New York Estate Planning & Elder Law Blog

Six Things on a Caregiver’s To-Do List

Published on: June 18, 2015 | by Ettinger Law Firm

Millions of people across the country are currently part of the “sandwich generation” They are caring for their children and simultaneously caring for an elderly parent. Despite the fact that so many people are struggling to handle this responsibility, there are very few resources that caregivers can use for support. This article highlights six things that a caregiver can do to prepare for some of the most common stressful situations that occur with elder care.

Have a Talk with Your Parents

Before cognitive issues or even caregiving needs arise, you should sit down and have a conversation with your parents about everything regarding their care. You should discuss their wants and needs regarding caregiving as well as review their finances, estate plan, health issues, end-of-life decisions, and more.

Court Decides on Probating a Copy of a Will

Published on: June 17, 2015 | by Ettinger Law Firm

The Supreme Court of Virginia recently ruled on a case involving the question of whether a copy of a will passed muster for probate. Typically, the law provides that the original will must be submitted in order to probate an estate, but exceptions to the rule do exist. The case highlights the importance of keeping an original will as well as what must be proven in order to have a copy allowed for probate.

Facts of the Case

In the case of Edmonds v. Edmonds, et al, James Edmonds passed away in 2013 and left behind his wife, Elizabeth Edmonds, daughter Kelly, and Christopher, a son from a previous relationship. It is undisputed that in 2002, Mr. Edmonds executed a will that left all of his personal property to his wife and the remainder to a revocable living trust. The will stated that if Elizabeth passed away first, the property would go to Kelly and specifically stated that Christopher was omitted from the estate.

Home Property Transfers to Children

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

While it has fallen out of favor in the last few years, the “Qualified Personal Residence Trust” (QPRT) is gaining traction once again as an estate planning option for people who wish to transfer their home to the next generation when they pass away. The QPRT allows for a parent to transfer their home to their children with the minimum amount of taxes while the parent continues to live in the home.

Reasons for Establishing a QPRT

The main purpose of establishing a QPRT is the state and federal tax benefits. If the family home is a significant asset, or the most significant asset, in the estate and the family believes that it will appreciate in value then a QPRT might be a viable option for tax savings. This is also incredibly important if you believe that the value of the home would exceed the estate’s value above the federal tax exemption limit of $5.43 million for 2015. Placing the home inside of a trust will shield it from the estate taxes by effectively removing the residence from the estate.

Home-Based Care Plan Improves Dementia Care

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

A new study has shown that a program that gives families with loved ones who suffer from dementia the tools necessary to help better care for them has lowered the use of nursing homes. This new program uses a telephone-based program where non-medical managers use assessments and evidence-based protocols to help educate and offer support to people treating family members with dementia and other cognitive impairments. This study highlights the need for new dementia care programs and proves that this type of system can be implemented on a large scale.

Results of the Study

According to one of the primary researchers of the study, almost fifteen percent of seniors over the age of seventy years old have some form of dementia. The study looked at around 250 caregivers that enlisted in the program and 250 caregivers in their normal routine that did not use the program. At the end of the study, the research showed that the caregivers enrolled in the new program were more satisfied with the level of care and had more confidence in their ability to care for their loved one.

Fixing a Faulty Estate Plan

Published on: June 8, 2015 | by Ettinger Law Firm

More and more people are taking it upon themselves to prepare for the future with an estate plan. While some take it upon themselves to craft an estate and succession plan for their family, it is always a good idea to work with an estate planning attorney to ensure that there are no holes in what you have created. This case illustrates how even the best intentioned estate plans can still have issues that could cause a lot of unintended problems if not corrected now.

Discovering Errors in the Plan

For example, one doctor had built a small specialized practice over the last fifteen years that grossed $1.7 million annually. He had crafted a will and trust for his family that included a wife and children in addition to the creation of a succession plan for his thriving medical practice. However, when the doctor reviewed his plan with an estate planning attorney, a large hole was discovered in his succession plan.

Power of Attorney Capabilities

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

If you are granted a durable power of attorney over another person, it means that you have the right to make financial and legal decisions on their behalf. However, the power of attorney does have its limits, and a recent case that went to the Supreme Court in South Dakota illustrates the importance of clarifying what the capabilities of the power of attorney entail.

Facts of the Case

In the case of Studt v. Black Hills Fed. Credit Union, Dorothy McLean invested a certificate of deposit (CD) with the credit union in 2008. Then in 2012, she moved in with her son, Ronald Studt, and also named him as her attorney-in-fact with a durable power of attorney form. In his role, Mr. Studt would be allowed to transfer and gift property to persons or organizations as long as Ms. McLean’s financial needs could still be met and that the transfers were for estate planning purposes.

Apple Wants More Japanese Seniors Using iPads

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

Announced this month, Apple, Inc. and IBM are coming together on a new project that will bring iPads and custom apps to Japan’s aging seniors. The companies are using Japan as the launch pad for their new system before possibly expanding the program to other countries. The country is a perfect place to test out the new system because by 2055, experts estimate that almost forty percent of Japan’s population will be senior citizens and already over one-quarter of its residents are 65 years old or older.

New Technology for Japan’s Elderly

The two American companies announced a partnership with Japan Post Group, the country’s largest health and life insurance company, to bring specialized iPads and apps to the nation’s elderly. The goal of the partnership is to connect millions of Japan’s seniors with services and tools that they need to stay healthy and in their homes. The CEO of Japan Post Group admitted that “Among all the nations in the world, the issue of aging generations is most active in Japan. We need real solutions.”

Slayer Statutes and Inheritance

Published on: June 1, 2015 | by Ettinger Law Firm

Like something out of a made for television movie, last week a woman was sentenced to 23 years in prison for the murder of her eighty year old mother-in-law for the inheritance. It is one of the rare times that a set of laws known as the “slayer statutes” has been applied to a criminal case but serves to highlight the importance of these laws. These statutes prevent a person who has murdered another from inheriting from their victim’s estate.

Facts of the Case

In this case, Diana Nadell was arrested and convicted of the murder of her mother-in-law, Peggy Nadell. The reason behind the killing was that Diana wished to obtain the inheritance from Peggy’s estate, which was worth a little over $4 million. Diana and her husband were expected to inherit half of the estate, but Diana could not wait for her mother-in-law to pass away naturally.

Virtual Representation of Minors and Beneficiaries

Published on: May 29, 2015 | by Ettinger Law Firm

While parents make the vast majority of decisions for their children, it comes as a surprise to many that they cannot automatically make decisions regarding a trust or estate in their child’s name. Estate law protects the interests of the beneficiary above all others, even from the parents of a minor beneficiary. If a parent is not able to sign for their child’s trust or estate, a court appointed guardian is assigned that is also known as virtual representation.

Virtual Representation

The concept of virtual representation occurs when an adult is appointed to speak on behalf of a minor trust beneficiary. Many of the provisions regarding virtual representation are found in the Uniform Trust Code (UTC), Uniform Probate Code (UPC), and state laws. Essentially, virtual representation gives a minor beneficiary the power to speak through an adult that actually has legal capacity to make decisions. A virtual representative can be appointed for minors, incapacitated adults, unborn children, unascertained beneficiaries, and adult beneficiaries that cannot be found.

Estate Planning Mistakes of Farmers and Ranchers

Published on: May 27, 2015 | by Ettinger Law Firm

Estate planning for ranchers and farmers is incredibly important because of the nature of the assets in those estates. Most farmers and ranchers do not have many liquid assets, such as bank accounts and other forms of cash. Instead, most of their estate is invested in their ranch or farm and in order to perpetuate those endeavors a comprehensive estate plan is necessary. These are some of the most common estate planning mistakes of ranchers and farmers as well as how to avoid them.

Failing to Create or Update Estate Plan

Farmers and ranchers typically have more complex estate planning needs than in the typical estate planning process. In many cases, a farmer or rancher will have some children who want to continue the business and others that do not. The types of assets in a farm or ranch can also make splitting an estate much more difficult if you are trying to keep things equitable among your heirs.