New York Estate Planning & Elder Law Blog

Avoiding Confusion about a Family Plot

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

Nobody likes talking about what will happen after their death. But it is a universal truth that every one of us will die at some time, which is why it is absolutely critical to create a funeral plan. One of the best ways to make sure that your loved ones have as easy a time as possible following your death is to create a detailed plan addressing end of life issues.

Unfortunately, a 2017 report by the National Funeral Directors’ Association reveals that only 21 percent of Americans discuss details about their funeral with loved ones.

While it might sound grim, there are three elements of a funeral: preparing a corpse, holding a ceremony, and handling the internment. The purpose of this article is to review some important steps that you should make sure to follow when planning for what will happen at your own funeral.

Recognizing the Common Mistakes that People Make with IRA Accounts

Published on: August 7, 2019 | by Ettinger Law Firm

For many individuals, retirement accounts are one of the largest assets that they have to pass on to loved ones throughout estate plan. Without the assistance of a knowledgeable estate planning professional, however, it is very common to make mistakes including with IRA’s.

In the hopes of helping you avoid future mistakes involving IRAs, this article review some of the most common error. It is important to understand, though, that not even the best advice can replace the assistance provided by an experienced estate planning lawyer.

# 1 – Not Updating Contingent Beneficiaries

More Good Reasons to Add a Trust to Your Estate Plan

Published on: August 5, 2019 | by Ettinger Law Firm

Trusts are an excellent way to pass and preserve wealth privately. Two of the main benefits of using a trust to pass your assets – timeliness and cost – were explored in our previous post. Unlike the probate process that accompanies the settlement of an estate by will, a trust provides your heirs with immediate access to the trust benefits. The settlement of an estate passed by will can also gobble over 4% of an estate’s value, regardless of size. A third reason people use trusts to pass wealth is that they also enable the settlor, or donor, to minimize estate taxes, making more of your wealth available to your beneficiaries.

Married couples

The death of a spouse is devastating. Whether the death was sudden or after a long illness, one day you are married and the other day you are not. The deceased spouse wants to be able to provide for the living spouse, especially if the living spouse is battling a chronic health condition. Paying for your spouse’s living expenses and medical care and expenses, including long-term medical care is of paramount importance to the deceased spouse. Married couples can benefit from the establishment of a revocable trust.

5 Pieces of Estate Planning Advice for People Without Children

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

There are a number of myths that continue about exactly who needs an estate plan. For example, couples without high value assets can still benefit from estate plans.

Another common myth is that a person who does not have children has no need for estate planning. In reality, it is critical for everyone to create an asset plan to make sure that their wishes are carried out in the way that they deserve.

This article examines some of the important reasons why you should make sure to consider engaging in estate planning even if you do not have children.

Misconceptions about Power of Attorney

Published on: August 2, 2019 | by Ettinger Law Firm

Many people are familiar with the concept of “power of attorney”, but less have an idea about these documents operate. A power of attorney is used to give one or more individual the power to act on your behalf or as your agent in case something happens to you.

The powers granted through a power of attorney document can be limited in nature to specific activities or can a broad range of abilities. The powers granted through a power of attorney document can also be either temporary or permanent in nature.

The purpose of this article is to review some of the common misconceptions that people have about power of attorney documents and how they operate.

Adding a Trust to Your Estate Plan

Published on: August 1, 2019 | by Ettinger Law Firm

Trusts are an excellent method for individuals with substantial assets to pass their wishes and wealth to others or a charitable organization when they pass. The key to an effective trust begins and ends with documentation. The proper documents, when drafted carefully by a qualified attorney, ensures your beneficiaries will reap the benefits of the trust and its property. A trust will fail, if the documentation is improper, negating the settlor’s wishes.

What is a trust?

A trust is a legal document that contains the settlor’s final instructions about to whom his or her assets will pass when they die. There are three separate people involved in a trust creation, administration, and distribution: a settlor, trustee, and beneficiary. Their roles are as follows:

Things to Consider when Selecting a Person for Power of Attorney

Published on: July 31, 2019 | by Ettinger Law Firm

Most people are familiar with the concept of power of attorney even if they are not familiar with the various nuances associated with the estate planning process.

Power of attorney allows a person to appoint another individual as an agent who will make financial and health care cases in cases the person who created the document becomes incapacitated.

There are actually several different types of power of attorney documents. Fo example, durable powers of attorney which allows an individual to appoint someone to make financial decision, while contingent powers of attorney become effective once a person becomes incapacitated.

Advice on Successful Family Meetings after Divorce

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

Even after divorce, it is still important to get together with the people we love and value and the most.

The families of divorced parents, however, discover that these events are often stressful and that there is a substantial chance negative emotions can get in the way. When former spouses are capable of working together peacefully, however, these gatherings can be a part of any important event.

As a result, this article lists some of the tips and suggestions that you should follow to make sure that the process of family get togethers continues as easily as possible following a divorce.

Drug Prices Continue to Soar

Published on: July 28, 2019 | by Ettinger Law Firm

By all accounts drug prices continue to soar. According to a RX Savings Solutions Study, a heavily prescribed antidepressant, fluoxetine marketed as Prozac, has increased in price 879%. More than 3,400 drugs have increased their price in the first six months of 2019, representing a 17% increase from the year before. The Trump administration is trying to rein in the prescription drug prices, but at every turn prescriptions cost continues to rise.

In addition to fluoxetine, other commonly used drugs with big price increases so far in 2019 include:

Mometasone 0.1% Topical Cream. This topical steroid has increased 381% this year, Rx Savings Solutions found. Mometasone treats skin conditions like eczema, hay fever, and asthma.

Common Type of Estate Planning Mistakes (and How to Avoid Them)

Published on: July 27, 2019 | by Ettinger Law Firm

As estate planning professionals, we encounter a number of situations and are very familiar with the most common types of estate planning errors that people make.

No matter if these mistakes are the result of laziness or lack of care, errors in estate planning have the potential to create a number of substantial obstacles. For example, if a will is declared invalid, your estate might be administered in a way that does not conform with your wishes.

Hopefully by reviewing some of the most common types of estate planning mistakes in this article, you will be able to avoid them.