to evolve over the coming years. In fact, the IRA today bears almost no resemblance to the retirement vehicle that was created forty years ago.

Brief History of the IRA

When the IRA was first introduced in 1974, it was only available to employees who were not already sponsored by employer plans. The maximum contribution per year was only $1,500, and 401(k) plans did not yet exist. In 1981, the IRA saw a massive increase in the number of accounts when a new tax law let anyone under the age of 70.5 years old contribute as well as increased the annual maximum amount of contribution to $2,000.

How the Elderly Can Stay Independent Longer

Published on: February 10, 2015 | by Ettinger Law Firm

Most of the questions surrounding elder care revolve around who will take care of that senior or determining where that senior will reside. However, a more important question that the elderly should be asking is how can they take care of themselves for as long as possible without becoming dependent on the assistance of someone else. The Centers for Disease Control (CDC) and other organizations have put together a list of tips for keeping seniors active and independent longer as they age.

Improve Your Fitness Level

According to the CDC, falls are the leading cause of injury among seniors ages 65 and older. Consequently, falls are also one of the biggest threats to independent living for the elderly. In fact, in 2013 over 2.5 million seniors were treated in emergency rooms for injuries related to falls and 20,000 people died as a result.

The Right Tools for Retirement

Published on: February 6, 2015 | by Ettinger Law Firm

Just like you would not attempt a do-it-yourself project around the house without the proper hardware tools, you should not go into retirement without the proper estate planning tools. This means that you need to have the right planning vehicles and strategies in place that will ensure that you are receiving a paycheck or funds for decades into retirement. Thankfully, there is a basic estate planning toolkit that can help you get started on your retirement planning.

Realistic Budget

The foundation of every retirement plan is a realistic budget that plans for all incoming money from things like Social Security, pensions, and savings as well as plans for all outgoing expenses like basic necessities, medical care, and miscellaneous costs. This is not a tool that is created and forgotten; you should revisit your budget frequently to make sure that your finances are still on track.

Nursing Homes Filing for Guardianship to Collect Debts

Published on: February 5, 2015 | by Ettinger Law Firm

Few people are aware that a nursing home has the power to file for guardianship over its residents. Because guardianship cases are difficult to gain access to or track through the court system the rate at which this occurs is difficult to ascertain. However, research is emerging that shows that this practice is becoming routine for nursing home facilities that have issues with financing the care of their long-term residents.

Nursing Home Guardianship Research

Researchers at Hunter College completed a review of New York state guardianship court data and conducted interviews with seniors that have shown that nursing homes are commonly filing for guardianship over their patients when long-term care costs become an issue. This practice is underscoring the increased power that nursing home facilities have over their residents and their families in regards to the financing of long-term care.

Who Should Run the Family Trust?

Published on: February 4, 2015 | by Ettinger Law Firm

When a trust is created, most often the creator turns to a trusted friend, relative, or confidant to oversee it. This makes a lot of sense to most people because the purpose of a trust is often personal in nature, and the creator wants someone to run the trust that has been a part of their life for many years. However, things like friendship, family drama, and emotions can all complicate the decisions that a trustee makes for a family trust in regards to carrying out the terms of the trust.

Use of Non-professional Trustees

The use of non-professional trustee has been growing as more people set up trusts to operate during their own lifetimes. A lot of these creators do not believe that they need to hire a professional because they can keep an eye on the trust while they are still alive. People are creating lifetime trusts for a variety of reasons. Many are looking ahead at minimizing estate taxes if their assets are above the $5.43 million exemption limit ($10.86 million for a couple). Others are attempting to minimize the level of current state taxes on their assets or gain financial control of their legacy.

Benefits and Programs for Elderly New Yorkers, Pt. 2

Published on: February 3, 2015 | by Ettinger Law Firm

The first part of this article explained that there are many programs and benefits available to seniors that live in New York. The second part of the article continues to explain various services that are available to the state’s elderly population.

Temporary Assistance

This program provides cash benefits for senior citizens with limited income for essential food, clothing, and shelter items. You can be any age to apply, but people over the age of sixty do not have to meet the program’s work requirements. The resource limit for an individual is $2,000 and $3,000 if any household member is ages sixty or older. Employed applicants may be able to disregard some of their earnings and still qualify for the program. There is a sixty month limit on this program, and it applies for the lifetime of the applicant.

How to Avoid Blended Family Issues in Estate Planning

Published on: February 2, 2015 | by Ettinger Law Firm

Blended families, where there are children and spouses that have been through multiple marriages, come with estate planning conflicts that unblended families do not typically deal with. Children from previous marriages cut from wills, barred from seeing a sick parent, from attending a funeral, or inheriting part of a family business have all been issues that blended families have dealt with that come with complexities that an unblended estate plan does not have. With divorce and remarriage rates rising, the already delicate issue of inheritance can be an even bigger problem in blended families.

Blended Family Estate Planning

According to the National Stepfamily Resource Center, in the United States two out of every five marriages end in divorce, and almost half of all married people get married again at some point in their lives. In the unions of people who have married twice, around 65% involve children from prior marriages. This can make the transfer of brokerage accounts, real estate, and personal property very tricky.