New York Estate Planning & Elder Law Blog

Critical Issues to Consider When Estate Planning

Published on: May 24, 2022 | by Ettinger Law Firm

Estate planning varies substantially between individuals and is influenced greatly by a person’s goals. Each individual also has a unique situation as well as a background to consider. Two individuals with similar kinds of assets are worried about protecting property from future elderly care centers that might sound like they have similar estate plans. If one person is a disabled veteran, while the other has no military service though, estate planning between the two can be substantially different. When it comes to estate planning, countless important estate planning issues should be considered.

# 1 – Decide On Your Estate Planning Goals

Each person should assess his or her goals when deciding on what he or she would like to achieve with an estate plan. If the main goal is to make sure that a spouse inherits assets and can make choices after the individual becomes incapacitated, a plan involving a last will and testament and powers of attorney might be all that is required. If the primary objective of an estate plan is to guard against future liabilities, trust planning might be critical.

Tips on Avoiding Uncertainty about Health Documents While Estate Planning

Published on: May 24, 2022 | by Ettinger Law Firm

Health documents used in an estate planning context are some of the most valuable documents that a person can have. These documents, however, often invite uncertainty because the documents are referred to by various names and one document can be confused for another. When it comes to the subject of estate planning, four primary types of healthcare planning documents exist.

# 1 – Healthcare Power of Attorney

Healthcare power of attorney documents are the most commonly utilized in the estate planning field. These documents are also referred to as healthcare surrogates or medical power of attorney. These documents often exist separately from durable power of attorney documents, which address legal and financial issues. Comparably, healthcare power of attorney documents appoints at least one individual who will function as a healthcare agent. These documents should also address an additional individual who will function as a backup.

Reduction to Medicare Part B Looming

Published on: May 24, 2022 | by Ettinger Law Firm

The Centers for Medicare & Medicare Services is still evaluating its Part B premium due to changes that have happened after the amount was established last year. Approximately, 50% of the increase in the premiums is the result of the potential cost associated with paying for the Alzheimer’s medication, Aduhelm. If the Center ultimately decides to reduce its Part B premium, the reduction would likely apply in 2023 rather than 2022.

The Value of Aduhelm

Aduhelm plays a role in helping the approximately 6 million Americans who have been diagnosed with Alzheimer’s Disease, which is a degenerative neurological disease that slowly destroys a person’s memory and thinking skills. The medication can also negatively impact the lives of families and other loved ones connected to the person with the disease. Most people who are age 65 or older are also generally enrolled in Medicare, which pays for more than 63 million individuals.

4 Estate Planning Strategies to Protect Your Assets

Published on: May 19, 2022 | by Ettinger Law Firm

Considering that someday you will no longer be alive is an unpleasant thought. You might be frightened of the unknown, particularly when it involves issues of what will happen to your loved ones. Even though you will no longer be around to play a role in managing your estate, you do have an input in what happens to your estate after you pass away. This article reviews some of the helpful things that you can do to protect your money after you pass away.

A vital part of estate planning is creating a will, which is a type of legally-binding document that articulates your wishes for what should happen after you pass away including who you would like to manage your estate and how you want your assets to be divided. Wills can also include instructions regarding the care of any dependent or pets that you might have.

A poll conducted in 2021 revealed that less than half of the adults in the United States do not have a will. The results of this study are similar to other polls conducted as early as the 1990s. Even though it can be challenging to consider that you will someday pass away and to place instructions regarding how your family should manage your assets, doing this can be critical to making sure that your assets, as well as your loved ones, remain protected after you pass away.

Revocable Trust Lessons After the Death of Stephen Sondheim

Published on: May 19, 2022 | by Ettinger Law Firm

When Stephen Sondheim recently passed away, he passed on all rights associated with his theatrical work including several well-known musicals including several unfinished pieces to a trust, which will be tasked with managing his estate.

The Sondheim trust now will assess the future of the well-known artist’s intellectual works in addition to any other assets he owned at the time that he passed away. The arrangements regarding what will happen to Sondheim’s assets are contained in a petition that was recently signed and then filed with New York Surrogate Court.

A petition for probate reports that the approximate worth of Sondheim’s assets when he passed away was greater than $500,00 and less than $75 million. Several estate planning attorneys, however, suggested exercising caution in reading these numbers, which are simply a rough estimate and do not depict the worth of whatever Sondheim positioned in a trust while he was alive.

Diversifying Your Assets After Years of Employment

Published on: May 19, 2022 | by Ettinger Law Firm

For many corporate executives who are considering retiring, substantial financial planning must be done. Given the executives are often some of the best-compensated workers, this advice might seem unnecessary. Additionally, increasing stock prices over the last few years, as well as a healthy economy, means that many executives are better situated than ever before.

Diversification of Assets Is King

One issue executives should consider is the degree of their assets that share a relationship with the worker’s employer. Many executives receive various stock options, stock grants, and also enroll in retirement accounts; each of these plans can contribute towards a focus on the executive’s assets on the company stock of the executive’s employer.

Avoiding Surprise Bill and Complications with a Recent Regulation

Published on: May 19, 2022 | by Ettinger Law Firm

People are fortunately now not obligated to cover care received that was not part of the network if the care was given without that person’s consent. This is the result of a healthcare law that became effective at the beginning of 2020 and could lead to fewer insurance payment issues for many people.

The law’s safeguards from expensive medical bills, however, are only as valuable as a person’s awareness, understanding, and capacity to ensure enforcement of the protections occurs.

Surprise Bills Are Common

State-Run ACA Exchanges Create Alternative Plans

Published on: May 19, 2022 | by Ettinger Law Firm

In 2020, President Biden and his administration as well as states throughout the country recently celebrated unprecedented gains in enrollment for the Affordable Care Act. Meanwhile, state-operated exchanges are striving to create alternative plans addressing outreach in the event that Congress fails to extend the Act beyond 2022. A substantial motivator for these enrollment gains in the Affordable Care Act.

The Role of State-Run Exchanges

Exchanges operated by the state are focused on plans for outreach and marketing in the event that Congress does not increase beyond 2022 a driver for enrollment gains. Some legislatures and healthcare experts have already warned that individuals could discover they are dropped off coverages and consumers might even end up in less advantageous plans addressing healthcare provided Congress fails to act within the corresponding window of time.

Economy’s Condition Thrives Off Obamacare

Published on: May 5, 2022 | by Ettinger Law Firm

The states currently resisting Medicare are currently falling behind in job-market strength as well as the growth of income. Meanwhile, even the states that later signed up for Obamacare are witnessing more prosperous economies.

Obamacare created a substantial debate in the country before it was passed into law. One question raised by critics of Obama care is the measure’s impact on the economy. Supporters argued that Obama would help companies flourish because they would realize many of the costs associated with healthcare, while critics warned that Obamacare would result in tax increases.

Data after Obama’s decade-long existence now reveals that states that have fully embraced the measure are enjoying stronger economies than states that assumed these measures.

Minimum Nursing Home Requirements Become Effective in New York

Published on: May 5, 2022 | by Ettinger Law Firm

The Governor of New York recently removed a three-month prohibition on a new regulation requiring nursing homes to satisfy minimum staffing requirements to provide patient care. Supporters of the regulation, which establishes minimum staffing ratios and requires that nursing home residents receive at least 3.5 hours a day of direct nursing care, have expressed satisfaction that the delay has ended.

Staffing Levels Are at a Difficult Low

One member of the 1199 SEIU union as well as a nurse at a Dunkirk nursing home has commented that over the last couple of years, times have occurred when she has been the only registered nurse on staff for several dozen residents. This nurse has commented that it is “heartbreaking” to even satisfy the basic need requirements of residents, which include things like personal hygiene.