Probate

Forbes Shares Information on Celebrity Estate Planning Stories

Published on: November 18, 2011 | by Ettinger Law Firm

Families across the country will come together to celebrate the Thanksgiving holiday next week. As a Forbes article recently explained, the holiday is a perfect time to discuss estate planning issues, because the planning is all about helping out one’s family. One of the main goals of an estate plan is to ensure that surviving family members will be taken care of and not forced to endure stressful, complicated, and costly procedures to get financial affairs in order following a death.

One way to broach the topic over Thanksgiving dinner, say the article authors, is to frame the talk in the context of high-profile celebrity stories. The article includes a list of the “Top 5 Celebrity-Based Estate Planning Conversation Starters.” Kim Kardashian’s story made the list to highlight the role that marriages have on one’s estate. The socialite ended her seventy two day marriage last month. Of course all marriages (short and long) have significant effects on one’s estate planning documents, and estate planning attorneys should be consulted when a marriage is entered into or ended. It is smart to make appropriate changes even before a divorce is finalized; otherwise the estranged spouse may still retain control if a death occurs before the separation is official.

The feud over Michael Jackson’s estate is also ripe with lessons. It was explained how the music pop star created a trust before he died and named his mother, three children, and personal charity as beneficiaries. Two trustees were named to help manage the trust. Our New York estate planning lawyers help clients in our community create these legal entities all the time. However, besides creating the trust, it is vital that the trust be “funded.” Funding is the process where assets are moved from an estate and into the trust. Failure to do this makes the trusts seemingly ineffective. That is where problems have arisen for the Jackson estate.

Proper New York Estate Planning Necessary to Combat Possible Legal Challenges

Published on: August 24, 2011 | by Ettinger Law Firm

Our New York elder law estate planning attorneys are proud of our work as counselors at law, acting as trusted advisors for the clients who count on us. In this capacity we spend each day meeting with community members to understand their family dynamics and listening to their concerns and fears about the planning process. By familiarizing ourselves with the unique circumstances of each client we are able to anticipate possible challenges to their plan and ensure that all the bases are covered ahead of time. In this way we can use our knowledge and experience to help clients pass on their assets and protect those assets in a seamless manner that avoids legal challenges and court proceedings.

The use of trusts is one of the key ways that our New York estate plans help clients stay out of the courtroom. Unlike wills, trusts do not require court proceedings to settle, both in this state and in other states where property might be owned. Avoiding probate saves the time, stress, and high costs of the legal proceeding.

Besides avoiding probate, our New York estate planning attorneys work hard to craft plans that cannot be successfully challenged by those who may be upset by client decisions. This is where taking the time to understand the family dynamics of each client is essential. It is important to anticipate ahead of time individuals that might have hurt feelings because of the details of a plan or become disgruntled upon learning of a client’s decision regarding their assets. Unfortunately, family disagreements arise frequently in these situations, often leading some upset individuals to challenge the legality of the plan in an effort to overturn it.

New York Estate Planning Can Address Religious Goals

Published on: August 16, 2011 | by Ettinger Law Firm

Proper estate planning involves respecting client wishes about distribution of assets while creating legal documents to avoid probate, save estate taxes, and plan for disability. Many plans include similar components, but there is flexibility so that each client’s unique goals and preferences are accommodated. For example, many area community members work hard to adhere to their religious principles in all areas of their lives–including their New York estate plan.

A new article posted at Wealth Journal recently explained how few areas of the law are as entangled with religious issues as estate planning. Many components of an estate plan may be influenced by one’s religious or spiritual beliefs, from traditional rules about asset distribution to statements about medical decisions and funeral arrangements. For example, traditions like Judaism, Islam and Orthodox Christianity have detailed rules of inheritance that some may wish to follow as closely as possible. Similarly, it may be important to leave detailed instructions for trustees on how funds should be dispersed in accordance with those religious traditions and values.

Most residents usually apply a hybrid approach to blending their religious belief with their estate plan. One many wish to avoid following any religious custom except for burial and funeral arrangements. Others may seek strict adherence except restrictions on cessation of heroic medical measures. There is seemingly an endless combination of approaches that one might seek to balance in their estate plan. Of course, whatever one’s desires it is crucial to have open and honest discussions with loved ones about these issues so that they can be communicated effectively during the planning process. In our area it is also important to contact an experienced New York estate planning attorney who can effectively integrate religious wishes into a plan that simultaneously respects legal, tax, and ethical issues.