New York Estate Planning & Elder Law Blog

5 Reasons to Make Sure Your Estate Plan is Routinely Updated

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

Writing an estate plan is important, but it is not a once and done process. Instead, an estate plan must be reviewed and kept up to date to reflect a person’s goals. Failure to adequately update an estate plan has the potential to result in some very serious obstacles. The purpose of this article is to discuss some of the important reasons why you should make sure to update your estate plan.

# 1 – Tax Laws Change Often

The 2017 Tax Cuts and Jobs Act had a substantial impact on estate planning law. There are also various other tax codes that change and impact tax issues related to estate planning. It is critical to make sure that an estate plan is frequently updated to take advantage of these revisions to the tax code as well as to avoid paying more in taxes than one is required.

Why is a Will Important? Part I

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

Most people should have a will. Wills are the legal mechanism for distributing property, naming guardians for children and exceptional individuals, and cancelling out debts, among other tasks. Having a will guarantees that you, rather than New York State, decide who gets your property and how your affairs would be wound down after you die.

In this series, we will explore all things that get done after a person dies to ensure that his or her final wishes are carried out in accordance with their will. Many people die without a will. There are laws in those instances too, that govern the distribution of property when individuals die without a will. The legal term for situations like that is intestacy. Someone who leaves a will before they die is legally known as the testator; while someone who dies without leaving a will is legally known as intestate. This series will be discussing testators and the distribution of property pursuant to a will only.

Understanding the language of probate

The Basics: 6 Common Estate Planning Errors to Avoid

Published on: June 3, 2019 | by Ettinger Law Firm

There are a number of myths that persist about estate planning. To perform successful estate planning, however, it is critical to learn which of these myths are incorrect. Unfortunately, one of the truths of estate planning is that errors have the potential to result in complications with the administration of a person’s estate. As a result, this article reviews some of the important errors about which a person should remain aware during the estate planning process.

# 1 – Failure to Name a Beneficiary

Even though many people understand the role of a beneficiary, failure to name a beneficiary can result in a number of substantial obstacles including delays and creditor issues. There is also a risk that failure to name a beneficiary will result in a person’s estate being administered in a way that they did not desire.

Deciphering Contradictory Nutritional Information

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

Every week it seems there is a new health alert about a new study of a common food item that directly contradicts nutritional norms. The latest to catch my attention was a story in USA Today linking hot tea to esophageal cancer. It starts with the headline, “Drink Hot Tea at Your Own Risk: New Study is Latest to Show Link to Esophageal Cancer.”

The summary of the study is much worse. The study in question was published in the International Journal of Cancer. It tracked the habits of more than 50,000 tea drinkers in a province of Iran. Over a 10-year period, 317 new cases of esophageal cancer were diagnosed. The study found that those who drank more than 24 ounces of tea a day at a temperature of 140 degrees Fahrenheit had a 90 percent higher risk for esophageal cancer.

From my experience, people either drink coffee or tea. Very few enjoy both equally. Iran happens to be a tea-drinking country. It is ranked 4th in worldwide consumption of tea, behind Turkey, Ireland, and the United Kingdom, the top three tea drinkers in the world. While this specific habit may be true in the lives of the 317 people that were diagnosed with esophageal cancer so is the province they live in. Could the environment have been a contributing factor? We will never know the answer to such a question because it was not studied.

How, Why, and When: On Revising an Estate Plan

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

There are several common myths about estate planning. One of these myths is that people who have small estates do not need estate plans. In reality, everyone has an estate. This means that even if you do not believe so or if you only have a small number of possession, it is important to remember that in the eyes of the law you still have an estate. As a result, if you do not have an estate plan, it is always a good time to create one.

A second common myth about estate planning is that it is a once and done process. Instead, a person should always make sure to periodically check an estate plan after it is created. This article explores some of the important facts that people interested in estate planning should know about making revisions to their estate planning documents.

Situations that Warrant Updating an Estate Plan

Using Trusts as an Alternative to Wills

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

Estate planning is never an easy process. Not only does estate planning force a person to face that they will inevitably pass away some day, the estate planning process also requires a person to meet a number of requirements.

Even though they are the most common type of estate planning documents, wills are just one type of tool that is available in the world of estate planning. In some cases, people discover that trusts are a much better option. As a result, this article reviews some of the primary reasons why people select wills instead of trusts.

# 1 – Trusts Save Money and Time

Loneliness

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

On April 5, 2019, Kathy Lee Gifford, the co-host of the fourth hour of the Today Show retired after 25-years working in daytime television. In an interview in AARP Magazine, she reflects on loss and loneliness. She states,

“If you’re not careful, what you’ve lost in life can define you. It’s so much better to be defined by what you still have, it’s just healthier. I’m making big changes in my life because I need to, really big changes that are feeding my soul. Otherwise, despair sets in and loneliness can be crippling.” | Kathy Lee Gifford

In the article, Ms. Gifford describes being a widow, losing her mother, and becoming an empty nester, all within months of each other. From a life full of others, she now finds herself home alone. To emerge from this cocoon, she next turns her attention to acting and singing.

Recognizing Current Challenges to Estate Planning

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

There are a number of threats that can change or even destroy estate plans. Three of the biggest current threats to estate plans include family conflict, market changes, and tax laws. These threats were articulated after a survey was conducted by TD Wealth at the annual Heckerling Institute on Estate Planning.

By understanding what these challenges to estate plans include, a person can better recognize the dangers that exist when creating a strong estate plan. With an appreciation of these risks, a person with the assistance of an experienced estate planning lawyer can also begin to implement solutions to solve these problems.

# 1 – Family Conflicts

What to Do if You Are Left Out of Your Parent’s Will

Published on: May 24, 2019 | by Ettinger Law Firm

Being left out of your parent’s will is a difficult pill to swallow. People are free to dispose of their property through a will as they see fit. Only spouses have some statutory protection against being cut-off from the other spouse’s will. If you are the child that has been cut-off from a parent’s will, what should you do? There are time sensitive steps you should take to understand what has happened, and if possible, contest the will. Note, that only family has the power to contest a will.

Obtain a copy of the will

The deceased person or testator who created the will has the final say on who gets what of his or her property. If the will has changed, it could be perfectly legitimate or have been done under duress or diminished mental capacity. The executor will be able to provide you with any previous versions of the will and a list of assets. If you cannot obtain a copy of the will before it enters probate, you are able to receive a copy from the probate or surrogate’s court.

Tips on Avoiding Will Writing Errors

Published on: May 22, 2019 | by Ettinger Law Firm

Estate planning serves a valuable purpose. Done correctly, estate planning can include all of a person’s end of life goals. If mistakes are made during the estate planning process, however, an individual can end up facing countless obstacles including paying more taxes and uncertainties about beneficiaries.

In an effort to avoid some of the most common will writing mistakes, this article reviews some of the important steps that should be followed during this process.

# 1 – Listing Specific Assets