New York Estate Planning & Elder Law Blog

Answers to Some Common Nursing Home Problems

Published on: September 7, 2021 | by Ettinger Law Firm

Deciding how to best care for elderly parents is never easy, particularly when they face difficulties in performing daily living activities for themselves. In an effort to resolve your responsibilities as well as meet your parents’ needs, you can unexpectedly end up facing various challenges, particularly if your loved one resides in a nursing home. Data currently suggests that only 4.5 percent of older adults or 1.5 million people live in nursing homes.

At the end of the day, you likely desire for your parents to reside in a facility which may very well be a nursing home where they will be able to thrive as well make the most of their remaining time. With these issues in mind, it’s a good idea to review and plan around all aspects of nursing home life.

Adapting to a Schedule

What You Can Do Now to Protect Your Loved One from Elder Abuse

Published on: August 27, 2021 | by Ettinger Law Firm

A study conducted by researchers at Cornell and the University of Toronto recently found that over 1 in 10 older adults in the state of New York is at risk of becoming the victims of elder abuse over the next decades. Poor health has been determined to be a major risk factor in abuse. Black elderly individuals are also reported to be at a greater risk of financial abuse.

The study, Estimated Incidence and Factors Associated with Risk of Elder Mistreatment in New York State, tracked abuse over time among hundreds of older adults who had not previously been abused. The study subsequently determined that elder abuse is widespread. The research followed elderly adults over a 10 year period.

While the study only examined New York state, the researchers who performed the study have commented that the results are likely to be indicative of the conditions that exist in the rest of the country.

Estate Plans Are for Everyone (Not Just the Extremely Wealthy)

Published on: August 26, 2021 | by Ettinger Law Firm

A variety of myths linger about estate planning. One of the most enduring of these myths is that estate planning is only for the wealthy. In reality, however, estate plans perform countless functions and all adults need them. Estate planning is not simply something that a person needs when they pass away to manage their property. Estate planning does this important task but also performs other valuable functions like planning for your potential incapacity. As people age, the chances that they will need help from someone else later on in life rise substantially. Furthermore, mishaps and tragic illnesses can also occur despite a person’s age. This article reviews some critical reasons why most people, regardless of age, need some type of estate plan.

Healthcare Decisions

All adults can benefit from creating a healthcare directive that addresses who will make healthcare decisions for the individual if they are incapacitated or otherwise not able to do so. A healthcare directive establishes a person’s choices regarding, and other issues like pain medication, organ donation, and other issues that must be decided if a person is incapacitated and cannot care for himself or herself. The person who is appointed as a healthcare agent will also be tasked with making difficult end-of-life decisions involving cremation and burial.

Estate Planning Issues to Address New Texas Proposals

Published on: August 11, 2021 | by Ettinger Law Firm

In May 2021, the Biden Administration announced its “Green Books” which includes a summary of the administration’s tax proposal. Even though this is just a proposal and not actual legislation, it’s critical to understand that the administration is focused on taxing high net worth individuals at a higher rate than the previous administration.

Most notably, this proposal does not include an increase in the estate tax or federal gift rates. Several other important proposals, however, would greatly alter the fundamental aspects of estate planning strategies by substantially reworking capital gain taxation regulations. It remains uncertain, however, whether the proposals in this “green book” will end up being passed into legislation. The proposed date at which these measures will become effective is January 1, 2022, though. To better prepare you for what lies ahead, this article reviews some important details to understand about the proposed changes.

Treat Gifts of Appreciated Property as Realization Events

Ways You Can Utilize Life Insurance In Your Estate Plan

Published on: August 9, 2021 | by Ettinger Law Firm

If you’re planning on making the most of estate planning, you should focus on what your goals are as well as how you can best achieve them. Life insurance plays a critical role in the estate plans of many people. To make the most of life insurance, however, it’s a good idea to first articulate your goals then consider how life insurance could help you achieve these goals. This article can review some of the most helpful ways that you might decide to use life insurance as part of your estate plan.

Replacing Income

Many people obtain life insurance as a way to replace income and make sure that loved ones still have funds as well as the ability to remain at home. If you’re in your peak earning years, which run from 35 to 55, income replacement is particularly critical to consider. While the risk of death might be low for a person at this age, death has the greatest potential to impact the lives of those around you. There will be a substantial amount of your challenges for your loved one to face if something happens to you.

A Review of Conservatorships Following the Britney Spears Case

Published on: August 6, 2021 | by Ettinger Law Firm

Much attention has been paid the last year to the conservatorship of Britney Spears. A judge this year recently denied a

request to remove Spears’ father as her conservator. Consequently, some people expect that Brittney Spears will soon seek for the court to end her conservatorship entirely. Due to this case, many people have begun to consider whether a conservatorship might be right for them or their loved one. This article reviews some of the most common questions that people have about conservatorships and the role that they can play in estate planning.

What A Conservatorship Is

Be Aware! Recent Estate Planning Scams

Published on: August 5, 2021 | by Ettinger Law Firm

Whether it’s the internet or on television, estate planning strategies and offers are common to encounter. Whatever strategy you end up selecting, your intentions should be captured in your estate planning documents. It’s also a good idea that no one takes advantage of you and you do everything possible to avoid participating in a fraudulent estate planning scheme. To better prepare you for the various estate planning scams out there, this article reviews just a few of the most common types of estate planning fraud about which you should be aware.

# 1 – Imposter Scams

The most expensive type of scam, imposter scams, involves fraudulent individuals who pretend to be someone you trust. This individual then tricks you into transferring over assets or personal information. These scammers are known to threaten arrest or adverse legal action if their orders are not followed. If you receive a call from anyone claiming to be part of a government organization, you should promptly dismiss it as a scam and hang up. These organizations are not known to make threats over the phone.

Taking Rising Healthcare Costs into Consideration

Published on: August 2, 2021 | by Ettinger Law Firm

TD Wealth recently released a survey of estate planning experts who report that health care costs are now the biggest threat to estate planning. While only 7% of estate planning experts reported this information in 2019, 22% of estate planning professionals cited health care costs as at the forefront of estate planning concerns. Additionally, concerns about market volatility rose substantially from last year. Family conflict fell from 25% in 2020 to 10% this year. Over the course of previous years, TD Wealth reported that the most common cause of family conflict was the failure to communicate estate plans with family members. The number of family conflicts fell substantially in 2021. The study also reported that 89% of estate planners reported female clients losing jobs, leaving the workforce, or facing salary cuts due to the pandemic. As a result, a large number of female clients made changes to their financial situation. Women have been negatively impacted more than men due to the COVID-19 pandemic.

Prepare for How Much You Will Need in Health Care Costs

An average retired couple age 65 in 2021 needs approximately $300,000 saved after taxes to cover health care expenses that they face during retirement. This amount, however, can vary substantially based on when you retire as well as your health later on in life. The sooner that you can prepare a plan for how you will pay these costs, the better. The amount that you need also depends on what type of financial accounts you use to pay for your healthcare.

Advice on Helping Your Loved One with Estate Planning

Published on: August 1, 2021 | by Ettinger Law Firm

Estate planning is a fundamental aspect of any thought-out financial plan, but when it’s your loved ones who need to create a plan, it can be challenging to discuss this issue. One reason it’s difficult to discuss estate planning with a loved one is that this often involves confronting sensitive issues including that not all of us will live forever. While it’s most common for adult children to help elderly parents with estate planning, this is not always the case. In reality, people of any age who care about one another can help each other with estate planning. If you’re debating navigating the estate planning process with a loved one, there are some helpful pieces of advice that you should remember to follow.

Approach Helping Your Loved One in the Right Way

If a loved one refuses to get his or her estate plan in order, one proven strategy that can help is obtaining the assistance of any financial professionals who your loved one trusts. These professionals can often recommend estate planning attorneys who will be a good match for the needs of your loved one. If your loved one does not have this type of estate planning help in place, you should prepare to attend the first meeting with your loved one’s estate planning attorney to make sure that this proceeds as smoothly as possible. Also, while approaching your loved one about estate planning, you should remember that it’s a good idea to force your loved one into making a decision. Instead, it’s best to take a gentle approach that your loved one considers estate planning.

5 Estate Planning Errors to Avoid if You Remarry with Children

Published on: July 30, 2021 | by Ettinger Law Firm

Second marriages can help individuals cope with the pain associated with losing a spouse through death or divorce. If other beneficiaries are involved, you should consider what will happen to your assets after you pass away. You cannot guarantee that everyone in a blended family will be happy with the arrangements associated with your second marriage. Fortunately, however, it’s possible to avoid some mistakes so your family does not lose out on receiving an inheritance. With adequate estate planning, you can also make sure that your former spouse does not receive an inheritance if you do not intend so. To better prepare your estate if you’re in a second marriage, this article reviews several estate planning tips that you should consider utilizing.

# 1 – You Don’t Have to Treat All Heirs Equally

Most spouses do not marry while they are in equal financial positions. This is even more true for second marriages. If your new spouse moves into your residence, you might want your children to receive proceeds when your home is sold instead of your new spouse. Remember, in these situations, there is no established order that your assets must pass on equally to your children. There are various reasons why you might decide to treat your children unequally including children with disabilities, children who suffer from gambling conditions, or various other factors.