New York Estate Planning & Elder Law Blog

Changes in Retirement Could Mean Changes to Your Estate Plan

Published on: January 27, 2017 | by Ettinger Law Firm

The financial market is expansive and can change overnight. NextAvenue.org recently wrote about several important ways retirement is likely to change in 2017 that could impact millions of people and require you to engage in or reevaluate your estate planning. According to the article, several things you should pay attention to include:

Tax Cuts Are Likely

Tax laws are continuously changing, and the new administration has proposed some rather significant changes to the tax code. If these changes become a reality, it may important for people to look at investments like their IRA and convert it to a more tax-friendly asset, like a Roth IRA. This can help investors and those planning retirement accounts to take advantage of more favorable tax consequences that could help them keep more of their money in the long run.

Death Tolls Rise in Winter Months

Published on: January 26, 2017 | by Ettinger Law Firm

Winter months are difficult on many of those who live in areas that experience great seasonal changes. The National Center for Health Services actually found that death rates are twice as high in the winter than the hottest part of summer. Not only do we have bundle up and face the chilling weather, there is also a major threat of seasonal illness.

Thus, it is not surprising that individuals have the highest risk of dying from natural causes in the end of December and beginning of January. In fact, one study showed that those who die from natural causes, circulatory problems, respiratory diseases, nutritional/metabolic problems, digestive diseases and cancer have a greater chance of dying between Christmas and New Years than any other time of year.

Not Just in America

Social Security and Your Estate

Published on: January 25, 2017 | by Ettinger Law Firm

With every new change in presidential administration, there are certain to be ripple effects in national programs that reflect the new direction those programs are being geared toward. Often, there is a period of uncertainty connected to funding for many public programs, especially in times of financial crisis. One such important program that millions of Americans depend upon is social security. In today’s day and age, it is difficult for retirees to exist solely on social security, which is one of the reasons responsible estate planning at an early age can help you navigate your retirement years successfully. With potential changes to the way social security updates beneficiaries on their benefits, it may be even more important to consider a comprehensive investment strategy as part of your estate planning.

Fewer Social Security Mailings

According to Laurence J. Kotlikoff, featured expert on NextAvenue.org, the United States Social Security Administration has recently announced that it will be providing fewer earnings and estimated benefits statements to beneficiaries as it moves forward. The agency quietly announced this change as a way to save it more money, stating Congress had cut its budget by 10 percent in the last seven years even though there has been a 13 percent increase in beneficiaries. According to the article, the agency has typically mailed such statements approximately every five years to people not receiving benefits between the ages of 25 and 60, and annually every year after 60. The agency estimates reducing the frequency of such mailings will save it more than $11 million in 2017.

Medical Devices and Infection

Published on: January 23, 2017 | by Ettinger Law Firm

Recent Recalls

Open heart surgery has saved the lives of thousands of patients across America, as well as the world. Performing this task takes a highly skilled team of doctors well equipped with the right medical devices to assist them. All of these tools require FDA approval and specific cleaning procedures prior to their implementation during surgery. The Center of Disease Control and Prevention announced that a heater cooler unit that has been used in the majority of these surgeries since 2012, could have been contaminated when it was in the manufacturing process.

Heater Cooler Units for Open Heart Surgery

Protecting Yourself from Elder Financial Abuse

Published on: January 22, 2017 | by Ettinger Law Firm

All too often, unscrupulous people attempt to take advantage of others. This is especially common with elderly individuals. When this happens, it is known as elder financial abuse, and it can have a significant negative effect on your estate. Recently, USA Today reported on this growing problem by discussing testimony from a hearing before the U.S. Senate Committee on Aging. Below are important steps that you can take to protect yourself and your assets.

Understand Risk Factors

When elderly people face cognitive impairment, this increases the risk that they will be taken advantage of. Additional risk factors include individuals that attempt to isolate an elderly person from their family, friends, or community. Doing so can put an elderly person at increased risk for elder financial abuse.

Death with Dignity Act Gains More Approval

Published on: January 19, 2017 | by Ettinger Law Firm

Physician assisted suicide has been a controversial topic across the world, however as the reasoning behind it becomes better understood, many countries have chosen to legalize the practice for reasons outside of terminal illness. In the United States, in the past few decades, the public began to take notice with news headlines such as those regarding Dr. Jack Kevorkian, the Michigan physician who helped assist numerous patients chose when they would die from terminal illnesses and subsequently served eight years for his acts.

Today, physician assistance in dying is legal in Washington, Vermont, Montana, Oregon, with California recently signing in their aid in dying legislation in June 2016, Colorado approving a ballot measure in the most recent November 2016 election by two thirds majority, as well as the District of Columbia signing in their version of the same aid in dying law in December 2016. With a not so surprising passage of these laws comes the realization that Americans as a whole see the reasoning or at least themselves would want the option, in the circumstance they were to become terminally ill.

What is different with the United States’ various aid in dying laws in place is that they are all for those patients that are terminally ill, requiring certain validation steps through physicians and therapists.

Back to the Basics – Pet Trusts

Published on: January 18, 2017 | by Ettinger Law Firm

In a recent blog, we discussed pet owner’s options for naming their pets as beneficiaries in their wills. Another option for pet owners to provider for their pet after death is creating a pet trust. Pet trusts offer a wide variety of options to provide for the pet and can be used in conjunction with a will. Pet trusts are created during the grantor, in this case the pet owner’s, life, and can take effect immediately, or upon death of the grantor.

Unlike wills which leave interpreting some provisions up to the discretion of probate court, trusts are legally enforceable agreements that are carried out according to the provisions of the document. All the traditional rules of trust administration will be in effect for a pet trust as they are for any other trust. There will be a trustee named which will carry out the best interests of the maker of the trust and will be able to enforce the terms of the trust in court if necessary.

One feature of a pet trust that is distinct are the caretaking options. When establishing a pet trust, the maker can name who will take care of their pet in the event of incapacitation, who will have immediate custody upon your death, and how the animal is cared for.

Estate Planning 101 – What Is the Difference Between a Trust and a Will?

Published on: January 15, 2017 | by Ettinger Law Firm

When you begin estate planning, there are a variety of options that are available in order to plan how your estate will be distributed and may seem very similar, however, they all have distinct benefits. Two main estate planning tools commonly used are wills and/or trusts, but their main features are very different. When determining which tools are right for you, you should first assess what stage of distribution and what assets you wish to control.

Trusts

There are a number of different types of trust that one may use, depending on what their intentions are. Trusts can be enacted during the grantor’s, also known as the person who made the trust, lifetime, or may take effect upon the death of the grantor. When forming a trust, the grantor seeks to transfer their property to the trust, which is run by a trustee. A trustee can be any number of people, but are neutral third parties who are employed to operate in the best interest of all interested parties involved, including both the grantor and those beneficiaries.

Three Common Dangers of Do-It-Yourself Wills

Published on: January 12, 2017 | by Ettinger Law Firm

In an increasingly digital society where we have become use to just “googling” the answers to our questions, there is no shortage of online legal advice and self-help. While some of this information can be valid and very useful, it doesn’t take the place of an actual lawyer that is able to apply the law to individual circumstances.

In fact, the ready availability of do-it-yourself legal guides on the web can pose a serious risk to people that use them, especially in the case of wills. Given how important your last will and testament is, it is essential to make sure that all details have been addressed and that all of your bases are covered so that you are able to distribute assets you have worked a lifetime for according to your wishes. According to the American Bar Association, three common dangers of do-it-yourself wills include:

Generic Forms

Common Reasons to Contest a Will

Published on: January 12, 2017 | by Ettinger Law Firm

When a deceased individual, known as a decedent, leaves a Will, family members and friends that have reason to believe something may be wrong with that Will may be able to have a court rule that the Will is invalid in some situations. The following are examples of common situations in which a person may have reason to ask a court to overturn a Will, most of which can be avoided by working with an attorney to create a valid Will.

The Will Does Not Comply with Law

There are several specific requirements the person making a Will, known as the testator, must comply with for a Will to be valid in New York. Basically, these include: