nyc estate planning

Planning for Incapacity

Published on: March 15, 2018 | by Ettinger Law Firm

A comprehensive estate plan is more than just a Last Will and Testament coupled with a trust. In includes important aspects that require careful planning for a long period of time. For instance, considering long-term medical care as part of your financial outlook and retirement planning is an important part of your estate plan because it can help safeguard assets and provide a source of financial support for your long-term needs so you can avoid draining assets from your estate to pay for unexpected costs. However, you should also consider planning for challenges like incapacity to ensure the integrity of your estate.

Tools for Planning

A durable power of attorney can help protect your rights and assets in the event of incapacitation. These documents nominate an individual to make important legal and financial decisions for you, especially in relation to your assets. The individual you nominate can work within the authority you provide them with to protect assets within your estate.

Talking to Your Spouse About Estate Planning

Published on: March 12, 2018 | by Ettinger Law Firm

While comprehensive estate planning is an important discussion, it is not typically one families have while sitting around the dinner table or enjoying family game night. The fact is that estate planning can be a difficult topic to bring up, and discussions about the approaches you and your spouse will take can be even more challenging.

However, talking to your spouse about the importance of estate planning – especially if you have a family to provide for – is something that has to happen at one point or another if you and your spouse want to ensure the integrity of your estate and the assets within it. The following tips might help you broach the subject.

Be Clear About Your Objectives

Potential Changes for Retirees Could Mean Changes for Your Estate Plan

Published on: March 10, 2018 | by Ettinger Law Firm

The impact of the newest tax reform efforts will likely take a long time to settle in. However, there are many potential short-term changes that could impact retirees in the coming years. That means that reviewing and revising your estate plan could be an essential component of being prepared for the effects of new tax approaches. Recently, Marketwatch.com published an article giving some insight to some of these changes.

Changes to Property Tax Deductions

Under the new tax plan, only $10,000 of property tax can be deducted federally. That means that retires may more readily consider the impact this deduction has on their tax liability. Many retirees may consider moving from sates with higher property tax to ones with lower property tax in order to take advantage of the deduction but avoid spending additional money in property taxes that cannot be recouped.

Late-In-Life Divorce Challenges and Your Estate Plan

Published on: March 3, 2018 | by Ettinger Law Firm

Divorce is never an easy experience, no matter what age it occurs at. However, individuals going through a late-in-life divorce may be even more surprised at some of the challenges this experience can present. Many of the difficulties experienced by older individuals that make the choice to get divorced can have a significant impact on their estate plans. A recent article from Marketwatch.com provides some insight as to how a late-in-life divorce can impact your estate plan from those that have experienced it.

Difficult Job Market

While the economy may be on the road to recovery, history has shown us that can change at any moment. Even in the best of economic times, finding a job that can help maintain the standard of living you are accustomed to or want to experience can be very difficult at any age. According to individuals that provided commentary for the article, this is an exceptionally difficult task for older individuals. The problem may be compounded for spouses that have been out of the job market for a longer period of time, or who may not meet the educational requirements that many positions now demand.

Preventing Disagreements from Unraveling Your Estate Plan

Published on: February 23, 2018 | by Ettinger Law Firm

Comprehensive estate planning is challenging, and the process is unique for every couple and individual. Most people put a lot of time and energy into crafting an appropriate estate plan, including working with an experienced estate planning attorney to make sure that the estate planning mechanisms they want to put in place comply with applicable law and will accomplish the person’s goals for his or her assets. We have recently written about some warning signs that your estate plan may be at risk of being challenged, but there are steps you can take to minimize that risk.

Work with an Experienced Estate Planning Attorney

Preparation is key in estate planning. Not only can being prepared help you ensure that the assets you have worked hard for are secure, but it can also help you avoid unwarranted challenges to your estate plan. Working with an experienced estate planning attorney can help you make sure there are no legal loopholes in your estate plan and that it complies with both federal and state law. This in itself can help avoid may challenges to an estate plan. The earlier you start to engage in comprehensive estate planning, the less likely your estate plan will be challenged on technical and legal grounds because you can avoid many claims of undue influence or issues related to your state of mind when creating your estate plan.

Beneficiary Forms and Estate Planning

Published on: April 20, 2017 | by Ettinger Law Firm

Understanding the different aspects of estate planning is a crucial part of creating a comprehensive estate plan that accomplishes your individual goals. For probate assets, many individuals utilize a Last will and Testament to direct the distribution of assets subject to probate. Non-probate assets, such as life insurance policies and assets held within a trust, are distributed upon death according to the mechanism for distribution contained within the asset and are usually directed by the nomination of a beneficiary. It is extremely important to remember beneficiary nominations when creating, reviewing, and revising your estate plan.

Common Beneficiary Pitfalls

One common beneficiary pitfall occurs with assets like bank accounts that often have a payable on death beneficiary option. With these options, a bank is directed to distribute assets within the account covered by that designation to the person listed as the payable on death beneficiary. This can cause unintended problems if your Last Will and Testament directs your bank assets to be distributed differently, and may result in an unintended Will contest that could jeopardize other aspects of your Will. Making sure that beneficiaries for these types of assets are properly aligned with other provisions of your estate planning documents is an important part of ensuring your wishes are carried out.

Business Ownership and Estate Planning: Recapitalization

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

The estate planning process can be complex and confusing, which is one of the reasons it is a good idea to work with an experienced estate planning attorney as part of creating a comprehensive estate planning strategy. This is especially true for business owners. Recently, we wrote about some important estate planning considerations for business owners. One potential question many business owners may have when considering estate planning for their business is whether or not it is a good idea to remain in control of their business or transfer their business to their heirs.

When a business owner wants to remain in charge of their business, this can be a difficult question because transferring the ownership of a business can often mean transferring the management responsibilities of the business, too. While the answer as to whether or not remaining in control of your business is right for you depends on each business owner’s individual circumstances, one possible technique to consider is business recapitalization. Business recapitalization will allow you to separate ownership from management, and could be the right strategy for you.

Benefits of Recapitalization

Creating a New York Health Care Proxy

Published on: April 13, 2017 | by Ettinger Law Firm

Comprehensive estate planning involves more than just creating a Last Will and Testament and possibly a trust for your heirs. Estate planning is also an opportunity for you to make sure that your wishes for end-of-life care and other related decisions are known to those who will administer your estate, your loved ones, and your estate planning attorney. For many people, part of end-of-life planning and care often includes nominating a Health Care Proxy. The State of New York Office of the Attorney General offers individuals some clarification and advice related to a New York Health Care Proxy.

Health care Proxy: An Introduction

In New York, a Health Care Proxy is available to anyone over the age of 18. The purpose of a Health Care Proxy is to allow you to appoint a trusted person to make health care decisions for you should you be unable to make such decisions yourself. The inability to make health care decisions could arise because you are being kept alive via artificial means such as life support machines or even because you are unconscious for certain medical reasons. When a health care agent has been entrusted with the authority to remove you from or prevent you from undergoing potentially life sustaining treatments or procedures, New York requires that a second doctor must confirm the original doctor’s determination that you are unable to make your own health care decisions.

Estate Planning Reminder – Planning for Pets

Published on: April 8, 2017 | by Ettinger Law Firm

Dogs, cats, parakeets, horses, iguanas, ferrets…no matter the pet you have in your life, chances are you treat them more like family than just a possession. We want to make sure our pets are comfortable, have the best food, have plenty of entertainment, are healthy, and enjoy a long, happy life. It is possible to make sure that those conditions exist for pets even after pet owners pass away. By utilizing a trust, you can help make sure that your best friend is well taken care of.

Pet Trusts

A recent article in USA Today talks about the function that a pet trust can serve. Pet care can be very expensive. There are grooming costs, medical costs, food costs, and other costs related to keeping a pet. Generally, the bigger the pet, the greater the cost of care can be. In fact, the article notes that Americans spent roughly $62.8 billion on pet care in 2016. While pet trusts are certainly less common than trusts created for human heirs, they can serve an important purpose in making sure that any pets you have can enjoy the same quality of life after your passing that you were able to provide for them.

Navigating Special Needs Trusts

Published on: April 2, 2017 | by Ettinger Law Firm

A growing family often includes children. Sometimes, children come with special needs that need to be attended to throughout their lives. These special needs can include physical, mental, emotional, and/or developmental disabilities. When such needs arise, they can cost a great deal of money on a regular basis. A common concern parents or family members of individuals with special needs often have is how those individuals with special needs will be taken care of later in lifer when parents or family members have passed on. For these families, a special needs trust might be the answer.

An Introduction to Special Needs Trusts

A special needs trust is a trust established to address the long term needs of an individual with a disability that may require lifelong care. Many individuals with disabilities may qualify for state benefits and assistance to help offset the cost of long-term medical care and other costs that may arise. If the parents or family members of a person with special needs were to leave assets to the person with special needs, the inheritance may cause the individual to lose benefits provided by the state because the inheritance could cause their income to surpass the level under which a person is eligible for state benefits.