New York Estate Planning & Elder Law Blog

Considerations When Selling Your Business for Retirement

Published on: October 17, 2014 | by Ettinger Law Firm

Far too many entrepreneurs, despite their successes in business, have put far too little time into planning for the eventual sale of their business for retirement. In fact, more often than not business owners do not start planning the sale of the business until the day that they sit down with a potential buyer. Starting this late almost always means that money is left on the table, and it is far too late to make a meaningful difference in the money that you will be able to keep when you sell your business.

Talk to Estate Planning Attorneys

One of the most important people to speak with when planning the sale of your business is an estate planning attorney. After explaining the financials and structure of your business as well as a timeline for when you wish to sell, your estate planning attorney can review your tax situation and explain what your options are to save the most money in an estate plan.

Extendicare to Pay $38 Million in Medicare, Medicaid Settlement

Published on: October 15, 2014 | by Ettinger Law Firm

A U.S. nursing home chain has agreed to pay $38 million in a settlement to end a federal government investigation into whether its nursing homes billed Medicare and Medicaid for poor care for its elderly residents. The settlement was specifically with a subsidiary of Extendicare Inc., Extendicare Health Services.

Extendicare Nursing Homes

The investigation focused on 33 of the company’s nursing home facilities in eight states: Ohio, Pennsylvania, Wisconsin, Indiana, Kentucky, Michigan, Minnesota, and Washington. Extendicare provides post-acute and long-term senior care services. The company has in total 251 different care facilities across the country and the capacity to care for 27,600 residents. It is the seventh largest nursing home chain in the country.

Medicare Tax: What You Need to Know

Published on: October 14, 2014 | by Ettinger Law Firm

When you hear about Medicare taxes, you probably do not also consider how it affects investments. However, these new taxes can impose higher costs both on wages and net invested income. If you are concerned about how the Medicare tax may affect your estate or retirement plan, speak with an experienced estate planning attorney today.

Medicare Tax and Payroll Income

Medicare tax on payroll income is 2.9%. It applies to all earned income, which includes payroll from your employer in addition to any tips. Half of the tax is paid by you, and the other half is paid by your employer. For high wage earners, Medicare tax imposes an additional 0.9% tax on individuals who make over $200,000, $250,000 for couples filing taxes together, or $125,000 for spouses filing separately. Your employer is required to withhold the 0.9% from your paycheck once you exceed the $200,000 limit.

Estate Planning Moves that You Should Make in Your Thirties

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

A lot of people assume that estate planning is just for the old and the wealthy; however, that is not the case. As a Daily Finance article discusses, when you are in your thirties, planning for your eventual passing is not usually a top priority, but most estate planning experts agree that this is the best time to begin to create an estate plan that will protect you and your family in case the unexpected occurs.

Sometimes it can be even more important for people in their thirties to create an estate plan because they have just as much to lose, sometimes more, than their parents and elders. A lot of people entering this decade are settling down, getting married, buying their first home, and having children – all of which needs to be protected.

An estate planning attorney can help you start to draft your estate plan, and here are the basic documents that you should consider putting into place:

How a Prenuptial Agreement Can Help in Estate Plans

Published on: October 6, 2014 | by Ettinger Law Firm

Prenuptial agreements, or prenups, are almost always associated with marriage and divorce; however, they can also be a powerful tool for estate planning. This type of agreement can be used to clarify the rights and responsibilities of both spouses if one suddenly passes away. A prenuptial agreement can be used in estate planning to reduce family in-fighting and other legal issues by predetermining what the spouse is entitled to in the estate.

Using a Prenup to Prevent Estate Nullification

Most prenuptial agreements are made when one or both spouses come into the marriage with significant assets, land, or wealth, if one or both spouses have been previously married, or if children from a previous relationship are involved. One of the biggest advantages to a prenup for the purposes of estate planning in these situations is that the agreement prevents the spouse from nullifying the existing estate plan.

Legislators Pushing to Widen Medicaid Program for Frail Seniors

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

More than one dozen U.S. senators from both sides of the aisle are pushing the Obama administration to broaden the Medicaid program for the nation’s frailest seniors. They are pushing the idea as a proven alternative to pricier nursing home options, as states are looking to minimize long term medical costs. The senators released a statement to the Centers for Medicare and Medicaid Services to follow through on plans to loosen restrictions on the Program of All Inclusive Care for the Elderly (PACE).

Broadening the PACE Program

The PACE program is offered to Medicaid eligible seniors and people with disabilities who need nursing home care. The program offers an alternative to nursing homes that allows the elderly to stay in their homes and receive coordinated care from a team of doctors, nurses, and social workers at an independently operated day center. However, enrollment in this program has been small due to the limiting federal regulations and a push by states to move patients into more cost-effective health care plans.

New Law Allows Owners to be Buried with Pets

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

All across the country there are cemeteries for people and cemeteries for pets. Virginia has become the third state in the nation to pass a law allowing pet owners to be buried with man’s best friend. Joining New York and Pennsylvania, Virginia’s new law went into effect in July and could affect many pet owners’ estate planning options.

New Burial Law

In Virginia, a new state law allows cemeteries to set aside parts of their property to create sections where pets and humans can be buried next to one another. Most states do not allow for pets and humans to be buried together or their laws do not address it. This law was introduced by Republican member of the House of Delegates, Israel O’Quinn, and was passed in April.

Addressing and Preventing Elder Abuse in LGBT Seniors Pt. 2

Published on: September 26, 2014 | by Ettinger Law Firm

In part one of this article the statistics and reasoning behind an increased possibility of LGBT elder abuse was discussed. The second part of this article concludes the reasons why LGBT seniors are at a higher risk of elder abuse and what to look for to prevent elder abuse against LGBT seniors that you care about.

In addition to an abuser threatening to out an individual, telling a senior that the authorities will not believe them, gaining control of finances, fear of spending the rest of their lives alone, and being easier to isolate the following are reasons why LGBT seniors are at more risk for elder abuse.

Abuser says that “this is what it means to be LGBT”

Addressing and Preventing Elder Abuse in LGBT Seniors Pt. 1

Published on: September 23, 2014 | by Ettinger Law Firm

Between two and ten percent of seniors experience some type of elder abuse, and LGBT seniors have additional vulnerabilities that open them up to further opportunities for abuse. As discussed by the National Resource Center on LGBT Aging (led by SAGE), many people believe that elder abuse only pertains to bruises, broken bones, or other physical injuries; however, experts define elder abuse as physical abuse, sexual abuse, emotional or psychological abuse, neglect, abandonment, and financial exploitation.

For the most part, LGBT seniors face the same types of abuse as non-LGBT elders. However, LGBT elders can be victimized in additional ways, and more reasons exist why people are so accepting of this type of victimization. The National Resource Center on LGBT Aging notes that these additional factors for LGBT seniors include:

Abuser threatens to “out” the senior

How Resilience Affects Seniors

Published on: September 19, 2014 | by Ettinger Law Firm

A large scale study recently published by The Gerontologist looked at the effects of the fuzzy concept, resilience, and how it impacts the lives of seniors. The surprising results of the study showed that this intangible concept can have a major effect on aging seniors‘ lives.

What is Resilience?

Resilience is a concept that is difficult to define. The study’s lead author described resilience as “how people manage adversity and hardship over the life course.” As one U.S. Supreme Court Justice once said about pornography, we know it when we see it.