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Warning Signs of Financial Exploitation

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

Most folks never believe they or their elders could be the victim of financial exploitation by a family member or a caretaker but the truth is that every year, millions of well meaning or vulnerable individuals find themselves taken advantage of. Even independent and acute elders can find themselves fleeced by scammers over the phone or a seemingly trusted individual charged with ensuring their wellbeing.

However, with some careful planning and vigilance we can help safeguard ourselves and our loved ones from the malicious intentions of someone pretending to be someone they are not. Often times, warning signs pop up that can alert us to foul play and give us the opportunity to intervene before unscrupulous individuals unjustly enrich themselves.

Many situations of financial exploitation against elders involve family members such as adult children or another close person engaged in life care. Sometimes, these caretakers feel entitled to large portions of an individual’s wealth for rendering the care and attention needed for the elder to live a comfortable and dignified life. While there is nothing wrong with someone rewarding a child or a close individual for watching over them when needed most, some individuals may take matters into their own hands to see their inclinations through.

Estate Planning and Identity Theft

Published on: September 28, 2017 | by Ettinger Law Firm

In today’s day and age, identity theft is all too common a problem. In fact, the news is often filled with horror stories related to identity theft. Identity theft is a serious problem that can wreak havoc on your life, and it can also have a significant impact on your estate plan. The following information can help you start to understand the potential effects of identity theft on your estate plan.

Access to Private Information

Wills, powers of attorney, healthcare proxies, and other estate planning documents contain very personal information. Not only do some documents have your social security number, but they could also contain other sensitive financial information, too. It is extremely important to safeguard these documents to prevent such information from slipping into the wrong hands. For instance, if someone were to gain access to this type of personal information they could potentially open up credit cards in the name of the deceased individual or even file a final tax return in their name before heirs have a chance to do so.

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.

Trusts Are More Accessible Than You Might Think

Published on: September 18, 2017 | by Ettinger Law Firm

Once a tool for extremely wealthy individuals, trusts have gained in popularity over recent decades. Changes in laws governing trusts and the development of new approaches to estate planning have made trusts an invaluable tool for many working class families to ensure they are able to provide financial security to their loved ones. A trust can help make sure that your assets are distributed according to your wishes in a variety of different ways, some of which are discussed below. An experienced estate planning attorney can review the various types of trusts that you may be eligible for and can help you determine the right type and structure to achieve your estate planning goals.

Trusts Can Avoid Probate

The majority of trusts are established during a person’s lifetime, and these trusts will be eligible to avoid the probate process. While the New York probate process is less difficult than the probate process in other states, it can still be time-consuming and costly. Trusts are an effective way to allow loved ones to access the assets you wish to distribute to them without waiting for the probate process to be complete. Ultimately, this saves you time and money in addition to keeping assets within the trust out of the public record associated with the probate process.

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.

How Much Does an Estate to Go Through Probate?

Published on: September 12, 2017 | by Ettinger Law Firm

Planning your estate and having a last will and testament is important to ensuring your final wishes are carried out and your heirs receive everything you intend to pass on to them. Whether you are the testator or executor, there are many duties you will need to perform to make sure an estate passes as quickly as possible through probate court, including calculating the costs associated.

First and foremost, New York probate courts handling estates have a variable schedule of filing fees which depend on the size of the estate. Section 2402(7) of New York’s Surrogate’s Courts Procedure Act (SCPA) are as follows:

Value of Estate or Subject Matter Fee	Fee Rate
Less than $ 10,000	$45.00
$10,000 but under $20,000	$75.00
$20,000 but under $50,000	$215.00
$50,000 but under $100,000	$280.00
$100,000 but under $250,000	$420.00
$250,000 but under $500,000	$625.00
$500,000 and over	$1,250.00

Section 2402(8)(a) of the SCPA also proscribes a fixed fee for filing a petition to commence certain proceedings. These types of fees can range anywhere from $10 to $75, depending on the type of motion filed. Such petitions can include common probate proceedings such as filing wills and suspending a fiduciary.

What are the fees for executors in New York?

Under section 2307 of the SCPA, executor fees are based on the value of the estate. These fees can be between 2 and 5% of the total amount of estate money the executor receives and pays out. Executor’s fees in New York are as follows:

All sums of money not exceeding $100,000 at the rate of 5 percent
Any additional sums not exceeding $200,000 at the rate of 4 percent
Any additional sums not exceeding $700,000 at the rate of 3 percent
Any additional sums not exceeding $4,000,000 at the rate of 2.5 percent

All sums above $5,000,000 at the rate of 2 percent

These amounts come out of the value of the estate and in cases where multiple executors handle an estate, the split is commiserate on the amount of work performed by each individual.

Attorney costs for probate of a will

When going through probate, it is strongly suggested the executor seek help from an experienced and dedicated New York probate and estate lawyer. The fees associated with a probate attorney depend on size of the estate, work put in by the executor, and the complexity of the case.