New York Estate Planning & Elder Law Blog

Advice on Avoiding Estate Planning Fraud

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

Three people in Ohio were recently convicted on multiple charges related to a scheme associated with creating and probating a fake will that left the entirety of a $2.2 million estate to a beneficiary and revoked an earlier will the deceased person had executed in 1993. In an additional twist, the person who forged the deceased individual’s signature on the fraudulent will acted as a government information after his request for $50,000 to remain silent was denied.

This plot was discovered following a series of 171 withdrawals for less than $10,000 which caught the attention of the Internal Revenue Service. A trial resulted which saw forensic witnesses who examined the signature on the will. As a result of this conviction, the three individuals will not face jail time.

The Overwhelming Rate at which Estate Planning Fraud Occurs

Estate Planning Advice for Investors

Published on: June 21, 2019 | by Ettinger Law Firm

Many investors focus on amassing as large a savings as possible, but some also want to create an estate plans to make sure that these assets are passed on to loved ones.

By following some proven strategies, it is possible to reduce the amount of associated estate taxes. The biggest mistake that investors make when estate planning is failing to understand the rules. If accounts are not properly created, there are a number of unwanted events that can occur.

As a result, if you are an investor who is interested in passing on your assets, you should make sure to follow the recommended tips below.

Can I gift a digital asset?

Published on: June 19, 2019 | by Ettinger Law Firm

This post provides an overview of digital assets by defining what a digital asset is and why digital asset planning is so important during the estate planning process.

Digital asset defined

A digital asset is an electronic record in which an individual has a right or an interest. Presently, the term digital asset, does not include the underlying asset or liability unless that asset or liability is itself an electronic record.

Lessons Learned from Hegadorn v. Dept. of Human Services

Published on: June 19, 2019 | by Ettinger Law Firm

The Michigan Supreme Court recently decided the case of Hegadorn v. Dept. of Human Services, which involves the Medicaid spend down process.

A “spend down” in this context refers to the process of reducing the assets of a person applying for Medicaid so the individual qualifies for Title XIX Medicaid coverage. Spend down also refers to reducing a Medicaid applicant’s monthly income so a person’s income makes them eligible for Medicaid.

How the Three Cases in Hegadorn Arose

Common Lies that People Hear about Estate Planning

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

It’s understandable that people avoid estate planning. Plotting for what happens after we die can be a scary and uncomfortable thought process.

To make sure that you receive the best care possible and that your loved ones receive assets from your estate, however, it is critical to create an estate plan that will be able to successfully carry out your wishes.

To avoid having to perform estate planning, there are a number of lies that people tell about themselves. By understanding the truth behind these lies, it is possible to greatly increase your chances of making the estate planning process as successful as possible.

Types of Will Gifts or Bequests

Published on: June 16, 2019 | by Ettinger Law Firm

As estate planning attorneys, we often meet prospective clients who understand the benefits of making a will and why it needs to be part of their estate plan. Their initial interest in a consultation is understanding the mechanics of the process – how is a will actually prepared. There are many do-it-yourself will forms available for sale in the office products section of many retailers and online. The problem with these options is that they do not offer legal advice related to how you should prepare your will. Because these options try to create a one-size fits all document, if your property or assets don’t fit within one of the categories, you are back to square one trying to understand how your will should be prepared.

A will is the legal method to gift heirs, friends, staff, and institutions upon your death. You will have to decide what property or asset to gift and to whom. As the world becomes more digital it is important to understand what a digital asset is and know whether it can be gifted or bequeathed in a will. Here, is what you need to know about making will gifts.

Four types of will gifts

Avoiding the Common Errors Presented by Online Estate Planning Documents

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

Our experienced estate planning lawyers have helped a number of people create estate plans that can be used to carry out their wishes. We have also encountered a number of clients who attempted to create online estate planning documents, but who ended up facing expensive and substantial obstacles.

Do it yourself estate planning documents, however, can contain a number of shortcomings ranging from small errors including typos to much larger mistakes including estate planning documents that miss critical estate plan clauses.

The Challenge Presented by Online Estate Planning

Finding Digital Assets When the Will Is Silent As to their Existence

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

This is the second part of a series on the estate administration process and tasks an executor must perform in order to carry out the wishes of the deceased person’s will. The first step is obtaining a declaration that the will is valid. The second step is having the Surrogate’s Court appoint the executor, as designated in the will, as the legal administrator of the estate.

For decades now, we have been told that we are living in the digital age. Some early adopters gadgeted up and have a digital life rich with videos, texts, photos, online accounts, and even friends that exist in digital spaces. Many wills are absolutely silent as to the existence of digital assets. Nonetheless, in administering an estate, the executor will be tasked with investigating whether the deceased person maintained any digital assets and then disposing of those digital assets. This post will discuss the special problem of digital assets when the will is silent as to their existence.

The mailbox chronicles

Examining the Truth behind 4 Long Lasting Estate Planning Myths

Published on: June 11, 2019 | by Ettinger Law Firm

Estate planning is one of the least understood areas of law. One of the commonly overlooked parts of estate planning is the number of people who have the potential to benefit from proper estate planning. The great value of estate planning is not that lets people define their legacies, it also lets people decide the impact that their wishes have on the people they love.

Estate planning also enables people to provide important instructions about health care decisions as well as who will be responsible for making these decisions. In an effort to further explain the truth behind some of the longest lasting and most widely shared estate planning myths, this article explains some of the important details that you should understand about this process.

# 1 – Estate Planning is Only for the Extremely Wealthy

Five Things to Share about Your Estate Plan

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

It is important to share details about your estate plan with your loved ones so that they can do their best to make sure that your estate goals can be carried out. Deciding what to share, however, can be difficult. This article discusses several of the important things that you should make sure to tell your loved ones about your estate plans.

# 1 – Whether You Have An Estate Plan

It is important to inform your loved one about any basic estate planning documents that you might have including a last will and testament, power of attorney, health care proxies, or a living will. You might have even decided to create a trust to pass assets to beneficiaries. You should also tell your loved ones about any advance directives including financial or health care powers of attorney that you might have created to address any issues of incapacity.