Estate Planning

Estate Planning with Digital Assets

Published on: March 27, 2019 | by Ettinger Law Firm

Owning digital property has become increasingly common in today’s society. If you are one of the many people who owns digital assets, it is critical to understand that estate planning should be performed for these valuables in the same way that it would for tangible items.

Obstacles involved with Estate Planning

Even though digital property is similar to other types of property, there are some unique challenges involving digital property when estate planning is involved. Some of the most common issues involved with obtaining access to these assets include the following:

Why Estate Planning is Critical Even If You Don’t Have Children

Published on: March 25, 2019 | by Ettinger Law Firm

Estate planning involves a number of personal decisions. The best estate plans are personalized to the individual that writes them. This is why online, one size fits it all estate planning documents are often not the best idea. This is also why some people struggle to complete their estate planning goals. Even if you do not have children, it is still absolutely vital to create an estate plan because it can help achieve a number of other goals, which are discussed in this article.

# 1 – Incapacity Issues

Every adult should have an advance healthcare directive as well as a power of attorney regarding financial and legal decisions. These documents help to make sure that a person is taken care of in case they become incapacitated and can no longer care for themself. If you become incapacitated without having any estate planning documents in lace, your loved one will be required to make decisions that they think are in your best interests. Ideally, the person that is named to act in this role should be someone that you trust to make sure your wishes are fully carried out as well as an individual who is capable of weather even the most difficult decisions.

People with Few Assets May Still Benefit From a Trust

Published on: March 21, 2019 | by Ettinger Law Firm

It is never easy to estate plan. For one, estate planning involves uncomfortable decisions about how your assets will be divided following your death. Estate planning, however, is critical because it avoids a number of serious obstacles including family disputes, additional taxes, and the probate process. Despite the potential to solve the numerous problems that would otherwise, some people still believe that estate planning should only be performed by the extremely wealthy. Instead, estate planning tools including trusts can be a particularly valuable tool for individuals. As a result, this article examines some of the advantages that people frequently realize by creating trusts.

# 1 – Trusts Help Outline How Assets Are Received

One of the primary benefits of creating trusts is that they allow individuals to exercise control over how their assets are divided following their death. By spelling out exactly how assets should be divided, a person can avoid any unnecessary disputes that might later arise among family members. When younger children are involved, trusts are capable of outlining the age and condition that children must be to receive assets.

Reminders: Reasons to Create an Estate Plan

Published on: March 18, 2019 | by Ettinger Law Firm

While some people think that only the wealthiest people require estate plans, this is simply not true. Everyone can benefit from an estate plan. Despite this, the American Association of Retired Persons reports that over half of adult individuals in the United States lack estate planning documents. There are a number of reasons why people delay estate planning including that if people feel in good health and young there often does not appear to be a need for an estate plan. This article a number of other reasons why a person should make sure to create an estate plan.

# 1 – To Create a Plan to Pass on Assets

A will is the most fundamental estate planning tool and involves the appointment of a third party who is responsible for administering an estate after an individual’s death. If you have minor children, it is also possible in a will to nominate a guardian for your children in case you die before the children reach the age of eighteen. For specific types of assets like retirement accounts or life insurance, however, it is often critical to make sure that beneficiaries are appropriately named in a will.

Tips on Picking a Personal Representative

Published on: March 15, 2019 | by Ettinger Law Firm

A personal representative named in a Last Testament is allowed to be an out of state resident only if that individual is a blood relative or a relative through an existing marriage. If a representative does not satisfy this criteria, a person is still able to use an alternative to estate administration in the form of a trust. There are several important things that a person should consider when determining who should act as their personal representative.

Tip # 1 – Trust the Person that Is Chosen

The person that is selected to act as a personal representative must have the ability to complete a task accurately and efficiently. This element is important because personal representatives are given the duty of financial responsibility over a person’s estate. As a result, the person chosen to act as personal representative should have displayed the ability to be trustworthy through other examples in their life.

Are Electronic Wills the Wave of the Future?

Published on: March 13, 2019 | by Ettinger Law Firm

Electronic wills have the option of providing a variety of important benefits to individuals who are interested in the estate planning process. Considering the tendency of many individuals to delay issues related to estate planning, electronic wills provide individuals with an opportunity to quickly create a legal document that decides how their assets should be divided following their death.

Weaknesses in Electronic Wills

There are some dangers that exist in using an electronic will, which must be addressed before these wills are capable of being used before individuals. A skilled estate planning attorney, however, is often able to help individuals navigate these various issues which include the following:

The Advantages Asset Protection Trusts in New York

Published on: March 10, 2019 | by Ettinger Law Firm

One of the most common myths that exists about trust asset protection is that it is something that only the very wealthy need to worry about. In reality, many different types of individuals should consider using trusts to protect a person’s assets. Asset protection trusts are one of the best ways that individuals can protect their assets from creditors in addition to many other advantages including tax benefits. This article will review some of the important advantages that are offered by trusts as part of estate planning in the state of New York.

The Basic Structure of Trusts

While there are some significant differences between types of trusts, each trust involves three parties: a beneficiary, a trustee, and a settlor. A beneficiary is the party that receives the assets or valuable items that are placed within the trust. A settlor is the person that is tasked with making periodic contributions into a trust. A trustee is the individual that is responsible with disbursing assets from, managing, or overseeing assets that are placed within a trust.

Popular Estate Planning Strategies That Can Lower Your Taxes

Published on: March 5, 2019 | by Ettinger Law Firm

Tax preparation is one of the most important considerations when creating an estate plan. Whenever a person or business creates an estate plan, there are multiple types of taxes to avoid – inheritance taxes, estate taxes, and income taxes, to name a few. Without a proper estate plan, these taxes can eat into a large portion of the estate.

Here are several common estate planning strategies that could reduce your tax liability:

Marital Transfers. If both spouses in the marriage are American citizens, then lifetime gifts or bequests at death between them not be subject to estate taxes.

Advice when Estate Planning for Someone with Brain Damage

Published on: February 28, 2019 | by Ettinger Law Firm

Unfortunately, brain injuries have the potential to challenge families in a number of ways and can create a unique set of obstacles. Due to the uncertain diagnosis, many families find themselves spending an uncertain amount of time on a loved one’s recovery from brain damage. One of the first steps that many people make when financial planning is involved is to take the steps necessary to make sure that assistance is allocated for the injured person. This article reviews some of the other important steps to consider when it comes to create an estate plan when a person with brain damage is involved.

Why Brain Injuries Are Often Challenging

One of the reasons why estate planning for brain injuries is particularly complicated is that many brain injuries are particularly complicated. It is critical that our brains are responsible for handling a large number of decisions including everything from emotions to regulating body temperature. Because each part of a person’s brain has different responsibilities, a person who experiences brain damages in one region that another person with a brain injury does not. It is also important to understand that brain death is different from a vegetative state. While in a vegetative state, a person’s brain stops functioning while the lower half of the brain remains active. During a coma, however, a person’s brain enters an unconscious condition.

Creating Estate Plan for Your Pets

Published on: February 25, 2019 | by Ettinger Law Firm

One of the most pressing questions asked by people that loved their pets is how they will respond if their pet dies. Some people assume that a relative or family member will happily take the pet, this is not always true. In reality, it is almost always a much better idea to create estate plans about how your pet will be taken care of following your demise. This article will reviews some of the critical things to think about when it comes to leaving a pet behind.

# 1 – Appreciate the Expenses Associated with your Pet

When deciding how much money to designate for the care of your pet in the future, it is critical to understand that the associated costs can vary greatly. Caring for a larger, recently born animal can be much different than the costs associated with an older, much smaller cat. To determine the amount that should be allocated, some people find it helpful to calculate the costs associated with several months of care for the animal.