New York Estate Planning & Elder Law Blog

Advice on Selecting a Professional Trustee to Manage Your Trust

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

If you decide to create a trust as part of your estate plan, there are various tasks that you must successfully navigate including appointing a trustee who can oversee the trust. A trustee performs the critical task of both managing the trust and distributing assets in a manner that conforms to the trust’s terms.

While a trustee performs a critical task, many people have misconceptions about the role. For example, some people think that picking a friend or family member to serve as a trustee is a wise idea because it’s a potentially cost-effective option. In reality, there are some distinct benefits to selecting a professional trustee. This article reviews some of the important to consider when deciding whether to select a professional trustee or a loved one to function as a trustee for your trust.

Experience Can Prove Helpful

What Made Nursing Homes Vulnerable to the Coronavirus

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

Older people are at an elevated risk of being adversely affected by Covid-19. Another group harshly impacted by Covid-19 are individuals with medical conditions like respiratory illness and kidney disease. Both of these populations make up a large number of the nursing home residents in this country.

Unfortunately, various factors at nursing homes can exacerbate the spread of the disease including things like employees who work in multiple facilities, frequent physical interaction between residents and staff, sharing resident rooms, and shortages of personal protective equipment, understaffing. These factors have led to nursing homes spreading various diseases and providing an undesirable environment during a pandemic. If your loved one resides in a nursing home, there are some critical details you should understand about Covid-19 and what you can do to protect your loved one.

How Nursing Homes Are Trying to Control the Virus

Utilizing Asset Location While Estate Planning

Published on: April 26, 2021 | by Ettinger Law Firm

Estate planning is a critical process in planning for your eventual death or incapacity. Unfortunately, however, too many people neglect estate planning or do the bare minimum. In reality, however, to make sure that your goals are achieved, it’s critical to treat estate planning seriously. This means engaging in activities like routinely updating your estate plan and speaking with an estate planning attorney if you have concerns about your estate. To make the most of your estate plan, it’s also a good idea to consider the various wise asset location strategies that you might utilize to make the most of your estate.

What Qualifies As “Smart” Can Change

To a degree, smart asset location is subjective. While one person might decide that their assets should only pass on to charity, another individual might decide to pass on their life savings to their children. Often, it’s not the question of how much is left behind but instead what is left after a person’s death or incapacity and who receives what.

Lawsuit Challenges Preventive Care Under Affordable Care Act

Published on: April 24, 2021 | by Ettinger Law Firm

A challenge to the Affordable Care Act is still pending at the United Supreme Court, but other challenges against the law have also been introduced including one case in which a Texas federal judge suggested that most Americans receive preventive services like mammograms without charge. In this ruling, the judge also noted that businesses, as well as individuals who challenge the Affordable Care Act’s “first-dollar” coverage requirement for preventive services, have legal standing to do so.

This judge has also previously found the entire Affordable Care Act unconstitutional. The plaintiffs who initiated the case argue that religious and free-market objections exist regarding the Affordable Care Act’s requirement and seek to halt enforcement of the law.

Based on a recent order, it appears likely that the judge will rule in favor of the plaintiffs and end up interfering with the Affordable Care Act’s application.

Anticipating Potential Changes with Estate Planning

Published on: April 23, 2021 | by Ettinger Law Firm

Senator Bernie Sanders recently introduced the “99.5% Act”, which is focused on the assets of the top 0.5% of wealthy Americans. This marks the first legislation introduced following President Joe Biden’s coming into office that would result in the lowering of the federal estate tax exemption. For many people interested in passing on assets to loved ones, it’s critical to understand the nature of these changes.

Changes Introduced by the Bill

The bill would lead to several critical changes in many of the country’s federal tax provisions, which include:

Addressing Depression Following a Dementia Diagnosis

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

A new study reveals how devastating a diagnosis of mental decline can be. Researchers found that rates of suicide raise substantially in the weeks and months following a dementia diagnosis. Consequently, following such a diagnosis, patients and their loved ones should be alert to an increase in symptoms of depression. Some of the most common signs that a loved one is beginning to experience depression include apathy, increased feelings of sadness, social withdrawal, and suicidal thoughts.

After all, learning that a person has dementia or an associated condition can be troubling. The time that a diagnosis is made also appears to be influential in regards to suicide attempts. Many times, people who are in the early stages of mental decline are still capable of processing what dementia entails. These individuals might grow fearful of progressive cognitive decline and that they might end up “burdensome” to others. People in the early stages of mental decline are also more capable than individuals in full-blown dementia to successfully carry out a suicide attempt.

Despite these dangers, many caregivers avoid talking to elderly patients directly about any thoughts that they might have about suicide. Many times, loved ones and caregivers want to avoid asking such questions due to concerns that doing so will trigger suicidal thoughts. This, however, is often not the case and patients frequently are willing to acknowledge these thoughts, which can lead caregivers and loved ones to end up providing help.

3 Tips about Using Life Insurance In Your Estate Plan

Published on: April 14, 2021 | by Ettinger Law Firm

Many people realize that life insurance can play a valuable role if someone unexpectedly passes away. What a much smaller group of people is that life insurance can play a critical role in estate planning because it can be utilized to provide liquidity when needed.

With adequate estate planning, insurance proceeds can then be used to pay for things like estate tax. In the hopes that you make the most of life insurance in your estate plan, this article reviews some critical details to remember about utilizing life insurance.

# 1 – Avoid Common Mistakes

2 Estate Planning Issues for Business Owners

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

Business owners led hectic lives. Understandably, some things on business owner’s “To Do” lists end up getting delayed. Estate planning, however, should not be something that ends up postponed. Not only is estate planning critical for business owners, but some unique issues arise. This article reviews just some of the unique and nuanced issues that business owners often must navigate while estate planning.

# 1 – Unintentional PPP Borrower Change of Ownership

To respond to the adverse economic impact of the COVID-19 pandemic, the CARES Act was signed into law in March 2020. As part of the implementation, the Small Business Administration as well as the Department of Treasury implemented the PPP Program so lenders could loan money to both small and medium-sized businesses to maintain their payroll as well as hire workers who were laid off and cover applicable overhead. These loans are forgiven provided the proceeds are used in accordance with applicable laws.

The Truth Behind 3 Myths Concerning Asset Ownership and Nursing Homes

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

The Centers for Disease Control and Prevention reports that there are 15,600 nursing homes in the United States and 1.3 million individuals who reside in nursing homes. While nursing homes inarguably a critical role in the lives of many people, they also introduce countless complications into a person’s lives. As people plan on passing on assets to their loved ones, they are often left with various questions about how assets can be passed on to loved ones.

To make sure you are fully informed about asset ownership as a nursing home resident, this article reviews some critical details that you should understand. Even worse than knowing the answer to an estate planning question is receiving incorrect details. As a result, this article also focuses on dispelling some myths about estate planning.

Myth # 1 – Joint Owning Assets with Your Children Exempt Assets for Nursing Home Issues

Lessons Learned About Residuary Clauses after Odom v. Coleman

Published on: April 7, 2021 | by Ettinger Law Firm

In the recent case of Odom v. Coleman, a brother and sister initiated legal action against another in a matter involving their father’s estate. The dispute between the two siblings focused on whether the father’s estate should be reformed in accordance with Texas Estates Code Section 255.451(a)(3) that allows courts to modify or reform a will if necessary to correct a “scrivener’s error” in the terms of the will to conform with the testator’s intent which must be based on clear and convincing evidence.

The Will In This Case

The will in this case contained a residuary clause that passed on personal property to the son and then the daughter. A rigid interpretation of the will found that the deceased man’s real property would not be included in the residuary cause instead passed through intestacy. The son then initiated legal action to revise the will to omit the word “personal” in the residuary clause. The trial court ultimately for the son and the daughter appealed.