New York Estate Planning & Elder Law Blog

Talking to Elderly Parents about Giving Up Financial Control

Published on: November 4, 2014 | by Ettinger Law Firm

Many children of the Baby Boomer generation are noticing the warning signs of cognitive decline in their aging parents, and as such these parents are becoming more unable to handle their own financial decisions. Typically, a parent has an estate plan in place that appoints a person, usually a child, as the person financially responsible for their wellbeing when this occurs.

However, sometimes the estate plan appoints the other, also aging and ailing parent, to make the financial decisions, or your parent never made an estate plan. If your senior parent has not created an estate plan or has named the other parent, there are steps that you can take to protect them and their financial security. Updating the Durable Power of Attorney form is a great way to ensure that your parent will be well cared for regarding their finances.

The more difficult part of dealing with your parent’s finances is not drafting the necessary documents but having the conversation of transitioning financial control with your loved one. Here are some tips to help make that conversation as respectful and smooth as possible.

The New Rules for Estate Planning

Published on: October 31, 2014 | by Ettinger Law Firm

The federal estate tax is no longer the biggest concern for many people going through the estate planning process. However, this was not always the case. In 2004, any estate worth more than $1.5 million, or whose estate owner made gifts above that limit while alive, were subject to federal tax at top rates of almost 50%. There was extreme uncertainty as the federal tax levels bounced around from year to year and even disappeared entirely in 2010, which made effective planning exceedingly difficult.

Finally, last year Congress set up a new estate and gift tax rate, topped at 40%, and raised the exemption level to $5.34 million per person. Each year that number is adjusted for inflation and the level is expected to be set at $5.43 million per person next year.

New Tax Saving Opportunities

Questions to Ask Before Hiring an In-Home Caregiver

Published on: October 29, 2014 | by Ettinger Law Firm

The last thing that you want to do when deciding whether to hire an in-home caregiver for one or both of your parents is rush the decision. Picking this person takes time because they will be intimately involved in every part of your parent’s life. However, the right caregiver can ease the pressure that you feel to ensure that your parent is being properly taken care of.

If you are unsure of where to start in the caregiver process, here are a few questions to ask yourself, your loved ones, and the caregivers that you interview.

Is in-home care the best choice?

More Advocates Pushing for Stronger Standards of Elder Care

Published on: October 29, 2014 | by Ettinger Law Firm

Despite the strong standards that are set by the state and federal governments that are supposed to ensure that our elderly nursing home residents receive good care, a recent federal study found that over one third of all short term patients who enter a nursing home for rehabilitation are harmed. Moreover, the study found that almost sixty percent of the harm caused to these residents could have been preventable.

Federal Nursing Home Study

The report, published by the Office of the Inspector General of the U.S. Department of Health and Human Services, studied the number of adverse events occurring in skilled nursing facilities across the United States. The experts discovered that an estimated 22% of Medicare beneficiaries suffered an “adverse event” during their stay at a nursing home facility, and an additional eleven percent suffered a temporary harm during their time at a facility.

What to Do When You Inherit Your Parent’s Home

Published on: October 27, 2014 | by Ettinger Law Firm

According to the Boston College Center of Wealth and Philanthropy, the Baby Boomer generation stands to inherit over $27 trillion in the United States alone over the next four decades. A large portion of that wealth is invested into your parent’s home, but when you inherit the house it can come with emotional and financial issues. When siblings are involved in the decision making process, deciding what to do with the home can be even trickier.

There are three options that you can elect after you have inherited your parents’ home: sell it, move in, or rent it. Each choice comes with its own advantages and disadvantages, emotionally and financially, for you and your siblings.

Selling the House

Utica Man Accused of Nursing Home Sexual Abuse

Published on: October 27, 2014 | by Ettinger Law Firm

A former employee of the Focus Rehabilitation and Nursing Center in Utica has been arrested and faces several charges after allegedly sexually abusing a resident at the facility. John Tamba, 48, of Utica is charged with three separate counts of sexual abuse, three counts of endangering the welfare of a vulnerable elderly person or an incompetent or physically disabled person, and three counts of willful violation of health laws.

According to the indictment and the New York Attorney General, Mr. Tamba allegedly engaged in forcible sexual contact with a physically disabled elderly woman who is a resident at the facility where Mr. Tamba worked. He was employed as a certified nurse’s aide at the facility. He was arrested Monday and is being held without bail. If convicted, Mr. Tamba faces up to 21 years in prison for his crimes.

Nursing Home Abuse Statistics

The Importance of Knowing the Location of Estate Planning Documents

Published on: October 24, 2014 | by Ettinger Law Firm

Not only is it important to create an estate plan that documents your final wishes for your estate and medical choices, but it is equally important to remember where those documents are when they are needed. Family members or close friends need to know where they can locate your estate planning documents in the time just before or after your passing. If someone does not know where these documents are kept, it could mean that your final wishes are not fulfilled.

Problems with Lost Documents

Being unable to find estate planning documents can have a drastic effect on your final wishes. One man wished to be buried at Arlington Cemetery after he had died, but his son could not find the paperwork after his passing. The cemetery offered to place his father in cold storage for six months while the son tracked down the proper forms documenting his military discharge. He eventually found it being used as a bookmark in his father’s home.

Installing Video Surveillance in Nursing Home Rooms

Published on: October 23, 2014 | by Ettinger Law Firm

One of the hottest debates currently happening in elder law and nursing home care is whether video cameras should be allowed in nursing home rooms. Many residents of nursing homes and their children believe that installing surveillance will benefit everyone involved; however, many nursing home facilities are attempting to block the installation of video cameras in their communities.

Nursing Homes Banning Use

The most common reason that nursing home facilities give to the children of residents about why video surveillance is not allowed is that the video recording violates federal privacy laws under the Health Insurance Portability and Accountability Act (HIPAA). However, that is not the case as long as the video cameras and recordings are owned by the families. Still, that reason remains commonplace for many nursing home providers.

The Smartest Ways for Grandparents to Help Pay for College

Published on: October 22, 2014 | by Ettinger Law Firm

More and more grandparents are now using some of the money that they have tucked away using retirement and estate planning to help their grandchildren pay for college. According to a study done by Sallie Mae, 17% of families in the United States relied on relatives to help pay for college. This percentage is expected to increase as more grandparents use their estate plans to help benefit their families.

However, it is important that grandparents should be smart about how they help their grandchildren pay for school because it can have major tax consequences for them and their loved ones if the correct steps are not taken.

Understanding Estate Planning Gift Taxes

When Heirs Collide: Minimizing Fights over the Estate

Published on: October 19, 2014 | by Ettinger Law Firm

Battles over estates can intensify underlying issues between siblings and ultimately tear families apart. However, there are ways to lessen the chances of infighting among your heirs before you pass on. Advance planning can drastically help minimize conflicts among your children, spouse, and other heirs.

Not Just About the Money

According to a prominent wealth management group, around $30 trillion of wealth will be passed to the younger generations over the next thirty to forty years. Roughly 70% of those families will lose a chunk of their inheritance, mostly due to estate battles.