New York Estate Planning & Elder Law Blog

Updating Your Estate Plan around Divorce

Published on: February 1, 2020 | by Ettinger Law Firm

Deciding to get divorced presents several considerations. While things like what will happen to your children as well as where you will live are likely at the front of your mind, estate planning is likely something that you have not yet begun to consider.

It is a good idea to both review and update your estate plan around any changes in your situation. This includes changes in finances and divorce, but also major life events like divorce. To make sure that you revise your estate plan, this article reviews just a few of the most reasons why doing so is important.

# 1 – Divorce Takes Time

Driving to Canada for Cheap Prescription Drugs

Published on: January 30, 2020 | by Ettinger Law Firm

In the early 2000s it was common for groups of seniors in Michigan to travel to Canada by bus to buy cheaper prescription drugs. Church groups, community groups, and senior citizen groups routinely organized these trips to help people buy their prescription drugs. Prescription drug prices are the highest in the world. Across the board, all prescription drugs in the U.S. are higher than in any other country. There is no dispute from any American that prescription drug prices are high, even if an individual has a health insurance plan that covers all or part of their prescription process.

Plans to combat rising prescription drug prices

Combating rising prescription drug prices are an issue that has wide support among the American public. This past summer, U.S. Senator Bernie Sanders, running for U.S. President in 2020, traveled with a group of seniors to Canada to buy insulin, to build support for various proposals for lowering prescription drug prices in the U.S. The Trump Administration is working on a plan to import certain prescription drugs from Canada directly. A bill making its way through the U.S. House of Representatives is seeking to allow Medicare to negotiate down drug prices.

Making the Most of Your 401(k) in 2020

Published on: January 27, 2020 | by Ettinger Law Firm

If you’ve had a 401(k) for some time, you’re aware that each year many factors influence the value of contributions. 2020 is shaping up to be a great year to make contributions to a 401(k) plan. The Internal Revenue Service recently announced its 2020 limits for plan contributions.

Not only must employers make sure to make administrative changes to these retirements plan, but account holders should also similarly be prepared to do what it takes to make the most of their contributions.

What the Announcement Involves

Six Things to Do When Your Parents Do Not Have Retirement Savings

Published on: January 27, 2020 | by Ettinger Law Firm

There are many reasons, all quite valid, that people enter retirement with little to no savings. Prolonged medical illness, catastrophic life events, poor job prospects, or modest means, are just some of the many reasons that contribute to little to no retirement savings for many seniors. As children of such parents, there are steps you can take now that can lessen the economic impact of little retirement savings on your parent’s lives.

For starters, many seniors live with a child. The Harvard Health Letter analyzed data from the U.S. Census and concluded that close to 3.4 million people over the age of 65 were living with an adult child. Housing, for many people, regardless of age, is a big chunk of a person’s household budget. Living with an adult child can help seniors reduce and even eliminate such an expenditure. Solving housing issues is just one consideration.

Approach the issue of little to no retirement savings holistically. Begin the process with the goal of getting all of your parents’ financial affairs in order. Here are some tips you and your siblings can implement.

What To Do if There’s No to Receive Your Assets

Published on: January 25, 2020 | by Ettinger Law Firm

For many decades, discovering that a relative or loved one had passed away and left you something was only a good thing. Due to taxes and complications with real estate, however, it has become common for people to be hesitant if you find out that you’re someone’s beneficiary.

This presents the question of how to respond if someone does not want your estate or if you have no heirs or loved ones to name as a beneficiary.

Accepting an Inheritance is Not Required

What New Jersey’s Aid-In Dying Law Means for Estate Planning

Published on: January 23, 2020 | by Ettinger Law Firm

The state of New Jersey recently passed the Medical Aid in Dying for the Terminally Ill (MAID) Act. This law permits physicians to assist in the suicide of terminally ill patients following three requests by the patient to do so. To achieve physician assistance, one of the requests must be in writing. Following verification by a second physician, the treating physician can then prescribe medication for the rest of the patient’s life. While the law had controversial origins, it was later upheld by the New Jersey Supreme Court. While the law only directly impacts the state of New Jersey, it has implications for everyone in the country who is interested in estate planning.

New York’s Death with Dignity

The New York Medical Aid in Dying Act is currently under consideration by both the Assembly and Senate Committees. If passed, New York’s law would require that a patient who requested aid in dying medication must be at least eighteen years old, a resident of New York, mentally capable of making and communicating health care decisions, and diagnosed with a terminal illness that will result in death within six months. A patient who meets these requirements will then only be prescribed medication if:

Do you have the holiday blues?

Published on: January 23, 2020 | by Ettinger Law Firm

By now, many homes across the nation are decked out with holiday decorations. String lights are strung around trees, houses, and even apartment windows. Almost all retail shops contain some form of holiday decorations, from simple Christmas trees to menorahs, to elaborate Christmas towns.

While for many people the end of year holiday festivities is the most wonderful time of the year, for others it brings back unpleasant memories of holidays past. Instead of sparking joy feelings of sadness, isolation, and anxiety follow. Holiday lights in particular have been shown to conjure up unhappy memories.

Multiple studies demonstrate that holiday lights and decorations help people recall memories of earlier holidays, especially during early childhood years. If your memories are pleasant, feelings of joy, excitement, and fun to follow. If your memories are unpleasant, and even traumatic, feelings of sadness, isolation, and hurt follow. You may not be over your particular unpleasant memory. Especially if around the holidays you experienced a death in the family, went through a particularly bad breakup, or had a difficult childhood, holiday lights and decorations can be a harbinger of holiday blues.

Advice on Passing on Ownership in Family Businesses

Published on: January 18, 2020 | by Ettinger Law Firm

When a family business owner has the goal of passing on ownership in the business to the following generation, it is important to include details about business succession in your estate plan. The most challenging issue presented in many family business plans relates to identifying who will control the business. This article reviews some of the important pieces of advice that you should remember to follow if you are engaged in estate planning.

Planning in Uncertain Times

One of the most difficult aspects of business succession planning today involves the uncertainties of federal estate tax law. Under existing federal estate law, every citizen of the United States in 2019 can give during their lifetime or at death a maximum of $11,400,000. This amount is often referred to as the “basic exclusion amount”. Without Congressional intervention, the Exclusion Amount is set to be lowered on January 1, 2026. Given that federal estate tax law is as advantageous it has ever been and that this policy will not last forever, many business owners have decided to take advantage of these laws while they can.

Deciding which IRA Works Best for You

Published on: January 16, 2020 | by Ettinger Law Firm

Deciding which type of IRA works best for your estate plan can be challenging. While Roth and traditional IRAs are the most common types of retirement accounts, there are other options that you should consider as well. These lesser-known accounts can provide numerous tax advantages based on a person’s situation. This article reviews the six most common types so that you can begin considering which retirement account works best for you.

# 1 – Traditional IRAs

The most popular type of retirement savings account, there are several reasons why traditional IRAs are so common. Contributions are deductible from a person’s current income and consequently lower the individual’s taxable income for a year. Withdrawals from the account are then taxed at the tax rate at that time.

Deciding What Role Your Home Plays in Estate Planning

Published on: January 13, 2020 | by Ettinger Law Firm

One of the major elements of most estate plans is deciding how to handle your home. For many families, a home is among its most valuable assets. While everyone can benefit from an estate plan, it is particularly that homeowners create a plan.

To make matters more complex, there are many estate planning strategies to choose from when it comes to deciding what to do with your home. This article reviews some of the various strategies used to pass on ownership of a home.

# 1 – Probate