New York Estate Planning & Elder Law Blog

3 Facts about Estate Planning Challenges After Mayberry

Published on: February 23, 2021 | by Ettinger Law Firm

In the 2020 case, In the Estate of Mayberry, a Texas court ruled that the common-law wife of a deceased individual who died interstate lacked standing to remove the deceased’s daughter as an independent administrator.

The court’s ruling was based on the perspective that the deceased’s daughter was not an “interested” party following a settlement agreement between the daughter and the deceased’s common-law wife to voluntarily release all of the daughter’s rights in the estate.

Under the terms of the agreement, the daughter agreed to accept $2,000 as “consideration” for the settlement and release of all claims to any part of the deceased individual’s estate. The daughter later argued that she did not release her right to receive an inheritance from the estate but had only released “claims” against the estate. The daughter argued that her right to receive an inheritance from the estate was not a claim against the estate.

3 Estate Planning Lessons from Prince

Published on: February 18, 2021 | by Ettinger Law Firm

The estate planning dispute that occurred following Prince’s death in 2016 has arisen again after the Internal Revenue Service determined that Prince’s estate is worth approximately $163 million or twice what Prince’s estate representatives reported on his estate tax return. This difference resulted in approximately $39 million of penalties and interest being placed against Prince’s estate.

This discrepancy is not the first time that the estate of a deceased celebrity has been undervalued. For example, following Michael Jackson’s death in 2009, representatives claimed that a likeness of Michael Jackson was worth $2,105. The artist’s fortune had dropped substantially in the years before his passing as a result of child molestation claims. Michael Jackson’s estate was also reported to be insolvent with assets estimated to be worth $236 million with debts of approximately $500 million. The Internal Revenue Service, however, later disagreed and valued Michael Jackson’s likeness at approximately $435 million. Michael Jackson’s estate later disputed this valuation and the case is still pending.

What happens next with the valuation of Prince’s estate will be decided on by the United States Tax Court. This article reviews just two critical lessons that everyone should understand about the valuation of estate assets.

4 Tips on Navigating a Loved One’s Dementia

Published on: February 17, 2021 | by Ettinger Law Firm

Data compiled by the Centers for Disease Control and Prevention show that more than 16 million Americans care for someone who has been impacted by dementia. Caring for a person that you love who has dementia can require specific care techniques to make sure that the loved one functions in the best way possible.

While it’s not a specific type of disease, dementia can impact various aspects of a person’s emotional and physical well-being. These changes can make caring for a person with dementia stressful as well as painful.

As a care provider, it can prove helpful to understand some tips for making sure you provide your loved one afflicted with dementia with the best care possible.

3 Details to Remember about Signing Estate Plans Remotely

Published on: February 12, 2021 | by Ettinger Law Firm

The coronavirus pandemic has substantially altered the way that we engage in business. There are, however, ways to sign estate planning documents remotely without needing to be in close proximity to anyone.

To better prepare you for navigating the estate planning process remotely, this article reviews some important details that you should remember.

# 1 – Executive Order No. 202.7

5 Tips on Navigating Elder Law – Estate Planning After a Divorce

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

Adequate estate planning is a critical part of the divorce process, but it is frequently overlooked because people are worried about navigating many other aspects of the divorce process.

Careful attention should be paid to the complex issues that arise when handling estate plans where a divorce action is either pending or has been finalized. You should continuously review and update your estate plan after separation and before filing a divorce complaint as well after filing a final decree of divorce.

To make sure that you engage in sufficient estate planning after a divorce, this article reviews some key strategies that you should make sure to review so you have the best chance possible of protecting your wishes after divorce and separation.

3 Things to Remember About How Adoptions Impacts Estate Planning

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

Many families in New York, as well as the rest of the country, are considered “blended”, which means that many families bring children from previous relationships into new relationships or marriages. Whether or not a family is blended can end up influencing how families should structure estate plans to achieve various goals.

Under New York law, an adopted child is treated identically to how biological children of the adopting parent are. There are, however, unique issues to consider when it comes to adoption and estate planning. Some of these key concepts are discussed in this article.

# 1 – Establishing a Trust

3 Tips on Estate Planning During a New Presidential Administration

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

Recent and substantial changes in the country’s executive and legislative branches have many people curious about how the estate and gifts tax will be impacted as well as when such changes will occur. During his campaign, President Biden pledged to cancel many tax policies implemented by President Trump.

Most noticeably, in response to the Tax Cuts and Jobs Act of 2017, President Biden had promised a much more progressive approach focused on increasing the tax burden of high-income individuals.

What Tax Changes Are Likely

3 Critical Things to Remember about New York Holographic Wills

Published on: February 4, 2021 | by Ettinger Law Firm

In the recent case, In the Estate of Hohmann, a person passed away without leaving an executed will. The deceased man’s caretaker, however, found a handwritten document where the deceased man stated his wishes for his assets. The deceased’s cousin later applied to probate the handwritten document like a written will. An heir of the deceased man later filed an opposition to the probate process. The trial court then granted summary judgment for the opponent and the applicant appealed.

The court of appeals subsequently held that valid wills must be in writing, signed by a testator, and attested by two or more credible witnesses. Even if a document does not meet these requirements, however, it can be admitted to probate as a holographic will if it is handwritten entirely by the testator and the testator placed a signature or initials on the document to execute it.

The court then held that the document had not been signed and was not valid. The court also noted that while signatures can be informal and that the location of signatures is of secondary importance, the testator must intend his name or mark to constitute a signature. In this case, however, the court found no evidence indicating that the testator intended the phrase to be used in such a way. The court also found that when the written document is viewed as a whole, the testator’s signed names bore no connection to any other provisions in the document.

3 Pieces of Advice on Estate Planning for Your Digital Assets

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

One of the biggest changes to estate planning over the last few decades has been the increase in the number of estates that own digital assets. If you fail to create plans for how your digital assets should be handled after your incapacity or death, undesirable consequence could occur involving the asset. In some situations, your family or loved ones might even be blocked from accessing an account.

With a properly written digital asset plan, you can make sure that your digital assets are adequately handled in case something happens to you. This might mean that the assets are deleted or transferred to the ownership of someone else. The best-written estate plans can also make sure that your services are sufficiently closed if something happens to you and that these assets do not continue to train money from your estate. Additionally, a plan guides what you would like done with your digital assets as well as your online presence.

In the hopes that it will help you gain control over the future of your digital assets, this article reviews some critical things that you should remember about creating an estate plan for your digital assets.

Important Issues to Consider About Federal Estate Tax in 2021

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

As we enter into 2021, the country remains in a state of flux. Following the United States Presidential election in November 2020, the beginning of January also saw the Georgia run-off which involved two seats in the United States. While the Republican Party had 50 seats in the Senate before the run-off and Democrats now hold 48 seats, this number after the election changed to 50 seats for the Republican party and 50 seats for the Democrats as well as a tie-breaking vote by Vice President-Elect Kamala Harris as the president of the Senate in favor of the Democrat party. This change in political administrations in the country will almost certainly result in some substantial changes not just the federal estate tax but also other critical estate planning issues.

How the Change in Political Administrations Will Impact Estate Tax Planning

Firstly, certain provisions are already slated to disappear from the law. Other provisions are attainable as part of the give and take of the legislative process, while a third group of legislation is unlikely to be introduced out of concern of alienating voters in the 2022 elections. Some of the provisions likely include: