New York Estate Planning & Elder Law Blog

LGBT Spouses Denied Social Security Survivors’ Benefits

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

Grieving LGBT spouses who recently lost a loved one are being dealt another harsh blow by the Social Security Administration, which is refusing to pay survivors’ benefits to same-sex spouses living in states where their marriage is not recognized. One couple married in Boston but living in Texas was together for over thirty years when one passed away from cancer. The SSA refused to pay benefits to the surviving spouse because although they were married in a state that recognized the union, their state of residence does not.

Survivors’ Benefits Lawsuit

As of now, Social Security will not approve applications for spousal or survivors’ benefits for LGBT couples in Texas and sixteen other states that still do not recognize same-sex marriage. In order to get justice for herself as well as other same-sex widows and widowers, Kathy Murphy, 62, and the National Committee to Preserve Social Security and Medicare are suing the Social Security Administration claiming that denying benefits to married same-sex couples is unconstitutional discrimination.

Five Reasons for Parents to Share Estate Plans

Published on: November 26, 2014 | by Ettinger Law Firm

Many parents with adult children find the idea of discussing their estate plans uncomfortable, embarrassing, or unnecessary. Few parents want to think about their mortality or bring up the subject with their kids. Concerns about family fights over parts of the estate, which child is getting what, or reliance on a future inheritance also put parents off from discussing their plans with their children; however, there are some great benefits both emotionally and financially that can come with sharing your plans with your children.

Telling your children ahead of time about your estate plans allows you as parents to explain your decisions and lets the children plan their lives accordingly. Feedback from the children can also have an effect on your estate plans that you can implement before it is too late. In some cases, there can even be tax benefits involved. Full disclosure of estate plans may not be right for every family, but here are five reasons why it might be worthwhile to share your estate planning with your children.

You Can Settle Any Issues

How Naming Rights Can Go Wrong

Published on: November 25, 2014 | by Ettinger Law Firm

For wealthy donors who wish to put their name on a building, beware. There can be a lot of disappointment for donors who give away large sums of money, thinking that they would get to see their name on a building or institution like a university, science lab, or cultural center but end up in a legal battle instead.

Naming Rights and More

The best way to ensure that this type of drama is avoided is for donors to clearly state their wishes in a detailed, legally binding document. Donors need to make sure that all payment terms, signage, publicity, and deadlines for work to be done are also set within the contract. Each party should know exactly what they are agreeing to.

Avoid the Estate Planning Aggregator Scam

Published on: November 21, 2014 | by Ettinger Law Firm

One estate planning scam is growing in popularity for people who are looking to begin crafting their estate plan and have amassed wealth or business over their lifetimes. The estate planning aggregator claims to do comprehensive planning for people who have concerns about taxes on their wealth or business issues in their estate.

Estate Planning Aggregator

An aggregator is a person who claims to do comprehensive estate planning for individuals with complex estates. Typically, they recommend that you purchase a “wealth blueprint” or something similarly named for tens of thousands of dollars that will detail how exactly your estate will be taken care of.

Creating an Estate Plan for Your Treasures

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

One New York resident, now 65 years old and in retirement, has amassed a Las Vegas chip collection worth an estimated $500,000 over the course of two decades. However, he is childless, and no one in his extended family has expressed an interest in keeping the collection. He is also concerned that they will sell the collection for far less than its actual worth. Collectors can spend a lifetime accumulating things like baseball cards, comic books, casino chips, and art. However, too often these collectors do not think about what to do with these collections once they pass away.

The Need for Proper Planning

Many collectors hope that someone in their family or group of friends will enjoy their collection enough to keep it and maintain what they have done. Others think that another collector will pay a lot of money to their heirs for what they have amassed and assume that the heirs know what it is worth. Some hope that their collections will be donated to a museum in order to be displayed for posterity. However, none of these plans can be known for certain without proper estate planning.

Bracing for an Increase in Falls with Our Elderly

Published on: November 18, 2014 | by Ettinger Law Firm

As the population ages and people live longer, the number of elderly Americans who fall and suffer serious injuries, or death, is soaring. As a result, retirement communities, assisted living facilities, and nursing homes where millions of senior citizens reside across the nation are trying to balance the safety of their residents and their desires to live as they choose.

The Dangers of Falls

The danger surrounding elderly falls is very real. In 2012, the number of seniors ages 65 and older who died as a result of a fall reached over 24,000 people. That is almost double the number from ten years ago, according to the Centers for Disease Control.

Back to Basics: Special Needs Trusts

Published on: November 17, 2014 | by Ettinger Law Firm

If your loved one has special needs or development disabilities, you may want to consider establishing a special needs trust. Also known as a supplemental needs trust, this type of trust is a legal tool used to help disabled people keep more of their income or assets without losing public benefits.

Purpose of Special Needs Trusts

This type of trust was initially created to help parents with disabled children provide for them as they grew up without making them ineligible for public benefit programs, like Social Security and Medicaid. The intent of the trust is to supplement any government benefits that they may receive or to shield excess income for Medicaid purposes.

Long-Term Care Insurance Alternatives

Published on: November 14, 2014 | by Ettinger Law Firm

As many seniors reach retirement age their health can begin to decline. Yet, very few seniors have any kind of plan or coverage for chronic or long-term illness. This happens for a variety of reasons – some believe that they will pass away before this type of coverage is needed and others do not wish to think of the possibility of needing this level of care. Long-term care insurance policies as well as hybrid long-term care policies can help protect seniors, and their financial well-being, if they suffer from a long-term illness.

Necessity of Long-Term Care Coverage

As people live longer and the average age of the elderly increases, many illnesses that were once considered fatal are now manageable. Over half of all seniors will deal with some kind of chronic illness, but fewer than twenty percent have long-term care coverage. In addition, with the cost of long-term care services reaching as high as $100,000 per year, an extended or chronic illness could be financially devastating.

Acting Now to Lower Your 2014 Taxes

Published on: November 13, 2014 | by Ettinger Law Firm

If you want to lower your overall taxes for this year, now is the time to act. The opportunities to cut taxes on your overall bill are reduced dramatically after December 31. Many taxpayers forget about these opportunities or act too late to take advantage. In addition, Congress has yet to enact any intense tax changes this year, unlike the changes made in 2013. In fact, legislators have not moved on dozens of taxpayer friendly provisions that expire January 1.

Provisions that are Ending

One of the most popular provisions on the chopping block is a law that allows owners of individual retirement accounts who are 70½ and older to give up to $100,000 of their IRA assets directly to charity each year. In addition, a federal write-off for state sales taxes instead of state income taxes and a deduction of up to $4,000 a year for qualified expenses for college or other post-high school education may also end this year.

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.