Asset Protection

Joint Ownership in New York

Published on: November 4, 2017 | by Ettinger Law Firm

Many of the assets we own are held in joint ownership with another person, typically a spouse or other family members. Types of assets commonly held in joint ownership with others include homes, real estate, bank accounts, and other investments. When it comes time to writing a will and engaging in estate planning, asset holder need to understand the different types of joint ownership under New York law and how it can affect the outcome of passing an estate through probate.

One of the most familiar forms of joint ownership in New York is known as joint tenancy with rights of survivorship and is very common between married couples for joint checking accounts, homes, and other property. Under this type of arrangement, assets do not need to pass through probate since the surviving spouse or person automatically receives the deceased’s property rights.

Under joint tenancy with rights of survivorship, each person has an equal and undivided share of the assets and is entitled to sell his or her share to another party. If a sale occurs, the joint ownership agreement becomes a tenancy in common and the assets lose some of the protections they otherwise would have enjoyed under a joint tenancy with rights of survivorship.

Three Estate Planning Tips for Blended Families

Published on: November 3, 2017 | by Ettinger Law Firm

More and more often, families include less traditional definitions than they once did. Remarriages are more common, and cohabitation in lieu of marriage is also more common. In other words, blended families are increasingly common in our society today. If you are considering remarriage or have already remarried, it is extremely important to think about estate planning for your new marriage and how to either approach it from the beginning or revisit an estate plan that may already be in place. The following tips could prove useful for blended families exploring the estate planning process and may help you figure out where to begin your estate planning discussion with an experienced estate planning attorney.

Consider a Prenuptial or Postnuptial Agreement

A prenuptial agreement is an agreement that you enter into with your perspective spouse before the two of you get married. It sets out terms that dictate the property and financial rights of the spouses in case of divorce. They can also be used to set forth terms of asset distribution and other important aspects of estate planning. By specifying these terms, you can help your loved ones avoid conflict between members of your blended family while ensuring that your wishes for your assets are carried out. A postnuptial agreement can accomplish many of the same goals but is entered into after you have already gotten married.

Missteps with Retirement Withdrawals May Significantly Impact Your Estate Plan

Published on: October 30, 2017 | by Ettinger Law Firm

Comprehensive financial planning is an intricate, multistep process that often goes hand-in-hand with comprehensive estate planning. There are many different financial planning options available to you when you begin thinking about planning for your retirement, and it is never too early to start looking into them. One of the most commons options people choose in planning for retirement is the establishment of a retirement account like an IRA or 401(k) plan. A recent article from The Motley Fool discusses three common missteps people make when approaching their retirement account withdrawals.

Waiting Too Long

The United States Internal Revenue Service requires minimum distributions from retirement accounts after age seventy and a half. However, that does not mean you need to wait until then to start taking these distributions. In fact, doing so could actually cause you unintended financial harm. By the time a person is seventy and a half, they have likely amassed a good deal of savings in these retirement accounts.

Preventing Undue Influence in a Will

Published on: October 5, 2017 | by Ettinger Law Firm

A last will and testament is a very important document detailing the final wishes of a deceased person and New York probate courts give great deference to the language contained in a deceased individual’s decrees. One of the limited ways interested parties to an estate can challenge the directives contained in a last will and testament is to claim the deceased was not of sound mind and body at the time the document was executed, due to the undue influence of an individual attempting to take advantage of the situation and enrich himself or herself.

New York’s Surrogate Courts have very limited instances in which someone can contest the deceased’s wishes to disperse his or her property to the beneficiaries of the estate and asserting undue influence is often one of the most difficult to prove. The petitioner must prove to the court the testator somehow could not escape the influence of someone with a close, personal relationship to the deceased.

Additionally, the individual petitioning the court to invalidate the will must be an interested party, meaning he or she must have a legal claim to the deceased’s estate as a relative, usually a spouse or child. Under New York inheritance laws, spouses and children are typically granted a certain share or proportion of the estate and are therefore given standing to interject as an interested party.

Benefits of an Irrevocable Trust

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

There are two main types of trusts: revocable and irrevocable. Basically, each trust is self-explanatory on the surface. For the most part, you have unfettered ability to revoke or amend a revocable trust. In contrast, it is extremely difficult and sometimes impossible to revoke or even amend an irrevocable trust. On the surface, it appears – and is true – that a revocable trust provides the creator of such trust with greater flexibility in modifying that trust to meet their comprehensive estate planning goals. However, irrevocable trusts still play an important role in estate planning and it is important to understand their benefits to make an informed choice about the type of trust that might be right for you.

Avoiding Probate

While most trusts will avoid probate, irrevocable trusts established during your lifetime will definitely be able to avoid probate. This will ultimately save you and your loved ones time and money by allowing a trust to take effect immediately as it has been designed to do. Your loved ones will be able to access an irrevocable trust according to its structure without having to wait for the courts to approve a Will or other documents related to probate of the deceased person’s estate.

Recognizing a Fraudulent Will: Part Two

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

In the second part of our two-part series on recognizing fraudulent Wills, we will continue to explore various characteristics of a Last Will and Testament that might indicate it is fraudulent. While some of the factors in the first part of this series might be a little more obvious, the information below may help you understand some less common but still observable aspects of a Will that could indicate it has been tampered with.

Wills Disproportionately Benefitting Religious Organizations or Charities

Especially in cases where a deceased person was not active in a religious organization or was only minimally active, this type of provision in a Will could indicate that something is amiss. Sadly, many elderly people can be easily influenced by unscrupulous individuals that want to use assets for their own benefit or to benefit something they find to be particularly important. Sometimes this comes at the hand of the religious organization itself, and sometimes it comes as a result of the influence of an individual with close ties to the religious organization in question. This is also true for large distributions to charities a deceased person would not normally have given money to or did not have a record of supporting during his or her lifetime.

Recognizing a Fraudulent Will: Part One

Published on: September 21, 2017 | by Ettinger Law Firm

Unfortunately, there are many unscrupulous people in the world that will go to great lengths to take advantage of certain situations. This is true when it comes to a person’s Last Will and Testament. While you might never contemplate changing a person’s Will to suit your needs, that does not mean other individuals will not try. Unfortunately, this can sometimes include members of your own family. While there are a variety of steps an individual can take to cover their tracks if they have interfered in the Will of a deceased person, there are some common warning signs that might help you detect if a Will has been forged or not. The following information may provide you with some insight in what to look for.

Wills Not Signed in Presence of a Lawyer

If a Will was not signed in the presence of an experienced estate planning attorney, there is a good chance the Will could be fake. In fact, if the Will was not signed in the presence of the deceased person’s estate planning or family attorney but was signed in front of a different attorney with little or no relationship to the deceased, there could be foul play involved. Estate planning is often an intimate, complicated process. It is important for individuals to be comfortable with their estate planning attorney, and utilizing outside legal services – especially legal services that have a relationship with potential beneficiaries – could mean a Will is not proper.

What are Advance Directives for Healthcare?

Published on: September 16, 2017 | by Ettinger Law Firm

Advance directives for health care are legal documents that ensure an individual’s wishes are carried out if he or she cannot make decision. New York State recognizes three types of advance directives including a health care proxy, living wills, and do not resuscitate orders (DNR). Even younger and more healthy individuals should consider putting these types of directives into place in case of a serious accident or medical event.

Health Care Proxy in New York

A health care proxy allows individuals to name a health care agent who will make decisions if that person cannot make those decisions for himself or herself. Under state law, these types of decisions can take effect after two doctors examine the individual and determine that person cannot make decisions for his or her health. New York state offers standard forms for a health care proxy.

Important Steps to Take After a Loss: Part 2 – Within Six Months

Published on: September 16, 2017 | by Ettinger Law Firm

In the second part of our series on the topic of things you need to do when a loved one dies, we will explore some of the things that should be addressed within roughly six months of the death of a loved one. Again, these lists are not exhaustive. However, they can help you start to think about the various issues that need to be addressed.

Notify Social Security

Within one month after the death of a loved one, the United States Social Security Administration needs to be informed of their death. They will have to put various processes in motion that stop social security and other benefit payments from continuing. Failure to do so could result in identity theft, or even if liability for repayment of such benefits. Depending on your relationship with the deceased and their benefits, you could also be eligible for survivor benefits that can have a significant positive impact on your everyday life.

Important Steps to Take After a Loss: Part 1 – Immediately

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

Death is a challenging subject, even more so when we are confronted with it directly. When a loved one dies, it is an immeasurably difficult experience. People experience a range of emotions, and often it can be hard to understand what to do next. In this series, we will explore some of the important steps you need to take after experiencing the death of a loved one. While these are not exhaustive lists, the first part of this series is dedicated to helping you understand some of the things that need to be addressed as soon as possible after the death of a loved one. It is not easy to bring yourself to undertake some of these tasks, but being aware of how crucial many of them are is an important part of finding ways to accomplish them – either personally or by enlisting the help of someone your trust.

Safeguard Property and Secure Arrangements

Depending on the circumstances surrounding a person’s death, it may become crucial to ensure that any property they have left behind is properly secured. This may include their home and/or their vehicle. You will want to make sure everything is locked and stored appropriately, that utilities are shut off, and that anything potentially dangerous to others has been properly taken care of.