New York Estate Planning & Elder Law Blog

LGBT Seniors Gaining More Resources for Elder Care

Published on: November 10, 2014 | by Ettinger Law Firm

With millions of Americans reaching retirement age within the Baby Boomer generation, some groups like women and minorities are especially vulnerable in their elder years. However, one of the most alienated and vulnerable groups within the elder population are that of LGBT seniors. Multiple studies have revealed that LGBT seniors are among the most isolated individuals as well as more prone to abuse and neglect.

Care Groups Paying Attention

Fortunately, a number of organizations and nonprofit groups have become aware of this issue and are dedicating their efforts to providing greater resources for LGBT seniors in addition to their caregivers. The New York Community Trust, The PFund, and Haas have all been actively working to increase the amount of resources available to LGBT seniors.

Safeguarding Your Digital Assets

Published on: November 8, 2014 | by Ettinger Law Firm

Part of proper estate planning means safeguarding not only your physical, tangible assets but your digital assets, as well. Many people do not protect these assets for a variety of reasons: a few do not think that it is important, some do not know how, and others simply do not want to think of the prospect of estate planning. However, protecting your digital assets can be easy and doing so will not only give you some peace of mind but will do so for your loved ones, too.

Why You Should Protect Digital Assets

You can do and buy just about anything online nowadays, and most of it you can accomplish with the phone in your pocket. Digital assets are more plentiful than ever, and you might not be aware of how much you have actually amassed in this form. One study by McAfee, a computer protection company, found that the average person has over $35,000 worth of digital assets on various devices that they own.

Estate Planning Financial To-Do List

Published on: November 5, 2014 | by Ettinger Law Firm

With the end of the year approaching, it is good time to review your estate plan and take care of any last minute financial chores before any new tax and estate planning laws take effect for the following year. Here are eight basic items to check off of your to-do list as the end of the year approaches:

Review your Current Retirement Accounts

With the stock market rebounding this year and other market indexes at all-time highs, it is important to revisit your current retirement accounts and consider reallocating your asset distribution within your retirement accounts. It is also a good chance to see if you are on track with your contributions for the year, especially if your employer matches your contribution to the account. Even if you can’t make the maximum this year, consider bumping up your contributions until the end of the year.

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.