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The Role of the Executor

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

There are plenty of fancy words in law that actually have very basic definitions. Estate planning law is no different, with plenty of legal terms that can often be hard to unpack and understand. One such term that gets thrown around a great deal in the field of estate planning is “executor.” Who is an executor? What is their role? The following information may help you understand more about an executor and their role in your estate planning.

What is an executor?

The person creating a Will, known as the testator, will name someone that will be responsible for administering the provisions of the will in compliance with the law known as the executor. Basically, an executor oversees making sure that debts are paid and remaining assets are distributed per the testator’s wishes. Depending on the characteristics of your estate, some of the executor’s jobs may include:

Budget Cuts in Boston

Published on: February 7, 2017 | by Ettinger Law Firm

The new year has brought a number of changes to our healthcare system and is projected to make many more in the coming months. In an effort to control the state budget, many lawmakers are attempting to find ways in which to decrease spending in order to get out of the major defect they have incurred over the past few years.

One of those states is Massachusetts, where, Governor Baker, is attempting to reduce their budget by cutting nearly $100 million dollars in funding for a number of organizations. This budget cut was cited as an adjustment due to lagging state revenues, which need to be counterbalanced. The organizations most affected by the cuts include HIV treatment centers, opioid abuse relief centers that assist many citizens of the state in dealing with the drug problem that has run rampant through the city, as well as other elder care organizations.

The majority of the funding to be cut will come from programs in charge of assistance in paying for long term care, nurse visits, as well as other specialists. This ultimately affects the demographic of aging people who seek to age in place and receive care in their home as their health declines.

Death with Dignity Act Gains More Approval

Published on: January 19, 2017 | by Ettinger Law Firm

Physician assisted suicide has been a controversial topic across the world, however as the reasoning behind it becomes better understood, many countries have chosen to legalize the practice for reasons outside of terminal illness. In the United States, in the past few decades, the public began to take notice with news headlines such as those regarding Dr. Jack Kevorkian, the Michigan physician who helped assist numerous patients chose when they would die from terminal illnesses and subsequently served eight years for his acts.

Today, physician assistance in dying is legal in Washington, Vermont, Montana, Oregon, with California recently signing in their aid in dying legislation in June 2016, Colorado approving a ballot measure in the most recent November 2016 election by two thirds majority, as well as the District of Columbia signing in their version of the same aid in dying law in December 2016. With a not so surprising passage of these laws comes the realization that Americans as a whole see the reasoning or at least themselves would want the option, in the circumstance they were to become terminally ill.

What is different with the United States’ various aid in dying laws in place is that they are all for those patients that are terminally ill, requiring certain validation steps through physicians and therapists.

Estate Planning 101 – What Is the Difference Between a Trust and a Will?

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

When you begin estate planning, there are a variety of options that are available in order to plan how your estate will be distributed and may seem very similar, however, they all have distinct benefits. Two main estate planning tools commonly used are wills and/or trusts, but their main features are very different. When determining which tools are right for you, you should first assess what stage of distribution and what assets you wish to control.

Trusts

There are a number of different types of trust that one may use, depending on what their intentions are. Trusts can be enacted during the grantor’s, also known as the person who made the trust, lifetime, or may take effect upon the death of the grantor. When forming a trust, the grantor seeks to transfer their property to the trust, which is run by a trustee. A trustee can be any number of people, but are neutral third parties who are employed to operate in the best interest of all interested parties involved, including both the grantor and those beneficiaries.

Three Common Dangers of Do-It-Yourself Wills

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

In an increasingly digital society where we have become use to just “googling” the answers to our questions, there is no shortage of online legal advice and self-help. While some of this information can be valid and very useful, it doesn’t take the place of an actual lawyer that is able to apply the law to individual circumstances.

In fact, the ready availability of do-it-yourself legal guides on the web can pose a serious risk to people that use them, especially in the case of wills. Given how important your last will and testament is, it is essential to make sure that all details have been addressed and that all of your bases are covered so that you are able to distribute assets you have worked a lifetime for according to your wishes. According to the American Bar Association, three common dangers of do-it-yourself wills include:

Generic Forms

Long Term Planning – Can Pets Be Beneficiaries?

Published on: January 10, 2017 | by Ettinger Law Firm

Pets play a special role in all our lives; they serve as companions, security, as well as important additions to our families. However, when it comes to naming beneficiaries in your will, it has long been debated on a state level whether pets can legally be named as beneficiaries of an estate, due to their lack of capacity.

Many people name their animals, such as their dogs or cats, in their will, without realizing that, depending upon the state in which they make the will enforceable, probate court may find the provision invalid and treat the bequest as if it had not been named, passing down using the rules of probate court.

In order to effectively name a pet as a beneficiary in a will, there are specific ways of writing the provision that ensures your pet will be cared for after your passing. You can designate a friend or relative in your will to be the caretaker of the pet in the event of your passing. In this provision, you can designate a specific amount of money that will be received for care, for taking the pet, and what will happen upon the pet’s death. The caretaker of the animal will then become the owner of the pet legally, because pets are technically considered living property.

Common Reasons to Contest a Will

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

When a deceased individual, known as a decedent, leaves a Will, family members and friends that have reason to believe something may be wrong with that Will may be able to have a court rule that the Will is invalid in some situations. The following are examples of common situations in which a person may have reason to ask a court to overturn a Will, most of which can be avoided by working with an attorney to create a valid Will.

The Will Does Not Comply with Law

There are several specific requirements the person making a Will, known as the testator, must comply with for a Will to be valid in New York. Basically, these include:

Exploring Legacy Planning

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

While often used interchangeably with estate planning, legacy planning is actually a distinct approach to estate planning. While legacy planning can work hand-in-hand with your comprehensive estate planning strategy, it is important to understand its potential role in your estate plan. While estate planning includes all of your tools and strategies to devise wealth to future generations, Forbes points out that legacy technically means a bequest or gift left to an individual in your Last Will and Testament. They note that legacy planning can be a proactive part of your approach to estate planning by helping you take control of defining and achieving the legacy you wish to leave behind.

Dispelling Common Myths

The article from Forbes sought to dispel some of the common myths surrounding legacy planning. While conversations about estate planning in general are never easy, legacy planning can often carry its own negative connotations. Some of the most common myths surrounding legacy planning include:

The Federal Reserve Raises Rates – What It Will Affect?

Published on: December 24, 2016 | by Ettinger Law Firm

Why Were Interest Rates Raised?

The Federal Reserve has made the decision to increase interest rates by 0.25% at the end of 2016, with more dramatic increases to follow in 2017, news of which was released in December 2016. The decision was made for the interest rate increase of a quarter point to begin at the end of 2016, with two more 0.25% increases to follow over the course of the following year. This increase indicates that the labor market is tightening and thus, the United States economy is improving. Over the past decade, interest rates have only increased 0.25%, with that increase happening at the same time last year.

This change was made in response to the impressive amount of jobs that have been created and maintained over the past year and a half, with unemployment rates now below 5%, the lowest it has been since before the recession. Notably, in 2016, 180,000 jobs were added a month, which has led the Federal Reserve to allow interest rates to increase due to borrowers’ ability to pay more for loans and return to the ideal of 2% inflation. The interest rate hikes in 2017 could follow quickly after President-elect Trump’s taking to office, due to his pledge to provide growth oriented tax cuts and increased spending on infrastructure.

Inheriting Partial Ownership

Published on: November 14, 2016 | by Ettinger Law Firm

Inheriting physical real estate, such as a home or vacation cabin, can be tricky to navigate. You have to consider your desire for the property, potential expenses involved in ownership, and the process of transitioning ownership of the property to your name. These situations become more complicated when you add joint ownerships and partial interests.

People have been known to leave homes or vacation properties to their children to have in equal shares. This is common in cases where the property has been in the family for generations. Property left to multiple people is considered equally owned as “tenants-in-common” or “co-tenants”. All co-tenants have the right to use all of the property and share in any profits or liabilities from it.

“I don’t want a cabin in the woods if my brother’s there too.”