New York Estate Planning & Elder Law Blog

4 Estate Planning Techniques to Consider During the Covid-19 Pandemic

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

The pandemic has created substantial challenges for many people and disrupted countless facets of daily living. Low-interest rates and depressed asset values, however, have created an ideal situation for estate planning. If you’re interested in planning for the future, there are some unique estate planning strategies that you should consider utilizing. This article reviews just a few of the most potentially helpful techniques that you should consider using during the Covid-19 pandemic.

# 1 – Annual Gift Tax Exclusions

This amount refers to the amount that a person can give away each year without being subject to taxes. Currently, a person can pass $15,000 in assets tax-free to any person in any one year. This amount applies to how much can be given to one individual, which means that a person could make an unlimited number of gifts below this amount to various people without being subject to taxation.

5 Mistakes in Trusts Or Wills that Courts Might Correct

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

The value of carefully drafting a trust or will is emphasized by understanding the limited situations in which a court corrects mistakes that might arise in trusts or wills. The court’s response varies based on not the jurisdiction, but also often the type of estate planning mistake that was made. This article reviews some critical details to understand how New York courts various estate planning errors.

# 1 – Distinguish Capacity and Undue Influence from Mistakes

If a mistake is the result of the lack of competence by the testator or if the testator under the undue influence of someone else, courts often apply a different test to assess whether the will or estate planning document should be set aside. It’s sometimes the case that the concepts of undue influence, fraud and mistake are joined together, which can lead to substantial confusion.

3 Questions about Guardians After Framing Brittney

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

Following the recent documentary, Framing Britney Spears, as well as the increased media focus on the matter, Brittney Spears has become a common subject of conversations in 2021. It’s not Spears’ music this time that’s making headlines, though, it’s Spears’ conservatorship.

In 2008, Spears’ father was appointed conservator for Brittney’s financial and personal decision. Over a decade later, a professional fiduciary was appointed to assume Mr. Spears’ position due to health issues the elder Spears currently faces.

Based on allegations, Ms. Spears’ conservatorship still exists but Ms. Spears no longer wants her father to function in such a role. Following a February 2021 hearing, a judge decided that Ms. Spears’ father as well as the professional fiduciary would share conservator roles.

3 Things to Consider about Handwritten Wills in New York

Published on: March 8, 2021 | by Ettinger Law Firm

Following his passing on January 23, 2021, Larry King’s widow remains locked in a dispute with the late celebrity’s son concerning the distribution of King’s assets. While estate battles are often challenging, this case is particularly complex for several reasons. One, a divorce was pending between Larry King and his widow. Additionally, King’s widow alleges that she recently discovered the late celebrity had a “secret” bank through which he gave over $266,000 to his son.

On February 10th, Larry King’s son filed an ex parte application to become the special administrator of his father’s estate. In support of his argument, King’s son submitted a holographic will that’s dated two months after King filed for divorce in 2019. King’s more formal will, however, names his widow as executor of his estate. King’s widow also argues that the late celebrity didn’t act like he wanted a divorce and that the couple had gone to counseling.

Much consideration has been given to Larry King’s holographic will. The one-page document is dated October 17, 2019, and states that Larry wants 100 percent of his funds to be divided equally among his five children and that the will should replace all previous writings. King’s widow argues that even if this document is found to be valid, it will change little. King’s widow also argues that during the last few years of his life, King was highly susceptible to outside influences, and at the time he executed the holographic will was of questionable mental capacity. As a result, King’s widow requests the court to reject Larry King’s son’s petition to be appointed special administrator and to deny admission of the holographic will.

5 Things to Consider About Nursing Home

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

Data reveals that approximately 70% of all adults in the United States who will live to the age of 65 will require long-term care. Because many of these older adults do not require the full degree of care provided by nursing homes or have limited finances, it is important to realize that alternatives to nursing homes exist.

# 1 – Assisted Living

Assisted living facilities are often an excellent solution for elder individuals who want a mixture of both privacy as well as community interaction.

4 Pieces of Advice About Selecting an Assisted Living Facility

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

Assisted living facilities provide elderly individuals with a stepping stone between independent living and the more intensive care provided at nursing homes. Elderly individuals can receive assistance with things like cooking, cleaning, and hygiene at assisted living facilities while still maintaining personal independence.

Deciding whether your loved one would benefit from an assisted living facility, however, is a complex process. As a result, this article reviews just some of the most critical factors that should be reviewed when deciding whether your loved one should be placed in an assisted living facility.

# 1 – Size

5 Tips on Caring for a Long-Distance Aging Parent

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

Trying to care for an aged parent is a challenging and sometimes impossible-seeming task. Whether you live a few hours away from your parent or on the other side of the country, it’s common to end up whether you are providing your parents with adequate care.

As a result, this article reviews some helpful tips to make sure that you provide the best long-distance care possible for an aging parent.

# 1 – Decide What You Can (And Can’t) Do

2 New Tax Changes that Will Impact Your Estate Plan

Published on: March 3, 2021 | by Ettinger Law Firm

With the implementation of the Biden administration in the country, various changes are likely to occur including several related to estate planning. One change involves a reduction in the estate tax exemption while a second revision to estate planning law is an elimination of the basis step-up for inherited property.

While these changes are likely to occur, it is difficult to both predict what repercussions this change will have as well as when these changes take effect. To better prepare people interested in creating successful estate plans, this article reviews some critical details to understand about these approaching changes.

Preparing for the Elimination of Basis Step-Up

4 Ways to Care for a Loved One in a Nursing Home

Published on: February 28, 2021 | by Ettinger Law Firm

There are more than 40 million family members in the United States who act as caregivers for loved ones. There are also many ways to provide the requisite care for your aging loved one.

If you recently placed a loved one in a nursing home, you’re likely still getting comfortable with the idea that your loved one will reside in a nursing home. You likely also want to make sure that your loved one receives the best care possible while there.

As a result, this article reviews some helpful strategies that you can follow to make sure your loved one in a nursing home receives the appropriate care.

4 Critical Estate Planning Actions to Take While You’re Still Healthy

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

No one likes thinking about what will happen when their health begins to decline or what that person’s loved ones will do following their death. Failure to engage in adequate planning now can leave your loved ones in an undesirable situation and can also greatly increase the chances that these individuals face anger and confusion after you pass away.

You can help to avoid these undesirable results by taking sufficient actions while you are still able to do so. To hopefully push you towards making the appropriate estate planning decisions, this article reviews some of the most critical estate planning decisions that you should make today.

# 1 – Appoint an Executor