New York Estate Planning & Elder Law Blog

Elderly with Functional Impairments at Higher Risk for Misuse of Prescription Drugs

Published on: July 15, 2021 | by Ettinger Law Firm

A recent study from the Centers for Disease Control and Prevention found that 22 percent of older adults in the United States experience functional impairment which is characterized by the difficulty to perform daily living activities as well as challenges with concentration or decision making due to emotional, mental, or physical conditions.

Another recent study published in the American Journal of Preventive Medicine found that functional impairments among individuals age 50 and older are associated with a higher risk of medical cannabis use as well as prescription drug misuse. The author of the study later commented that a link might exist between functional impairments and the misuse of prescription drugs. Given the concern for such a high rate of misuse of prescription drugs among elderly adults with functional impairments, you must know what you can do to help your loved one.

Remember the Aftermath of Drug Abuse is Severe

Court Reverses Injunction against Co-Trustees

Published on: July 13, 2021 | by Ettinger Law Firm

In the recent Texas of Marshall v. Marshall, a beneficiary initiated legal action against a trustee as well as five co-trustees of two trusts addressing claims that they had breached fiduciary duties. After the original lawsuit was filed in Texas, the trustee filed a petition seeking declaratory relief and requesting that the court declare the co-trustees were sufficiently appointed. The beneficiary obtained a temporary injunction preventing the co-trustees from receiving compensation as well as disposing of trust assets or participating in litigation.

The court of appeals reversed the litigation on the grounds that permitting the lawsuit to continue did not constitute a miscarriage of justice. The court of appeals also reversed other aspects of the temporary injunction on the grounds that there was no evidence to support that irreparable harm would occur otherwise.

The Role of Co-Trustees

Gun Safety and the Elderly

Published on: July 12, 2021 | by Ettinger Law Firm

In the same ways that some elderly drivers prove dangerous behind the wheel, firearms also prove dangerous in the hands of some elderly individuals. One recent study of elderly gun owners found that many had debated placing restrictions on firearm access as they age, even though they often do not have detailed plans for how to implement these restrictions. Because 40% of older Americans report living in a home with a firearm, it’s become more important than ever to address the issue of control among the at-risk elderly. For example, if an elderly individual develops either dementia or depression and has easy access to a firearm, that elderly individual might end up harming themselves. This article reviews some critical advice to remember about gun control and the elderly.

Realizing When Gun Ownership Becomes Too Dangerous

One of the most difficult questions presented by firearm ownership among the elderly is recognizing cognitive and physical signs that a firearm should be taken away from your loved one. The case of cognitive impairment, however, is often a challenge to recognize. Cognitive impairment due to Alzheimer’s or a mental health disorder are some of the biggest warning signs that you should consider taking a firearm away from the elderly individual. One study even found that over 100 incidents that occurred from 2012 to 2012 involved people with dementia who had used firearms to either kill or injure themselves or others. Besides mental health, there are also several physical signs that an elderly individual should not carry a firearm. For example, an elderly individual might not be able to safely maintain or use a firearm.

Considering Using a Will vs. Trust in Your Estate Plan

Published on: July 10, 2021 | by Ettinger Law Firm

Many people were forced to think about how to adequately manage their estates in 2020. While a will and last testament was for many years the most common estate planning, trusts have grown in popularity. As part of a will, a person must specify how his or her properties should be distributed after that individual passes away, while family trusts are established for either a specific individual or a group of people who are not specifically named. This article reviews some valuable details you should understand in deciding whether a will, a trust, or both a will and trust are right for you.

Critical Differences between Trusts and Wills

While the critical differences with trusts and wills teal with the time when the assets are transferred, some of the other vital differences between trusts and wills include the following:

Utilizing Private Placement Life Insurance in Estate Planning

Published on: July 6, 2021 | by Ettinger Law Firm

As we proceed into 2021 and emerge from the COVID-19 pandemic, many fundamental aspects of daily living have been challenged. Among many lessons people learned from the pandemic, one of the most critical ones is the importance of asset protection. Private placement life insurance provides individuals with the opportunity to allocate alternative investments in a tax-efficient manner while creating efficient strategies that do not exist with other life insurance options. Various factors make it an ideal time to consider using private placement life insurance including high lifetime exemptions and attractive federal estate and income tax rates. This article reviews some critical details that you should consider about deciding whether private placement life insurance is right for you.

How Private Placement Life Insurance Functions

Private placement life insurance trusts are a special type of life insurance that has a high cash value compared to a low death benefit. To minimize fees, the life insurance aspect is kept as affordable as possible, which permits the cash value of the policy to drive death benefits. The purpose behind private placement life insurance trusts is to amass a substantial cash value within a life insurance policy to take advantage of the tax-free handling of income as well as gains from the underlying investments in the policy.

After the Covid-19 Pandemic: Making Sure You Have the Critical Estate Planning Documents

Published on: July 2, 2021 | by Ettinger Law Firm

With the increasing availability of the COVID-19 vaccine and the rate of COVID deaths dropping in New York, it’s a good idea to be optimistic about what the future holds and to take some time to review your estate plan. While some people need to start from the beginning, others simply need to revise some terms in their estate plan. This article reviews some of the essential estate planning documents that you should make sure you have written. Remember, however, not all

What Critical Estate Planning Documents You Should Make Sure to Write

Some of the vital estate planning documents that you should make sure to write include:

Advice on Using New York Trusts for Asset Protection

Published on: July 1, 2021 | by Ettinger Law Firm

When it comes to creating a trust to protect assets against various predatory efforts including financial elderly abuse, lawsuits, and undue influence, certain attractive trust features can be utilized. These features allow the person who establishes the trust to receive income as well as realize various other advantages. Remember, trusts have various purposes and not all features are a suitable fit for every trust. This article, however, discusses some of the most common asset protection features that are utilized in New York trusts.

# 1 – The Ability to Change Beneficiaries

Fortunately, it’s often possible to make a trust irrevocable while still keeping the ability to change beneficiaries who receive assets under the trust. Being titled irrevocable can often make a trust seem final, but if you can decide who receives trust assets and to what degree, there’s still some freedom to the terms of a trust. A “power of appointment” can be utilized during which a grantor reserves the right to change beneficiaries through an amendment to that individual’s last will and testament. Consequently, it’s possible for a person to both realize the features of asset protection of a trust while still being able to change some features of how assets are distributed.

Five Estate Planning Issues to Address on Retirement

Published on: June 29, 2021 | by Ettinger Law Firm

New retirees are well served to pay close attention to various financial considerations, which are commonly overlooked at the time of retirement. This article reviews some of the most critical estate planning issues that you should make to address either on or before when you retire.

# 1 – The Restructuring of Assets

At the time of retirement, people have spent decades accumulating a variety of assets. One goal of retirement should be to reduce the time and care necessary to maintain what you own. This will not only reduce the costs and length of probate for your estate but will also leave your loved ones with as few challenges as possible. During the restructuring, you might also decide to limit problematic assets.

A Quick Review of Medicare Changes in 2021

Published on: June 27, 2021 | by Ettinger Law Firm

Many older individuals in the United States depend on Medicare to pay for health care needs. It can be challenging to determine what’s covered under Medicare and how much it costs. To make matters even more complex, there are various changes to the Medicare system each year. For example, at the beginning of 2021, the Centers for Medicaid and Medicare Services issued a final ruling addressing Medicare Part C and Part D. This far-reaching rule is just one of several changes to Medicare. This article reviews some of the other important issues to consider about other Medicare changes that will occur in 2021.

The Four Parts of Medicare

Medicare is divided into four separate categories that pay for distinct health services. This includes:

Some of the Most Notable Estate Planning Myths

Published on: June 25, 2021 | by Ettinger Law Firm

Data shows that a troublingly large number of Americans do not have estate plans. Besides the challenge presented by not having an estate plan, many more Americans are failing to learn even the basic details about how estate plans function. In the hopes of clarifying some of the most dangerous myths about estate plans and how they operate.

# 1 – Estate Plans Aren’t Necessary If You Let Your Wishes Be Known

In reality, just because you would like your estate handled in a certain manner, there is no guarantee that your goals will be achieved. Even though your loved ones might know and remember your preference, they might find subtle ways to subvert them for their advantage. The best way to make sure that you achieve your goals is to work with an estate planning attorney who can make sure that you write legally recognized documents that uphold your wishes.