New York Estate Planning & Elder Law Blog

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.

Taking the Time to Begin (And Complete) Your Estate Plan

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

One unanticipated effect of the Covid-19 pandemic is it made many people realize that time is short. If you delay doing something too long, the risk exists that you might never have the chance to do it. Many people are following this advice when it comes to things like changing jobs, divorcing, and purchasing homes. Estate planning, however, works just the same way.

The Covid-19 Pandemic and Estate Planning

People who delayed estate planning during the Covid-19 pandemic realized just how important it was to create estate plans. This trend continues even though the height of the pandemic has passed. There are some people unfortunately who despite their best effort cannot finalize their estate plans. These individuals begin the estate planning process but then stop. Sometimes, these people try to pick up and complete estate planning months or even years later. These individuals often find themselves simply overwhelmed with the number of choices that must be made in the estate planning process. Other times, people are simply confused about what estate planning strategy works best for them. Additionally, many people resist having to confront their mortality and accept that one day, they simply will not be alive.

Navigating Challenges Associated with Death Taxes

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

Since 2021, many conversations have been had about the Build Back Better Act, which saw several substantial tax increases. While some people have described the Act as dead, the future of the act remains uncertain.

Despite what happens to the act, its contents are subjects to which Congress is likely to respond in regards to what is referred to as “death taxes”.

A “death tax” is a type of “transfer tax” and is referred to as an estate tax. Most people are acquainted with income tax. If an individual receives a salary, the salary is taxed. If a person sells a property that has appreciated, the gain also receives what is referred to as a capital gains tax. Ordinary income tax, as well as capital gains tax, are two types of income tax.

Advice on Reviewing Family Legacy Plans

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

Passing assets through generations can be a nuanced process. Assets are routinely an emotionally difficult issue, and a loved one’s plans for transferring assets can trigger various reactions from those left behind.

Data shows that by at least 2045, almost $75 trillion in assets will be transferred to heirs while charities will receive an additional $12 trillion. The size of many transfers between generations exaggerates why families should create as well as discuss comprehensive legacy plans.

Our lawyers routinely work with clients to create a detailed multi-generational plan where family members join together in a neutral and safe space for the person facing the end of life or incapacity to discuss their financial as well as non-financial goals with younger generations. This article reviews some helpful advice families should follow who want to have successful family legacy plans.

Advice on Succession Planning in 2022

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

The stock market over the last ten years has increased the valuation of many retirement accounts. Consequently, many people interested in estate planning are focused less on internal growth necessary for succession planning than at other times.

Inflation is much like gravity. Both rise and fall. With inflation occurring at substantial levels during the war in Ukraine, people interested in making the most of their estate plans should recognize that their plans ultimately might require a proactive effort. This article reviews some important details that you should consider when creating a strong succession plan.

Focus on Your Goal

Estate Planning Advice After Middle-Aged Divorces

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

In the last few decades, the rate of divorce among middle-aged as well as older people in this country has risen. Studies of the issue have discovered that in recent history, the divorce rate for people over the age of 43 in the country has substantially increased. This increase in divorce is even more noticeable when focused exclusively on “gray divorce”, which involves people between the ages of 55 to 64.

Regardless of what caused this increase, the increase in the number of these divorces has raised some special considerations that should be analyzed concerning divorces. This article touches on just a few of those considerations.

Spousal Support

Issues that Could Invalidate a Will

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

When considering whether to dispute a person’s will, you should review what factors exist that might suggest a successful basis for challenging the will. While these are an almost unlimited number of factors that exist, some particularly common issues arise concerning wills and resulting challenges.

# 1 – Last-Minute Changes

One of the most commonly encountered situations is when a deceased person executed a will close to the end of life that substantially alters their estate plans. When a will is drafted, an individual who wants to challenge the document should inspect several things to decide whether the document is valid. For estate planning documents created near the end of a person’s life, a detailed analysis should be made regarding whether the person had the adequate mental capacity to execute the document.

Biden Regulations Do Not Qualify Families As Essential Caregivers

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

When the Biden administration proposed new nursing home regulations recently, some people were content while others were confused.

The regulation establishes minimum staffing requirements as well as advocates for stronger regulatory oversight and improved public details about the quality of nursing homes. These measures have been the subject of advocate campaigns for years. These regulations, however, do not address the right that residents have to contact family members and friends who provide caregiving services.

What Is an Informal Caregiver?