New York Estate Planning & Elder Law Blog

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

What Makes Estate Planning Critical

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

Many people associate estate planning with the extremely wealthy, but in reality, most people benefit from creating a strategy for how their assets should be handled. Anyone who has anything to leave behind needs to create an estate because an estate plan will function as a guidebook for how anything you leave behind should be handled.

This article reviews some of the most critical reasons why people should consider engaging in the estate planning process.

# 1 – Estate Planning Can Include Documents of Varying Purposes

Understanding How Divorce Impacts Your Estate Plan

Published on: June 5, 2021 | by Ettinger Law Firm

As Bill Gates prepares to navigate the divorce process, divorce has again entered the public consciousness and caused many people to question the nature of how marriages dissolves and how it impacts various aspects of our lives. One often overlooked aspect of divorce is how it can impact overall plans for the future.

To minimize the potential impact that divorce has on their lives, many high-power couples including Bill and Melinda Gates enter into settlement agreements. Even ordinary couples, however, discover that divorce has the potential to impact their estate plans. This article discusses some of the most important issues that couples should consider about how divorce can impact estate plans as well as what you can do to make sure that your estate plan continues to achieve your goals.

Life Insurance

Ways to Avoid Retirement Savings Tax Issues

Published on: June 4, 2021 | by Ettinger Law Firm

Taxes continue even after you retire. Choosing not to pay attention to the possibility of taxes incurred during retirement could substantially lower your standard of living in retirement. To make matters even more complex, some of the common-sense strategies that people utilize to reduce taxes can lead to paying more in retirement and on inheritances.

This article reviews just one of many strategies that can be utilized to minimize the amount of taxes that you end up paying in retirement.

# 1 – Make the Most of Timing