New York Estate Planning & Elder Law Blog

Do I Really Need a Will? Yes, You Do

Published on: September 12, 2014 | by Ettinger Law Firm

A lot of people who have not started estate planning often ask if they really need a will, or if any estate planning is really necessary? Usually, it is followed with a statement about how the children will take care of it, or that the situation is pretty straight forward, so why deal with it. The truth is if you have no children, no spouse, no heirs, and few worldly possessions then you can probably get away with not needing a will. Otherwise, a will and other estate planning documents are very important for your wellbeing and for your loved ones.

Why You Need a Will

One of the most basic tasks a will accomplishes is naming an executor or executrix of your estate. This is the person who will handle all of your affairs after you pass on. This includes gathering all assets of your estate, paying debts or taxes owed, and distributing the remaining property to your heirs. If you do not have a will the court will appoint an executor to your estate. That person may not be aware of what your final wishes were for your property or know what you wanted your heirs to receive.

A Better Flu Shot for Seniors

Published on: September 11, 2014 | by Ettinger Law Firm

For the last four years, doctors, pharmacies, and medical clinics have all offered seniors a higher dose version of the annual flu shot. At the time that the vaccine was released the science was lacking but the hope from medical professionals was that the higher dosage would provide better protection for the elderly. Now, the first studies on this version of the flu shot are in, and the results are looking positive.

Higher Dose Flu Shot

The annual flu shot for seniors, known as Fluzone High-Dose, contains up to four times the amount of antigen found in the typical flu shot. Antigens are chemicals within the shot that stimulate the immune system. Previous research has shown that the increased antigens in the Fluzone produced a greater antibody reaction in seniors. This is significant because as the body ages the immune system becomes less effective.

Joan Rivers: Big Funeral, Big Tax Break

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

Comedian and trailblazer Joan Rivers passed away this week, with friends and family saying goodbye at a memorial service in Manhattan. Details about her estate and funeral have not been made public, but it was no secret that Joan Rivers wanted her funeral to be as extravagant as the rest of her life.

In her 2012 book, I Hate Evenyone…Starting with Me, she detailed her wishes for her funeral by writing, “When I die, I want my funeral to be a huge showbiz affair with lights, cameras, action…I want Craft services, I want paparazzi and I want publicists making a scene! I want it to be Hollywood all the way. I don’t want some rabbi rambling on; I want Meryl Streep crying, in five different accents. I don’t want a eulogy; I want Bobby Vinton to pick up my head and sing ‘Mr. Lonely.’ I want to look gorgeous, better dead than I do alive. I want to be buried in a Valentino gown and I want Harry Winston to make me a toe tag. And I want a wind machine so that even in the casket my hair is blowing just like Beyoncé’s.”

However, what may come as a surprise is the federal tax deduction that can come with such a funeral, and how it can apply in other people’s estates.

Medicare Ratings Allow Nursing Homes to Game the System

Published on: September 9, 2014 | by Ettinger Law Firm

Only one-fifth of all 15,000 nursing homes in the nation hold the distinction of a five star rating by the Medicare system, but an examination into the process has found that many top ranked nursing homes have been given their rating due to incomplete information regarding the conditions at their homes. This misinformation has an effect on the facilities’ residents, potential consumers, and investors regarding the communities.

Medicare Nursing Home Ratings

The Medicare ratings system is considered one of the best ways to evaluate nursing homes in the country. When nurses and doctors discharge patients from the hospital, they often use the ratings in referral decisions. Insurers also look at the ratings when creating preferred insurance networks. Medicare ratings are also the first metric that investors and lenders look at when deciding whether a nursing home is a safe bet.

Estate Planning for People Without Children

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

A number of seniors who are preparing for retirement and estate planning do not have children. Some childless retirees plan on hiring a child – a younger caregiver who will look after them in their old age. Children usually serve as the caregiver and beneficiaries to an estate, and they can typically be relied upon to ensure that their parents’ wishes are taken of. As a result, seniors without children need to take extra precaution when making arrangements for care and estate planning than seniors with children that can double check their plans.

Choose Your Advocates Wisely

You need to make sure that you pick advocates that you can trust with your estate planning needs. An advocate can help with housing arrangements, medical, dental, and financial affairs in addition to estate planning. Your support team can include your spouse, siblings, other relatives, family friends, or a trustee. Make sure that everyone knows who you are relying on as an advocate and what your preferences are regarding all aspects of your estate planning to make sure that your wishes are followed.

The Hazards of Unequal Inheritance

Published on: September 7, 2014 | by Ettinger Law Firm

When many people begin the estate planning process, they sometimes believe that they are doing the right thing by giving more to one child than the other. One child may be making more money, is more successful, or has married into wealth of his or her own. Parents think that giving an unequal share of the estate to one child over the other is the best way to rectify the situation; however, unequal inheritance comes with hazards that parents may not consider when creating an estate plan.

Punishing Success

By giving one child an unequal share of the estate, it punishes the success of others. In addition, with today’s economic and financial climate the success of one child today does not guarantee it for life. A lot can change over the course of five, ten, or twenty years to your children financially. The more successful child could fall on hard times, and the less successful child could start doing much better financially.

Couples Divorcing to Save on Long-Term Health Costs

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

Elderly couples are divorcing at a higher rate than ever before for a surprising reason: soaring medical and long-term care costs. These expenses are being aggravated by longevity and uninsured risk from a lack of long-term care insurance. Although these senior couples still care for each other very much, the cost savings from divorce are inflicting the least amount of damage when compared to other financial options.

Medicare and Medicaid

Seniors are now turning to divorce to stave off financial ruin trying to qualify for Medicare and Medicaid coverage. In terms of Medicare coverage, the program only covers 100 days of nursing care. If you or your spouse needs long-term nursing care you must either pay out of pocket until your assets fall beneath a certain threshold or tap into your long-term care insurance if you have it.

LGBT Estate Planning Questions a Year After DOMA

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

A little more than a year ago, the United States Supreme Court struck down Section Three of the Defense of Marriage Act. In doing so, the federal government gave same sex couples access to the same federal rights as heterosexual couples. Many of these rights involve taxes, housing, Social Security, and estate planning issues. However, more than one year after the decision, many same sex couples are still struggling with understanding the new benefits available to them.

LGBT Benefits Study

In a study released by Wells Fargo, after one year of access to new federal benefits LGBT investors are struggling to make sense of the new legal landscape. In total, 83% of participants surveyed who were LGBT stated that they do not fully understand how new state and federal laws apply to them in the estate planning sector. Of those people, 67% were in legal same sex marriages. However, most troubling is that around forty percent of LGBT investors surveyed believed that the federal government would treat a state sanctioned civil union or domestic partnership just like a marriage, which is not the case.

How to Complain to Medicare

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

The Centers for Medicare and Medicaid Services says that it reviews more than 100,000 complaints and appeals every year. Beneficiaries of the programs file around 16,000 complaints relating to hospital care and discharge orders as well as 18,000 complaints against nursing homes, home health services, and hospice programs. Another 30,000 complaints and appeals are specifically geared towards the Medicare Advantage programs. How Medicare handles its complaint and appeals process is no trivial matter, and the program has recently revised its complaint process.

Updated Medicare Complaint Process

On August 1, Medicare made a change to its complaint filing system: it added new, toll-free numbers to call to lodge a complaint. The new phone numbers represent a larger change in the Medicare complaint system. Each state used to have a quality improvement organization, or Q.I.O. Up until August 1, these organizations worked with providers on issues like hospital readmissions or preventing infections, reviewed beneficiary complaints, and expedited appeals.

Lessons Learned: The Anna Nicole Smith Battle Still Rages On

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

After nineteen years of battling from probate court all of the way to the United States Supreme Court twice a recent court ruling seems to have ended the battle between the estates of Anna Nicole Smith and Pierce Marshall, for now. Called “The Grand-Daddy of all Estate Battles” these two estates have been battling over the $1.6 billion fortune left by Ms. Smith’s husband and Mr. Marshall’s father, J. Howard Marshall, for almost two decades.

History of the Feud

Federal court proceedings began regarding this estate in 1996 when Anna Nicole Smith filed for bankruptcy in California. The bankruptcy led to a $475 million judgment against Pierce Marshall, but only temporarily. The judgment was reduced to $88 million on appeal, and then appealed again, making to the United States Supreme Court on two separate occasions. After the second trip to the Supreme Court, where the judges rejected Anna Nicole Smith’s claims, it had appeared then, too, that the battle was over.