New York Estate Planning & Elder Law Blog

Getting the Most from Your High Asset Divorce

Published on: December 13, 2014 | by Ettinger Law Firm

Divorce is almost always an emotionally and financially draining experience, and high asset divorces come with an increased level of tension and drama. It is because of that emotion that some spouses in high asset divorce settlements make irrational decisions or financial errors that can cost them thousands or millions of dollars in the end. However, there are some areas in a high asset divorce that can be analyzed to ensure that you are getting the most out of the settlement proceedings.

Hiring a Valuation Expert

One way to minimize potential mistakes in a high asset divorce is to hire a valuation expert. This person is an objective professional who is hired to make accurate valuations of all assets for the couple based on specific metrics and methodologies. Many valuation experts are associated with accounting firms and carry special designations for their profession. However, more help may be necessary for the expert if highly specialized assets like a privately held company, holdings in a family business, or other technical investment interests are at stake.

Efforts to Decrease Levels of Elder Financial Abuse

Published on: December 12, 2014 | by Ettinger Law Firm

According to Kiplinger’s, elder financial abuse has been named the “crime of the 21st century,” and according to a new study in the Journal of General Internal Medicine, as many as twenty percent of America’s elderly population may be victims. However, new efforts by attorneys are being made to train people in this profession to spot and report potential elder financial abuse and fraud.

EIFFE Initiative

The Elder Investment Fraud and Financial Exploitation prevention program (EIFFE) was launched by a joint effort between the American Bar Association (ABA), nonprofit Investor Protection Trust, and its sister organization the Investor Protection Institute. The goal of EIFFE is to curb the increasing levels of elder financial abuse and exploitation by teaching attorneys how to spot the warning signs.

Tips for Discussing Estate Plans with Family

Published on: December 11, 2014 | by Ettinger Law Firm

It is risky to leave your estate and financial affairs unattended or secret from the rest of your family. According to research released this year, over 64% of all Americans do not have a will, and half of the people included in that statistic have children. When you do not have a will or keep your estate planning matters secret, it has the potential to cause discord in the family or cause the assets in the estate to be improperly handled. However, with the holiday season upon us, now can be a great time to discuss your estate plans with family members and avoid any potential problems in the future.

Choose the Right People for the Right Roles

One common error in the estate planning process is giving roles to members of the family according to what the testator thinks that they would want, rather than assigning tasks according to who would be best suited for the role. Acting as a fiduciary, trustee, or executor to an estate is a job, and you need to pick the right candidate. This means considering who would be truly best suited to handle tough responsibilities like medical, financial, and legal decisions.

Balancing the Trustee & Beneficiary Relationship

Published on: December 9, 2014 | by Ettinger Law Firm

Balancing the relationship between a trustee and beneficiary can be delicate, and if it is not handled properly the results can be costly problems and years of frustration. The beneficiaries are set to inherit valuables, homes, stock, and other assets. Yet it is the very nature of those assets that can cause tension with a trustee who controls the purse strings. However, there are some tips that can help ease the tension and create a good relationship between the person in charge of managing a trust and those set to inherit it.

Address Sources of Tension

The entire purpose of a trustee is to be a barrier between an heir and the money, so there are natural sources of tension between a trustee and a beneficiary. Most often, an heir wants access to their inheritance faster, and the trustee is hesitant out of fear that the money will be spent unwisely.

Developing Efforts to Curb Elderly Addiction

Published on: December 9, 2014 | by Ettinger Law Firm

The increase in the number of elderly Baby Boomers has also meant an increase in the number of seniors abusing medication, other drugs, and alcohol. There are many delicate issues that arise in treating the elderly for addiction. However, efforts are now being made to screen and treat instances of elderly addiction in hospitals, nursing homes, and other treatment programs.

Elderly Addiction Statistics

Experts agree that as the population of seniors grows so does the number of those addicted to harmful substances. In 2009, a study was published that found that because of the large size “and high substance abuse rate” of the Baby Boomer generation, the number of Americans over the age of fifty with addiction abuse problems was expected to reach 5.7 million by 2020, double the number from 2006.

Focusing on the Caregiver: Seeing the Invisible Patient

Published on: December 5, 2014 | by Ettinger Law Firm

Very few caregivers are ever asked by their loved one’s doctors or other professionals how they are coping with the care of another. Questions like whether the caregiver is eating properly, exercising, sleeping enough, become depressed, or getting any free time is often overlooked. Thankfully, some physicians and other healthcare professionals have noticed the lack of care given to the actual caregivers, and they are doing something about it.

The Invisible Patient

Dr. Ronald D. Adelman, co-chief of geriatrics and palliative medicine at Weill Cornell Medical College recently gave a talk in addition to publishing an article about “the invisible patient,” the caregivers of the elderly. He contends that doctors should be assessing caregivers when they check on their elderly patients.

Financial and Estate Planning Moves to Make before Fifty

Published on: December 4, 2014 | by Ettinger Law Firm

Each decade of life ushers in a new set of challenges and issues for financial and estate planning. In your 20s, you are trying to establish yourself as independently financial and pay off your student loans. In your 30s, the estate and financial focus typically turns to planning for a family.

There can be more complications in your 40s, where you must balance supporting your children in addition to yourself and possible your parents. This decade is also crucial because there is still enough time before retirement to significantly affect your future. Here are some financial and estate planning moves to make before you turn fifty that can keep your retirement plan on track.

Increase Retirement Plan Contributions

Estate Planning for Childless Couples: Assigning Power of Attorney

Published on: December 3, 2014 | by Ettinger Law Firm

Couples without children have two main tasks when it comes to estate planning: the first is determining how to distribute the assets in the estate. The second, and arguably trickier task, is to assign a person or people who will handle your medical and financial affairs in the unfortunate event that you become incapacitated.

Durable Power of Attorney and Healthcare Proxy

A durable power of attorney form names a person to handle all of your financial matters if you become incapacitated or otherwise unable to take care of your own finances. This includes some legal matters, as well. A healthcare proxy is similar to a durable power of attorney, but this person is responsible for all medical decisions if you are incapable of making those decisions for yourself.

Bullying and Conflict in Nursing Homes

Published on: December 2, 2014 | by Ettinger Law Firm

New research released last week reported that conflict and violence among nursing home residents is widespread and that extremely high rates of violence are common in some facilities. The author of the study, Karl Pillemer, is a professor of gerontology at Weill Cornell College of Medicine, and he presented his findings at the annual meeting of the Gerontological Society of America. According to Professor Pillemer, over twenty percent of people living in the nursing homes studied were involved in at least one negative or aggressive encounter with another resident during a four week period.

Nursing Home Study

For the study, researchers looked at patient records at ten nursing homes in New York. They interviewed staff and residents and recorded incidents through direct observation. In a sample of over 2,000 residents, sixteen percent were involved in incidents that included swearing, screaming, or yelling.

LGBT Spouses Denied Social Security Survivors’ Benefits

Published on: November 27, 2014 | by Ettinger Law Firm

Grieving LGBT spouses who recently lost a loved one are being dealt another harsh blow by the Social Security Administration, which is refusing to pay survivors’ benefits to same-sex spouses living in states where their marriage is not recognized. One couple married in Boston but living in Texas was together for over thirty years when one passed away from cancer. The SSA refused to pay benefits to the surviving spouse because although they were married in a state that recognized the union, their state of residence does not.

Survivors’ Benefits Lawsuit

As of now, Social Security will not approve applications for spousal or survivors’ benefits for LGBT couples in Texas and sixteen other states that still do not recognize same-sex marriage. In order to get justice for herself as well as other same-sex widows and widowers, Kathy Murphy, 62, and the National Committee to Preserve Social Security and Medicare are suing the Social Security Administration claiming that denying benefits to married same-sex couples is unconstitutional discrimination.