New York Estate Planning & Elder Law Blog

Estate Planning Benefits of Marriage

Published on: October 3, 2014 | by Ettinger Law Firm

According to the Pew Research Center, the number of never married Americans is at an all-time high. In 2012, almost twenty percent of all adults over the age of 25 had never been married, compared to only nine percent in the same age bracket back in 1960. The research center cites shifting public attitudes towards marriage as one of the top reasons why Americans are putting off marriage or never marrying at all. Half of all never married adults do not wish to ever walk down the aisle and are perfectly comfortable just remaining in a committed relationship.

But for a committed couple, there are estate planning benefits that come with marriage that you do not receive with a domestic partnership. Here are some of the few financial and legal benefits that come with a marriage certificate:

Qualifying for an estate tax marital deduction

Legislators Pushing to Widen Medicaid Program for Frail Seniors

Published on: October 2, 2014 | by Ettinger Law Firm

More than one dozen U.S. senators from both sides of the aisle are pushing the Obama administration to broaden the Medicaid program for the nation’s frailest seniors. They are pushing the idea as a proven alternative to pricier nursing home options, as states are looking to minimize long term medical costs. The senators released a statement to the Centers for Medicare and Medicaid Services to follow through on plans to loosen restrictions on the Program of All Inclusive Care for the Elderly (PACE).

Broadening the PACE Program

The PACE program is offered to Medicaid eligible seniors and people with disabilities who need nursing home care. The program offers an alternative to nursing homes that allows the elderly to stay in their homes and receive coordinated care from a team of doctors, nurses, and social workers at an independently operated day center. However, enrollment in this program has been small due to the limiting federal regulations and a push by states to move patients into more cost-effective health care plans.

Big Estate Tax Win for Art Collector

Published on: October 1, 2014 | by Ettinger Law Firm

In a major victory for art collectors, the Fifth Circuit court recently gave a $14.4 million estate tax refund and affirmed the use of fractional interest discounts for artworks to reduce estate taxes. Rejecting the government’s random assessment of a 10% discount on the valuation of the art, the Fifth Circuit instead agreed that the estate’s assessment of 47.5% should be used. This ruling opens the door for art collectors to greatly reduce the taxable amount of their estates.

Art Collecting and Estate Plans

Prior to this ruling, there have been major issues for art collectors and estate planning. If wealthy families sell their art while they are alive, a 28% capital gains tax is added to any appreciation in the value of the art. If they keep the artwork in the estate after they die, the full value of the art is included in the estate at the full fair market value on the date of death.

New Law Allows Owners to be Buried with Pets

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

All across the country there are cemeteries for people and cemeteries for pets. Virginia has become the third state in the nation to pass a law allowing pet owners to be buried with man’s best friend. Joining New York and Pennsylvania, Virginia’s new law went into effect in July and could affect many pet owners’ estate planning options.

New Burial Law

In Virginia, a new state law allows cemeteries to set aside parts of their property to create sections where pets and humans can be buried next to one another. Most states do not allow for pets and humans to be buried together or their laws do not address it. This law was introduced by Republican member of the House of Delegates, Israel O’Quinn, and was passed in April.

Addressing and Preventing Elder Abuse in LGBT Seniors Pt. 2

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

In part one of this article the statistics and reasoning behind an increased possibility of LGBT elder abuse was discussed. The second part of this article concludes the reasons why LGBT seniors are at a higher risk of elder abuse and what to look for to prevent elder abuse against LGBT seniors that you care about.

In addition to an abuser threatening to out an individual, telling a senior that the authorities will not believe them, gaining control of finances, fear of spending the rest of their lives alone, and being easier to isolate the following are reasons why LGBT seniors are at more risk for elder abuse.

Abuser says that “this is what it means to be LGBT”

Addressing and Preventing Elder Abuse in LGBT Seniors Pt. 1

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

Between two and ten percent of seniors experience some type of elder abuse, and LGBT seniors have additional vulnerabilities that open them up to further opportunities for abuse. As discussed by the National Resource Center on LGBT Aging (led by SAGE), many people believe that elder abuse only pertains to bruises, broken bones, or other physical injuries; however, experts define elder abuse as physical abuse, sexual abuse, emotional or psychological abuse, neglect, abandonment, and financial exploitation.

For the most part, LGBT seniors face the same types of abuse as non-LGBT elders. However, LGBT elders can be victimized in additional ways, and more reasons exist why people are so accepting of this type of victimization. The National Resource Center on LGBT Aging notes that these additional factors for LGBT seniors include:

Abuser threatens to “out” the senior

Estate Planning Errors to Avoid

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

According to estate planning professionals, almost 65% of Americans do not have a basic will or estate documents drafted. Although it is nice to think that your family will be able to take care of your estate and know your wishes, the truth is that if you do not have your estate plan in place there could be fighting about what your final wishes truly were. Leaving a comprehensive estate plan with clear instructions to your heirs is the best defense against family discord after you are gone. Here are some of the most common estate planning blunders and how to avoid them in your planning process.

Mistake #1: Assuming Estate Plans are Only for the Wealthy

One of the most common misconceptions about estate planning is that it is only for the wealthy. The truth is that anyone who wants a say in their end-of-life medical decisions, assets, heirs’ well-being, or general private affairs should have some kind of estate plan in place. If you want control over your life and drastically reduce the burden on your family after you are gone you need to draft an estate plan.

How Resilience Affects Seniors

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

A large scale study recently published by The Gerontologist looked at the effects of the fuzzy concept, resilience, and how it impacts the lives of seniors. The surprising results of the study showed that this intangible concept can have a major effect on aging seniors‘ lives.

What is Resilience?

Resilience is a concept that is difficult to define. The study’s lead author described resilience as “how people manage adversity and hardship over the life course.” As one U.S. Supreme Court Justice once said about pornography, we know it when we see it.

Should You Establish a Trust?

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

There are a lot of benefits to establishing a trust in your estate plan. It can eliminate the need for probate, keep your affairs private, and reduce the chances of issues arising among your heirs regarding their inherited share. However, creating a trust is a big investment that involves a considerable amount of time and legal fees that should not be taken lightly. Here are some factors to consider when deciding whether or not to establish a trust in your estate plan.

Factors in Establishing a Trust

· How much of your estate can you shield from probate?

Estate Planning Mistakes in Beneficiary Designations

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

One of the most common estate planning mistakes comes in the handling of beneficiary designations. Many people do not understand that inheriting retirement accounts, life insurance, and other assets that involve a beneficiary designation are different than inheriting from a will. Here are some of the most common mistakes that occur with beneficiary designations as well as steps that you can take to ensure that the retirement money that has been diligently saved will be passed on to the person you intend.

Common Mistakes in Beneficiary Designations

While many people go to an estate planning attorney for help drafting wills and trusts, most do not rely on their expertise for beneficiary designations. As a result, those that you wished would inherit your retirement accounts and life insurance receive less while creditors, former spouses, and miscellaneous relatives could get it all. Here are some of the most common mistakes and misconceptions that lead to problems with beneficiary designations: