New York Estate Planning & Elder Law Blog

4 Estate Planning Strategies to Protect Your Assets

Published on: May 19, 2022 | by Ettinger Law Firm

Considering that someday you will no longer be alive is an unpleasant thought. You might be frightened of the unknown, particularly when it involves issues of what will happen to your loved ones. Even though you will no longer be around to play a role in managing your estate, you do have an input in what happens to your estate after you pass away. This article reviews some of the helpful things that you can do to protect your money after you pass away.

A vital part of estate planning is creating a will, which is a type of legally-binding document that articulates your wishes for what should happen after you pass away including who you would like to manage your estate and how you want your assets to be divided. Wills can also include instructions regarding the care of any dependent or pets that you might have.

A poll conducted in 2021 revealed that less than half of the adults in the United States do not have a will. The results of this study are similar to other polls conducted as early as the 1990s. Even though it can be challenging to consider that you will someday pass away and to place instructions regarding how your family should manage your assets, doing this can be critical to making sure that your assets, as well as your loved ones, remain protected after you pass away.

Revocable Trust Lessons After the Death of Stephen Sondheim

Published on: May 19, 2022 | by Ettinger Law Firm

When Stephen Sondheim recently passed away, he passed on all rights associated with his theatrical work including several well-known musicals including several unfinished pieces to a trust, which will be tasked with managing his estate.

The Sondheim trust now will assess the future of the well-known artist’s intellectual works in addition to any other assets he owned at the time that he passed away. The arrangements regarding what will happen to Sondheim’s assets are contained in a petition that was recently signed and then filed with New York Surrogate Court.

A petition for probate reports that the approximate worth of Sondheim’s assets when he passed away was greater than $500,00 and less than $75 million. Several estate planning attorneys, however, suggested exercising caution in reading these numbers, which are simply a rough estimate and do not depict the worth of whatever Sondheim positioned in a trust while he was alive.

Diversifying Your Assets After Years of Employment

Published on: May 19, 2022 | by Ettinger Law Firm

For many corporate executives who are considering retiring, substantial financial planning must be done. Given the executives are often some of the best-compensated workers, this advice might seem unnecessary. Additionally, increasing stock prices over the last few years, as well as a healthy economy, means that many executives are better situated than ever before.

Diversification of Assets Is King

One issue executives should consider is the degree of their assets that share a relationship with the worker’s employer. Many executives receive various stock options, stock grants, and also enroll in retirement accounts; each of these plans can contribute towards a focus on the executive’s assets on the company stock of the executive’s employer.

Avoiding Surprise Bill and Complications with a Recent Regulation

Published on: May 19, 2022 | by Ettinger Law Firm

People are fortunately now not obligated to cover care received that was not part of the network if the care was given without that person’s consent. This is the result of a healthcare law that became effective at the beginning of 2020 and could lead to fewer insurance payment issues for many people.

The law’s safeguards from expensive medical bills, however, are only as valuable as a person’s awareness, understanding, and capacity to ensure enforcement of the protections occurs.

Surprise Bills Are Common

State-Run ACA Exchanges Create Alternative Plans

Published on: May 19, 2022 | by Ettinger Law Firm

In 2020, President Biden and his administration as well as states throughout the country recently celebrated unprecedented gains in enrollment for the Affordable Care Act. Meanwhile, state-operated exchanges are striving to create alternative plans addressing outreach in the event that Congress fails to extend the Act beyond 2022. A substantial motivator for these enrollment gains in the Affordable Care Act.

The Role of State-Run Exchanges

Exchanges operated by the state are focused on plans for outreach and marketing in the event that Congress does not increase beyond 2022 a driver for enrollment gains. Some legislatures and healthcare experts have already warned that individuals could discover they are dropped off coverages and consumers might even end up in less advantageous plans addressing healthcare provided Congress fails to act within the corresponding window of time.

Economy’s Condition Thrives Off Obamacare

Published on: May 5, 2022 | by Ettinger Law Firm

The states currently resisting Medicare are currently falling behind in job-market strength as well as the growth of income. Meanwhile, even the states that later signed up for Obamacare are witnessing more prosperous economies.

Obamacare created a substantial debate in the country before it was passed into law. One question raised by critics of Obama care is the measure’s impact on the economy. Supporters argued that Obama would help companies flourish because they would realize many of the costs associated with healthcare, while critics warned that Obamacare would result in tax increases.

Data after Obama’s decade-long existence now reveals that states that have fully embraced the measure are enjoying stronger economies than states that assumed these measures.

Minimum Nursing Home Requirements Become Effective in New York

Published on: May 5, 2022 | by Ettinger Law Firm

The Governor of New York recently removed a three-month prohibition on a new regulation requiring nursing homes to satisfy minimum staffing requirements to provide patient care. Supporters of the regulation, which establishes minimum staffing ratios and requires that nursing home residents receive at least 3.5 hours a day of direct nursing care, have expressed satisfaction that the delay has ended.

Staffing Levels Are at a Difficult Low

One member of the 1199 SEIU union as well as a nurse at a Dunkirk nursing home has commented that over the last couple of years, times have occurred when she has been the only registered nurse on staff for several dozen residents. This nurse has commented that it is “heartbreaking” to even satisfy the basic need requirements of residents, which include things like personal hygiene.

Taking the Time to Begin (And Complete) Your Estate Plan

Published on: May 5, 2022 | by Ettinger Law Firm

One unanticipated effect of the Covid-19 pandemic is it made many people realize that time is short. If you delay doing something too long, the risk exists that you might never have the chance to do it. Many people are following this advice when it comes to things like changing jobs, divorcing, and purchasing homes. Estate planning, however, works just the same way.

The Covid-19 Pandemic and Estate Planning

People who delayed estate planning during the Covid-19 pandemic realized just how important it was to create estate plans. This trend continues even though the height of the pandemic has passed. There are some people unfortunately who despite their best effort cannot finalize their estate plans. These individuals begin the estate planning process but then stop. Sometimes, these people try to pick up and complete estate planning months or even years later. These individuals often find themselves simply overwhelmed with the number of choices that must be made in the estate planning process. Other times, people are simply confused about what estate planning strategy works best for them. Additionally, many people resist having to confront their mortality and accept that one day, they simply will not be alive.

Navigating Challenges Associated with Death Taxes

Published on: May 5, 2022 | by Ettinger Law Firm

Since 2021, many conversations have been had about the Build Back Better Act, which saw several substantial tax increases. While some people have described the Act as dead, the future of the act remains uncertain.

Despite what happens to the act, its contents are subjects to which Congress is likely to respond in regards to what is referred to as “death taxes”.

A “death tax” is a type of “transfer tax” and is referred to as an estate tax. Most people are acquainted with income tax. If an individual receives a salary, the salary is taxed. If a person sells a property that has appreciated, the gain also receives what is referred to as a capital gains tax. Ordinary income tax, as well as capital gains tax, are two types of income tax.

Advice on Reviewing Family Legacy Plans

Published on: May 5, 2022 | by Ettinger Law Firm

Passing assets through generations can be a nuanced process. Assets are routinely an emotionally difficult issue, and a loved one’s plans for transferring assets can trigger various reactions from those left behind.

Data shows that by at least 2045, almost $75 trillion in assets will be transferred to heirs while charities will receive an additional $12 trillion. The size of many transfers between generations exaggerates why families should create as well as discuss comprehensive legacy plans.

Our lawyers routinely work with clients to create a detailed multi-generational plan where family members join together in a neutral and safe space for the person facing the end of life or incapacity to discuss their financial as well as non-financial goals with younger generations. This article reviews some helpful advice families should follow who want to have successful family legacy plans.