New York Estate Planning & Elder Law Blog

Utilizing Trusts to Reduce Taxes Faced by Your Legacy

Published on: June 16, 2022 | by Ettinger Law Firm

Many people are curious about what happens after they are no longer able to manage their assets. Many chances are created when it comes to estate planning arrangements and trusts play a large role in estate planning. If you choose wisely, trusts fortunately can prove to be an excellent way to reduce the taxes ultimately placed on your estate.

Establishing a Trust

Trusts are a type of arrangement used to the advantage of entities or people that the trust creator selects. Trusts vary greatly in activation as well as how they are accessed. Trusts tend to break down into the following kinds:

Bear Markets and Estate Planning

Published on: June 16, 2022 | by Ettinger Law Firm

Earlier in 2022, the stock market entered what is referred to as a bear market, which happens when the market drops more than 20% lower than a recent high. Financial experts have cited various reasons why the market has declined including, but not limited to, the war between Russia and Ukraine, energy shortages, and inflation. Each of these elements has encouraged investors to avoid losses. The market’s volatility will unfortunately remain for some time, which might make you wonder how this type of market could impact our estate planning.

Bear and Bull Markets

Bear markets are often followed by bull markets, in which losses are recovered. The most substantial growth in the stock market often occurs in what follows a bear market. As a result, people who want to make the most of estate planning should realize that bear markets are an ideal time to make the most of the decline in investment values to make the most of gifts that will be appreciated in the future and to take advantage of existing income tax benefits.

Utilizing Estate Planning for the Digital Future

Published on: June 16, 2022 | by Ettinger Law Firm

People interested in estate planning are increasingly placing digital asset clauses in their estate planning documents. This unfortunately adds another layer of complexity to estate planning.

As focus in digital assets becomes more popular, the need for adequate estate planning also increases. People want to make sure that their financial planning prospers besides that person’s daily use of digital technology.

A large number of people interested in estate planning have even placed clauses addressing bitcoin as well as other cryptocurrencies into the estate plans of clients. Digital wallets go in combination with digital assets because passwords play a critical role in making sure that your loved ones are able to access your assets after you pass away or become incapacitated. Digital assets including social media, blogs, and email accounts are also playing an increasingly more prevalent role in estate plans.

The Impact Covid Has on Long-Term Care Insurance

Published on: June 16, 2022 | by Ettinger Law Firm

Over the last few years, Covid-19 has caused many people to think deeply about health issues. Now that the height of the pandemic has passed, many people are left wondering how this has impacted long-term care insurance.

A noticeable increase in long-term care insurance has occurred following the summer of 2020 as reported by many medical experts. Many people who previously rejected long-term care coverage have since changed their opinions.

What Is Long-Term Care Insurance?

Deciding Whether Your Senior Loved One Needs an Elder Law Attorney

Published on: June 16, 2022 | by Ettinger Law Firm

Choosing to retain the services of an experienced elder law attorney is not a light decision, but instead is often the result of great consideration. Unfortunately, deciding whether or not to retain an elder lawyer can result in a great amount of uncertainty as well as anxiety for the elderly individual as well as that person’s loved ones. Various reasons exist why deciding whether or not you need an elder law attorney is a difficult situation.

# 1 – Retaining an Elder Law Attorney Makes You Confront Your Mortality

One of the most direct reasons why retaining an elder law attorney is difficult is that it makes the elderly individual confront the fact that he or she will not live forever. Coming to grips with our mortality is a frightening prospect. An elder law attorney can be retained for various reasons including estate planning, which comes with the grim perspective each of our lives will one day draw to an end. Not only is this difficult for the elderly individual, but you also cannot look past the difficult emotions that this brings up in loved ones as well.

Estate Planning Issues to Consider Before Getting Married

Published on: June 12, 2022 | by Ettinger Law Firm

In contrast to what many people think, the best estate planning considers all

aspects of your life instead of only the end. The estate planning process requires thinking about what is important to you as well as your expectations for loved ones.

Prenuptial agreements, which a person enters into before marriage, guard those you love as well as create a groundwork for transparency and trust. While some people think prenuptial agreements “kill” the romance in a relationship, these agreements often actually act to strengthen. This article reviews some of the most common advantages for estates that people realize by creating prenuptial agreements.

Understanding the Reality of Revocable Trusts

Published on: June 12, 2022 | by Ettinger Law Firm

Imagine you’ve finally met with your attorney to establish an estate plan and are now considering whether to establish a trust. Or a situation where you already have an estate plan that includes a revocable trust. In today’s world of estate planning, revocable trusts have proven to be a common but effective tool for achieving a person’s estate planning goals. This article reviews some of the important details that you should consider about the reality of revocable trusts.

# 1 – Revocable Trusts Are the Same as Revocable Living Trusts

A person can create a revocable trust during their life and maintain the power to revise the trust at any time. Revocable trusts are referred to by various names including a living trust, a revocable living trust, and an inter vivos trust. The terms of a trust are substantially more important than what a trust is called. The critical aspect that distinguishes revocable trusts from other kinds of trusts is the authority to either amend or revoke the terms of the trust.

Remember to Learn Your Parent’s Finance Plans

Published on: June 12, 2022 | by Ettinger Law Firm

The unfortunate truth is that everyone’s parents will ultimately pass away even though the average life expectancy is increasing. While some of our parents pass away while we are children, other people lose their parents when they are adults. Even though this is a grim reality, it is best to prepare for this eventuality. Because you can lose a parent at any time, you should do everything possible to prepare for this occurrence. It’s important to know just why but also how and what to talk about with your parents when it comes to estate planning.

Why These Conversations Are Important

Without documenting plans for your parent’s approach to what will happen after they pass away, you can end up in a difficult situation. Without access to your parent’s funds, you might be left to pay for the various costs they leave behind when they pass away. Unfortunately, this means that some caregivers end up spending their own money in these situations. Besides the additional costs, your parent’s end-of-life plans are also less likely to be achieved. Having conversations about these matters before your parent passes away or becomes incapacitated makes sure you’re able to tackle these issues.

Nursing Homes See Loss of Deficiency Appeals

Published on: June 12, 2022 | by Ettinger Law Firm

Nursing Homes See Lost of Deficiency Appeals

The Nursing Home regulations permit nursing homes to appeal a deficient issue for which they are cited for not meeting federal care standards in situations where the Centers for Medicare & Medicaid Services implements a fine against the deficiency.

The Center for Medicaid Services often focuses on financial penalties for nursing care centers whose deficiencies directly harm or jeopardize residents. The Center for Medicare Services success in most appeals involving administrative issues, but it seems other harms, as well as deficiencies as well as associated penalties, are resolved away from the appeal process. Consequently, more details about transparency with the nursing facility process are more plainly needed.

Additional State Oversight Needed to Improve Hospice Care for Assisted Living Population

Published on: June 12, 2022 | by Ettinger Law Firm

Assisted living has become a more popular residential selection for elderly individuals who need help performing daily living tasks. Regulations that apply to these populations, however, vary between states. Meanwhile, little study has been performed on care outcomes.

New studies evaluated end-of-life care provided at assisted living facilities. These studies determined that in states with less restrictive regulations, people who reside at assisted living facilities are less likely to pass away at hospice or home. This stands as an important gauge of the quality of care provided by assisted living facilities.

The Role of Assisted Living Communities