New York Estate Planning & Elder Law Blog

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.

Appreciating the Medicare Five-Star Nursing Home Rating System

Published on: June 21, 2021 | by Ettinger Law Firm

One of the most important elder law decisions is picking the best nursing home. While this decision is often financially motivated, it’s also critical to find a facility that offers the best possible care to fit your needs. Unfortunately, not all nursing homes are capable of meeting everyone’s needs. To help process best, Medicare has implemented a five-star rating system.

The Separate Nursing Home Ratings

Not all nursing homes meet Medicare standards. After an in-depth review of a nursing home, Medicare assigns facilities with a rating based on a one to five scale with one being the worst and five being the best. Five-star ratings for nursing homes are based on the following separate categories:

Understanding How Federal Initiatives Will Impact the Future of Medicaid

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

Medicaid is a primary payment source for various long-term medical care solutions in the United States. In many situations, Medicaid is utilized to pay for residential care facilities. Deciding that one needs to transition to a nursing home, however, is rarely an easy decision and many elderly individuals attempt to stay at home as long as possible. Many senior citizens rely on home-based services to postpone moving into nursing homes. Medicaid offers two types of long-term care: home community-based services and institutional care. States have discretion in regards to whether they should offer home community-based services in addition to institutional care, which has led to significant gaps in services between states.

While funding for home-based services has not risen to meet demands, these options might change soon. In March 2021, the American Jobs Plan proposed increasing the funds utilized to provide Medicaid long-term care services to more individuals.

The Role of the American Jobs Plan

Readying Your Retirement Plan for Pending Tax Changes

Published on: June 11, 2021 | by Ettinger Law Firm

Following the passage of President Biden’s COVID-19 relief bill, the administration began to focus on what tax changes to implement to help pay for this support measure. These tax changes are anticipated to be wide-ranging and significant. This article reviews just some of the most substantial of these likely changes and how they will impact estate plans.

The Potential Timing of These Changes

Both House and Senate committees are working on both budget and tax proposals that will become part of a second budget reconciliation measure. Congressional committees are currently at work on proposals that will be included in the second budget reconciliation bill. The House and the Senate will create and approve a budget resolution to function as a means for the reconciliation process.

Six Pet Considerations for Estate Planning

Published on: June 8, 2021 | by Ettinger Law Firm

The Covid-19 pandemic has led to a larger than usual number of people adopting pets. After all, stay-at-home orders reduced the chances that people had to interact with others and pets began to play an increasingly more important role as companions. Data compiled from PetPoint reveals that animal welfare organizations throughout the country had a difficult time keeping up with the demand.

With pets playing a role in a record number of people’s lives, it’s critical to understand the powerful and valuable role that pets can play in the lives of seniors and individuals with disabilities.

# 1 – Reducing Loneliness