New York Estate Planning & Elder Law Blog

Opioid Crisis at Home: Rise in Elder Abuse Tied to Opioid Epidemic

Published on: September 17, 2019 | by Ettinger Law Firm

This is the second post in a two-part series on the opioid crisis at home. Addiction, the subject of our first post, is not the only opioid-related impact on older adults. The following post will examine the rise in elder abuse tied to the opioid epidemic.

I assisted a client with the purchase of commercial real estate property and had the opportunity to talk to the sellers at the property closing. I was surprised to learn that the building had been a family restaurant, in business for nearly eighty years. I asked the sellers why they were selling their business. They told me that they could no longer keep running it. They continued to share that they have two adult children battling opioid addiction.

The dad confided further that their children used to break into their restaurant and steal steaks and seafood to fund their drug habit. They were tired of hiding their valuables around their children and were having a difficult time anticipating what they would raid next. When the kids started breaking into the business, they knew they could not keep it going. In addition, they have grandchildren that they are raising as the primary caregivers because their children and their partners were not able to care for the young ones.

Reasons to Routinely Update Beneficiary Designations

Published on: September 14, 2019 | by Ettinger Law Firm

Many of us don’t keep our assets in tangible items. Instead, many people’s assets are retirement accounts including 401(k)s, IRAs, and worker benefit plans.

One way in which retirement accounts differ from more tangible assets is that wills do not dictate how individual accounts are disposed. As a result, it is vital to make sure that beneficiary designations on individual retirement accounts are properly updated.

After all, there are a number of events including births and deaths, which can greatly impact a person’s estate plans.

Irrevocable Trusts and Divorce: Words of Caution

Published on: September 12, 2019 | by Ettinger Law Firm

A recurring theme in estate planning is that it is not a once and done activity. Instead, it is critical to revise estate plans following major life changes.

One of the countless life changes that many people still do not think necessitates changes to estate plans is divorce. In reality, divorce changes a number of things about asset ownership as well as forever alters plans that a couple might have for the future.

If you’re navigating the divorce process, you might encounter irrevocable trusts.

Important Details You Should Know about Federal Estate Tax

Published on: September 9, 2019 | by Ettinger Law Firm

The federal estate tax is a tax that is placed on a person’s estate after death.

While many people are familiar with this general concept, they have a number of more specific questions about what the federal estate tax does and does not include.

For one, many people confuse estate taxes with income taxes. One difference between these two is that estate taxes are not a tax placed on a person’s income.

Preventing Deed Fraud and Mortgage Scams

Published on: September 8, 2019 | by Ettinger Law Firm

New York Governor Andrew Cuomo signed a group of bills intended to increase consumer homeowner protections. By press release, the Governor’s office announced three important improvements in an effort to strengthen homeowner safeguards and close loopholes to prevent deed fraud and mortgage scams.

Unbeknownst to the homeowner, deed fraud occurs when someone steals your identity, forges your name on a deed, and takes title to your home. The homeowner only becomes aware of the fraud when a third-party tries to collect on a mortgage or debt. Seniors are often targeted as unknowing participants in mortgage scams, especially surrounding reverse mortgage products. The purpose of the scam is to steal the equity from your home. Beware of any offer for a free home, investment opportunity or foreclosure or refinance assistance. No reputable company will be calling you cold or knocking on your door with offers that sound too good to be true.

The new laws passed in New York to protect homeowners are as follows:

Divorce and Estate Planning: Advice to Follow

Published on: September 6, 2019 | by Ettinger Law Firm

It’s a tale as old as time. A couple is married for several years and during that time, the couple successfully grows a small business into a million dollar one. The couple’s marriage ultimately does not last and they divorce. Because the couple is still young, they do not have any estate plans. Tragedy strikes and the husband or wife does not survive. Because the deceased person’s will was never change, all of their assets are inherited by the estranged spouse rather than the deceased person’s family.

This story demonstrates why it is important to revise your estate plans during a divorce. In addition to making certain that estate planning advice is followed, this article reviews some of the other important advice that you follow after a divorce.

# 1 – Update Your Healthcare Proxy

Lessons Learned from Northport Health Services v. Posey

Published on: September 4, 2019 | by Ettinger Law Firm

The Eighth Circuit Court of Appeals in Northport Health Services v. Posey recently reversed a lower court’s decision to grant summary judgment in a wrongful death action. One son in the Posey family in this case had signed the admission agreement of his brother at a resident rehabilitation center owned by Northport, which included an arbitration agreement. Northport then sought to compel arbitration and the district court granted this motion. The brother then appealed claiming that the district court misapplied the third-party beneficiary theory to the case because there was no underlying agreement between the Posey family and Northport.

Making the decision to place a loved one in a rehabilitation center after they are in the hospital can be a difficult decision. Reviewing the associated terms of any agreements concerning a loved one’s care are just one of the many things that you should make sure to do. Fortunately, by following the advice below, this process can be made much easier.

# 1 – Plan for Discharge as Soon as Possible

How to Retain Control over Medical Decisions if You Become Incapacitated

Published on: August 29, 2019 | by Ettinger Law Firm

One of the great challenges of estate planning is that most of the decisions made will be carried out after a person is no longer alive.

For some people, this means that they need not worry about estate planning because they will not be around to see how it is carried out. Other people worry about estate planning and whether their wishes will end up being carried out for the exact same reason.

The primary focus of estate planning is leaving instructions for your loved and trusted family and friends to make sure that things are properly looked after following your death or incapacity. To make sure that your healthcare decisions are properly carried out following your incapacity, this article reviews some helpful steps that you should remember to follow.

Estate Planning Advice for Remarried Individuals

Published on: August 26, 2019 | by Ettinger Law Firm

No matter if you are in a second or subsequent marriage, individuals who have been previously married often face a number of unique issues that influence the estate planning process.

As a result, it is critical to take these factors into consideration when performing estate planning. By following these steps, a person can avoid a number of undesirable consequences including having unwanted beneficiaries receives assets.

The Role of Prenuptial Agreements

Deciding what State Law Should Apply to Your Trust

Published on: August 23, 2019 | by Ettinger Law Firm

There are a number of complex issues involving the creation and administration of a trust. One of these issues involves which state’s laws should apply to the trust’s administration.

The best estate planning lawyers often discuss with clients the differences between available estate laws so the best possible results can be reached. During this critical phase of estate planning, it is important to have a number of estate planning issues in mind, which include the following.

The Role of Non-Resident Trusts