Manhattan elder law estate planning

The Federal Reserve Raises Rates – What It Will Affect?

Published on: December 24, 2016 | by Ettinger Law Firm

Why Were Interest Rates Raised?

The Federal Reserve has made the decision to increase interest rates by 0.25% at the end of 2016, with more dramatic increases to follow in 2017, news of which was released in December 2016. The decision was made for the interest rate increase of a quarter point to begin at the end of 2016, with two more 0.25% increases to follow over the course of the following year. This increase indicates that the labor market is tightening and thus, the United States economy is improving. Over the past decade, interest rates have only increased 0.25%, with that increase happening at the same time last year.

This change was made in response to the impressive amount of jobs that have been created and maintained over the past year and a half, with unemployment rates now below 5%, the lowest it has been since before the recession. Notably, in 2016, 180,000 jobs were added a month, which has led the Federal Reserve to allow interest rates to increase due to borrowers’ ability to pay more for loans and return to the ideal of 2% inflation. The interest rate hikes in 2017 could follow quickly after President-elect Trump’s taking to office, due to his pledge to provide growth oriented tax cuts and increased spending on infrastructure.

What’s In a Name: Choosing a Name for Your Trust

Published on: November 9, 2016 | by Ettinger Law Firm

A Living Trust is an estate planning vehicle that helps you avoid probate by transferring property to the people and charities of your choice. The assets are held in the trust’s name and not in the name of the individual. For this reason, it is important to appropriately name the trust.

The Importance of a Name

Trust names are important to consider because in order for a trust to legally hold the assets or property, the trust has to be identifiable by its formal name. This name must be distinct and separate from your name.

Protecting Those in New York Nursing Homes from Elder Abuse in their Autumn Years

Published on: July 8, 2016 | by Ettinger Law Firm

No one wants to find themselves the occupant of a nursing home and yet that is where many people will end up in their autumn years of life. According to the Centers for Disease Control, more than 1.4 million people resided in nursing homes in 2014. A sadly common aspect of life in a nursing home is the possibility of elder abuse. Elder abuse is a topic that few people wish to discuss despite being an issue that merits discussion. Many nursing homes around the country have taken to arbitration agreements as an attempt to limit their liability when it comes to elder abuse. Here’s what you need to know before committing yourself or someone you love to a nursing home with an arbitration agreement.

No Universal Protections

Many states have laws in place to protect elderly residents of nursing homes, even including a right to attorneys’ fees for successful plaintiffs and a recovery for pain and suffering of nursing home clients that survives their death. Such an example of this is the Elder Abuse and Dependent Adult Civil Protection Act in California. The act is designed to protect its elderly citizens residing in nursing homes from physical and financial abuse, providing special legal remedies and damages for senior citizens in nursing homes.

Float like a Butterfly, Sting like a Contested Estate: Muhammad Ali’s Unhappy Heirs

Published on: July 2, 2016 | by Ettinger Law Firm

It seems that Muhammad Ali’s estate is destined for trouble, similar to other celebrity estates that we have covered on this blog recently. It is unknown if the boxing legend died with a will, but even if he did, a will contest may be likely. Forbes reports that Mr. Ali died with an estate worth in between $50 and $80 million, had nine recognized children, four different marriages, and struggled with a debilitating disease that affects the mind. These are the circumstances that set the stage for a drawn out estate contest.

Troublesome Children

The large amount of children Mr. Ali had, as well as his four marriages, makes the number of people who may have an interest in contesting Mr. Ali’s estate quite high. One child in particular, Muhammad Ali Jr., has been estranged from his father since Mr. Ali’s fourth and final marriage in 1986 and has been cut off from the family fortune ever since. Ali Jr. in particular blames Mr. Ali’s fourth wife for driving him and his father apart.