New York Estate Planning & Elder Law Blog

Prenuptial Agreements: What if Couples are from Different States?

Published on: August 4, 2012 | by Ettinger Law Firm

Prenuptial agreements commonly make headlines as celebrities getting hitched try to protect their fortunes. But the focus on celebrities (or the ultra-rich) is misleading. In reality, average Americans should, and frequently do, make use of the benefits of prenuptial agreements. In our area, New York estate planning attorneys know that these agreements are an important part of one’s long-term planning, particularly in the event of late-in-life or second marriages. These agreements allow for an individual to prepare and protect themselves and their families. But the creation of these legal documents is not without some pitfalls.

The Basics

A prenuptial agreement is essentially a contract between two people planning to get married. They agree prior to marriage on how they will divide their assets if they are divorced and on any number of other issues. While this process can be emotional, especially because the couples are naturally optimistic and excited about their future, forming this agreement while everyone still cares for each other and wants the best for each other is always the preferred model. If the good feelings should disappear, this agreement allows a couple to separate as fairly and painlessly as possible.

Failure to Update a Plan Nightmare

Published on: August 3, 2012 | by Ettinger Law Firm

Estate planning takes time. Unfortunately, considering the daily time stresses faced by all local residents, our New York elder law estate planning attorneys appreciate that there is often not a sense of “urgency” with this planning. It is usually a task that gets pushed to the side while day-to-day choeres are dealt with.

Yet, there are many individuals out there who can testify about the consequences of failing to plan their estate.

For example, one recent editorial shared that story of a husband and wife who had been married for one year. The husband was waiting for a liver transplant and despite his precarious health situation the couple did not do any estate planning, thinking they had “plenty of time.” This would prove incredibly harmful for the family.

Improvement in the IRS Art Value Appraisal Services

Published on: August 1, 2012 | by Ettinger Law Firm

An appraisal is an expert assessment of the value of a particular asset at a given time. Many factors involved in the appraisal of a property can easily distort its value–overvaluing or undervaluing it.

The IRS uses appraisals in the process of assessing property taxes, which requires the appeal of experts in the subject. As such, the IRS’s Art Appraisal Services’ (AAS) job consists of assessing the value of works of art for tax purposes. Our New York estate planning lawyers work with families who have valuable art collections and whose tax burden is significantly affected by these appraisal services.

A recent article in Accounting Today discusses the IRS’ need to improve its appraisal of the value of art and the Government Accountability Office (GAO) report on the matter.

Massive Medicaid Fraud and Texas’ O.I.G Dollar Recovery Strategy

Published on: July 31, 2012 | by Ettinger Law Firm

Medicaid and Medicare frauds have been weighing heavily on states’ financial resources in the past years and New York is not an exception.

In the midst of solutions to this inter-state problem, eyes are focused on the Office of Inspector General at Health and Human Services Commission (O.I.G) – charged with investigating fraud among health care providers in Texas- who has revolutionized its method of dealing with frauds. Our New York Medcaid attorneys are intimately familiar with the important role the program plays in the lives of so many local residents.

The O.I.G’s strategy: A Fair Solution to Medicaid Fraud?

Medicaid and Pension Obligations Pressuring State Budgets

Published on: July 26, 2012 | by Ettinger Law Firm

A new report from the “State Budget Task Force” released last week found that two issues were by far the most pressing for state and local government budgets: pensions and Medicaid. The full report can be viewed HERE.

Chaired by former New York Lieutenant Governor Richard Ravich, the group creating the report examined six states (including New York). Much focus was placed on currently unfunded New York Medicaid and pension obligations. It is unsurprising that these two issues are at the top of the list, and our New York elder law estate planning lawyers know this is even more reinforcement of the vital need for residents to plan for retirement and elder disability issues on their own.

In issuing the report, Ravitch argued that the problems extend beyond the recession. Instead, the report claims that the underlying financial concerns are far greater than a simple drop in revenues and increased need for aid services due to the economic climate. Like all similar reports of this nature, the author claims vast structural changes are needed to account for the looming fiscal crisis.

DOMA Challenge Likely Headed to U.S. Supreme Court

Published on: July 25, 2012 | by Ettinger Law Firm

http://www.washingtonpost.com/lifestyle/style/edie-windsors-fight-for-same-sex-marriage-rights-continues-even-after-partners-death/2012/07/19/gJQARguhwW_story.html

In the wake of the passage of marriage equality laws in our state, many assumed that the issue was settled for New York’s same-sex couples–they would be treated the same as all other couples in our state. Not so. Our New York estate planning attorneys are acutely aware of the continued inequalities faced by these citizens. The problem is rooted in federal treatment of these couples with clear estate planning ramifications.

A 1996 law–the so-called, “Defense of Marriage Act” (DOMA)–forces the federal government to treat same-sex married couples differently than others. Breaking with long-standing tradition of recognizing all marriages legal in each states, the federal government explicitly defined marriage as not including same-sex couples. As a result, same-sex couples married legally in individual states are still considered strangers by the U.S. government. Obviously, this split recognition has negative consequences for the involved couples. All estate plans for these couples must continue to take this into account.

Federal Bill to Protect Seniors Advances in Senate

Published on: July 24, 2012 | by Ettinger Law Firm

Over the past two years there has been increased focus on the scourge of elder abuse in all its forms. Yet, the awareness effort has not led to any federal legal changes to help protect seniors from things like physical neglect at home to senior financial exploitation. That may soon change.

According to a report from the West Central Tribune, a bill in the U.S. Senate to help prevent these harms recently advanced out of the Senate Judiciary Committee. It passed out of committee on a 15-3 vote and will now be sent to the full Senate for approval.

Known as the Guardian Accountability and Senior Protection Act, the measure strengthens the tools available to states to provide proper oversight of guardians and senior conservators. This focus on oversight is critical, as New York elder law attorneys know that, at least when it comes to financial abuse, a lack of third-party monitoring allows the problem to go unnoticed.

Institute of Medicine Report: 1 in 5 Boomers With Mental Health Issue

Published on: July 18, 2012 | by Ettinger Law Firm

There is a tendency to underestimate the actual risk of suffering mental and physical disabilities as one ages. Everyone knows that seniors often face physical issues and others suffer from cognitive problems, but most relatively healthy individuals convince themselves that they are less likely to face those concerns down the road. In our area, this self-denial often means that individuals put off creating a New York elder law estate plan. The consequence is that many only look into the issue after suffering an emergency. Available options are always less attractive when planning in the face of immediate need.

Everyone needs to plan, regardless of their current mental and physical state. That fact was made even more evident following the release last week of a new report from the Institute of Medicine. Entitled, “The Mental Health and Substance Use Workforce for Older Adults: In Whose Hands?”, the project was commissioned by Congress to better understand the long-term mental health and wellbeing needs of seniors. The full report can be read HERE.

What were the findings?

Life in an Assisted Living Facility

Published on: July 13, 2012 | by Ettinger Law Firm

This week the Washington Post published an interesting, extended story seeking to share information on life in assisted-living facilities. The article, written by a man living in one of these homes, paints a grim picture of life for seniors needing extra day-to-day care. The text was adapted from a literary journal, The Feathered Flounder, which showcases work of people over sixty years old.

Each New York elder law attorney at our firm appreciates that it is important for local residents to understand the realities of long-term care so that decisions can be made as early as possible to plan for the ideal care.

The man in this case suffered from early-onset Parkinson’s disease in his 40s. For a decade he lived at his home, able to manage with at-home care. However, as his condition deteriorated, and he ended up in a wheelchair, the man decided to move into an assisted-living facility. He was only 53 years old. He admits knowing that it was a unique choice, considering that most residents were decades older and facing far more severe health problems.

Bizarre Estate Feud Leads to Drive By Shooting

Published on: July 12, 2012 | by Ettinger Law Firm

One of the more unique estate planning feuds in recent memory remains under investigation, three years following the death of the family matriarch that started the debacle. While few families descend into physical violence, our New York estate planning lawyers appreciate that this case is a stark reminder of the mix of extreme emotions often present in these cases.

According to a Seacoast Online report, when Eugenia Boies died in 2009 at the age of 96 she left a family fortune valued at $12 million. The estate had mostly passed to her when her longtime husband passed away in 2007. The family wealth originated on the husband’s side of the family, dating as far back as a Civil-War era gunpowder company. The wealth included over a million dollars in the bank, real estate in North Hampton, and millions in stocks.

Before her death Eugenia named her nephew, Peter, as one of three executors of her estate. Shortly after Eugenia passing, while the probate process was underway, Peter and his wife were awoken in the middle of the middle to a drive by shooting, with dozens of high-caliber bullets shot into the family’s bedroom. The family home was riddled, but fortunately the couple survived the ordeal.