New York Estate Planning & Elder Law Blog

Medicare for All or Medicare at 50? Expansion of Medicare and Medicaid, Part 2

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

We are examining proposals at various stages of the legislative process to expand Medicare and Medicaid healthcare coverage to either provide universal healthcare coverage to all Americans or expand eligibility of individuals currently not covered by the Affordable Health Care Act.

Our last post examined two proposals to expand Medicare and Medicaid by introducing universal health care coverage or allowing individuals to buy a private plan using Medicare and Medicaid efficiencies and cost-savings to Americans.

Elimination of employment-sponsored healthcare plans

Are Electronic Wills the Wave of the Future?

Published on: March 13, 2019 | by Ettinger Law Firm

Electronic wills have the option of providing a variety of important benefits to individuals who are interested in the estate planning process. Considering the tendency of many individuals to delay issues related to estate planning, electronic wills provide individuals with an opportunity to quickly create a legal document that decides how their assets should be divided following their death.

Weaknesses in Electronic Wills

There are some dangers that exist in using an electronic will, which must be addressed before these wills are capable of being used before individuals. A skilled estate planning attorney, however, is often able to help individuals navigate these various issues which include the following:

Medicare for All or Medicare at 50? Expansion of Medicare and Medicaid, Part 1

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

Medicare at 50 is a bill currently making its way through Congress that would allow anyone over 50 to buy into Medicare. Proponents of the bill want people between the ages of 50 and 65 to be able to purchase a private Medicare health insurance plan and obtain the same tax credits and cost-sharing subsidies as those offered under the Affordable Healthcare Act.

Medicare is a national health insurance program for Americans 65 and older that helps individuals pay for medical care and treatment, including hospitalizations, nursing home care, prescription drugs, and medical supplies and equipment, among others, as they age and retire. Medicare is not free. Seniors pay an annual deductible and are responsible for co-payments and part of their prescription bill.

By and large Americans, of all ages and political denominations, are worried about the availability and affordability of healthcare services. Individuals able to retire are postponing retirement in order to maintain employer sponsored healthcare. Especially if there is a spouse suffering from a chronic illness, the working spouse may need to maintain an employer-sponsored health insurance plan to keep a younger spouse insured.

The Advantages Asset Protection Trusts in New York

Published on: March 10, 2019 | by Ettinger Law Firm

One of the most common myths that exists about trust asset protection is that it is something that only the very wealthy need to worry about. In reality, many different types of individuals should consider using trusts to protect a person’s assets. Asset protection trusts are one of the best ways that individuals can protect their assets from creditors in addition to many other advantages including tax benefits. This article will review some of the important advantages that are offered by trusts as part of estate planning in the state of New York.

The Basic Structure of Trusts

While there are some significant differences between types of trusts, each trust involves three parties: a beneficiary, a trustee, and a settlor. A beneficiary is the party that receives the assets or valuable items that are placed within the trust. A settlor is the person that is tasked with making periodic contributions into a trust. A trustee is the individual that is responsible with disbursing assets from, managing, or overseeing assets that are placed within a trust.

Popular Estate Planning Strategies That Can Lower Your Taxes

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

Tax preparation is one of the most important considerations when creating an estate plan. Whenever a person or business creates an estate plan, there are multiple types of taxes to avoid – inheritance taxes, estate taxes, and income taxes, to name a few. Without a proper estate plan, these taxes can eat into a large portion of the estate.

Here are several common estate planning strategies that could reduce your tax liability:

Marital Transfers. If both spouses in the marriage are American citizens, then lifetime gifts or bequests at death between them not be subject to estate taxes.

Advice when Estate Planning for Someone with Brain Damage

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

Unfortunately, brain injuries have the potential to challenge families in a number of ways and can create a unique set of obstacles. Due to the uncertain diagnosis, many families find themselves spending an uncertain amount of time on a loved one’s recovery from brain damage. One of the first steps that many people make when financial planning is involved is to take the steps necessary to make sure that assistance is allocated for the injured person. This article reviews some of the other important steps to consider when it comes to create an estate plan when a person with brain damage is involved.

Why Brain Injuries Are Often Challenging

One of the reasons why estate planning for brain injuries is particularly complicated is that many brain injuries are particularly complicated. It is critical that our brains are responsible for handling a large number of decisions including everything from emotions to regulating body temperature. Because each part of a person’s brain has different responsibilities, a person who experiences brain damages in one region that another person with a brain injury does not. It is also important to understand that brain death is different from a vegetative state. While in a vegetative state, a person’s brain stops functioning while the lower half of the brain remains active. During a coma, however, a person’s brain enters an unconscious condition.

Probating an Estate Following a Loved One’s Death

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

Following the death of a loved one, most people would rather think of anything else than finances, assets in an estate, or something besides the memories of the person who passed away and left our lives. However, the time will eventually come when the person named as the executor to the deceased’s estate will need to begin the probate process and divide assets among heirs and settle any outstanding taxes and debts.

Sometimes, it may take a family effort to account for assets and pass the estate through the probate court, making cooperation and understanding all the more vital to moving along with a process during and already difficult situation. However, the responsibility to pass the estate through probate will ultimately fall onto whoever was appointed as the executor of the estate in the last will and testament of the person who passed away.

First, any valuable property will need to be secured and accounted for as these items may be listed in the deceased’s last will and testament to be distributed amongst heirs, family, and friends. This should be done as soon as possible as it may be more difficult if surviving relatives help themselves to the deceased’s property while under the impression it may have been promised to them but otherwise not recorded in the will.

Creating Estate Plan for Your Pets

Published on: February 25, 2019 | by Ettinger Law Firm

One of the most pressing questions asked by people that loved their pets is how they will respond if their pet dies. Some people assume that a relative or family member will happily take the pet, this is not always true. In reality, it is almost always a much better idea to create estate plans about how your pet will be taken care of following your demise. This article will reviews some of the critical things to think about when it comes to leaving a pet behind.

# 1 – Appreciate the Expenses Associated with your Pet

When deciding how much money to designate for the care of your pet in the future, it is critical to understand that the associated costs can vary greatly. Caring for a larger, recently born animal can be much different than the costs associated with an older, much smaller cat. To determine the amount that should be allocated, some people find it helpful to calculate the costs associated with several months of care for the animal.

Frequently Asked Questions About Powers of Attorney

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

For a lot of people, vestin a power of attorney in another individual is one of the most important aspects of estate planning they may have to undertake, possibly even more important than drafting a last will and testament. This is because a power of attorney, sometimes referred to as a durable power of attorney, is charged with making financial and health care decisions on another’s behalf in cases where that individual is unable to do so.

Without a power of attorney, families will need to wait for a judge’s order to appoint a guardian over their loved one’s affairs in the event he or she becomes incapacitated. This can result in increased legal and emotional hardships on family members coping with an already difficult situation. The utility of powers of attorney is that they do not take effect until an individual is incapacitated but when they do, these power take effect right away.

One common question folks have about powers of attorney is whether their rights are diminished in any way by vesting authority in another person to make financial decisions. Granting another person power of attorney over one’s affairs does not limit one’s rights in any way, the authority simply gives the other person the power to act when or where one cannot. That being said, it is extremely important to choose someone you can place your trust in.

Important Estate Plan Considerations as You Begin 2019

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

It might be surprisingly to learn that a large number of people have estate plans that are not adequately updated. Fortunately, there is no better time to begin estate planning than the New Year. This article reviews some of the numerous estate planning that you should think twice about incorporating into your plans in the new year.

# 1 – Make Sure to Update Everyone about Estate Plan , Changes

You should make sure to inform anyone who will be affected by any changes to your estate plan. If you do not yet have an estate plan, now is the perfect time to create one and then inform your beneficiaries about the contents of your estate plan.