New York Estate Planning & Elder Law Blog

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.

Factors to Consider When Deciding Whether a Spousal Lifetime Access Trust Is Right for You

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

If you’ve been considering making a gift to take advantage of the current lifetime federal estate tax emotions, you’ve likely considered the role that a spousal lifetime access trust could play in your trust.

A spousal lifetime access trust (SLAT) is an irrevocable trust that is created for the benefit of your spouse. These trusts can also indirectly benefit a couple’s children as well as any other beneficiaries. After a SLAT is created, you can make the most of the lifetime tax exemption. This article reviews some important factors to consider in deciding whether a SLAT is the right idea for you.

# 1 – SLATs Let You Take Advantage of The Estate Tax Exemption

3 Critical Estate Planning Steps People of All Ages Should Take

Published on: April 3, 2021 | by Ettinger Law Firm

Regardless of your age, it’s critical to engage in estate planning to make sure you assert adequate choices over your financial and medical choices. Estate planning is also critical regardless of your economic status. While you will need to make estate planning decisions as you get older, even young people should also make your wishes known if anything happens. The Covid-19 pandemic has fortunately made many people appreciate the importance of being prepared for the unexpected regardless of age.

While estate planning is important regardless of how old a person is, a person’s estate planning needs to change as a person ages. This often means that younger people need fewer estate planning documents, but require more as they age. This article reviews some critical estate planning steps you should remember regardless of your age.

# 1 – Update Beneficiary Designations

4 Details about Utilizing Crisis Medicaid Planning

Published on: April 3, 2021 | by Ettinger Law Firm

Medicaid is a federal and state program available to individuals who satisfy certain eligibility requirements. Disbursements from Medicaid are designed to help people pay for long-term care costs. Long-term costs often create substantial financial challenges for elderly Americans as well as their loved ones who lose both time and income while caring for their loved ones. Medicaid is still one of the best ways to pay for long-term care.

Unfortunately, many Americans wait until catastrophic events occur before obtaining Medicare. Under stress, families can commit various errors including listening to misinformed individuals. Medicaid crisis planning allows a person to qualify for Medicaid nursing homes without spending all of a person’s assets.

When it comes to Medicaid, crisis planning exists for individuals who have an imminent need for Medicaid. This urgency can arise if a person is diagnosed with an immediate condition like ALS (“Lou Gehrig’s Disease) which requires immediate placement in a nursing home. In these situations, applicants often have no idea of how much nursing home costs.

4 Critical Steps to Take While Managing Your Google Account for Estate Planning

Published on: March 31, 2021 | by Ettinger Law Firm

If you have a Google account, you have various data as well as tools to manage your account. What many people fail to realize, however, is that you can tell Google how to manage your account as part of your estate plan. People rely on Google accounts and applications for various purposes including managing documents, photos, and spreadsheets. Google accounts are also becoming increasingly common because a Google account is needed before a person can use Android phones, tables, or other Android-based devices. Managing digital assets, however, is often overlooked when people engage in estate planning. To better prepare you for navigating this process, this article reviews some critical details to consider about implementing your Google account into your estate plan.

# 1 – Make An Estate Plan for Your Google Account

There are several important steps that you should take while creating an estate plan for your Google account. These steps include the following:

Lessons Learned After In Re Estate of Theodore George

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

The case of In re Estate of Theodore George recently concluded, which involved a daughter who appealed a civil court’s determination that her deceased father was the sole owner of a vehicle at the time of his death and that the vehicle was part of the father’s estate at the time of his death.The deceased man purchased the vehicle in 1992. Later in 1994, the Vermont Department of Motor Vehicles issued a Certificate of Title to the decedent in his name only. The copy of the title contained no assignment of ownership to the daughter. In 2006, the deceased man submitted a Vermont Registration, Tax, and Title Application to the Department of Motor Vehicles.

The deceased man’s name was listed in the space provided on the form for the owner, while the daughter’s name was listed in the space for co-owners. A handwritten annotation next to the daughter’s name says “add co-owner”. The form also advised applicants to select rights of survivorship if more than one owner is listed, but the deceased man made no indication of the daughter’s role as a survivor. At the form’s bottom, the line for the co-owner’s signature was blank while the deceased man signed the form. No bill of sale accompanied the application. The DMV issued certificates naming both the daughter and the deceased man for 2012 to 2013, 2014 to 2015, and 2017 to 2018.

The daughter appealed the case and argued that the deceased man’s act in changing the registration to reflect joint ownership transferred interest in the vehicle to her. In the alternate, the daughter argued that her late father’s act demonstrated his intent to make a gift of joint ownership. The Vermont Supreme Court later concluded that there was insufficient evidence that the deceased man transferred an interest in the vehicle to the daughter under either theory.

5 Tips on Engaging in Successful Estate Planning

Published on: March 28, 2021 | by Ettinger Law Firm

The Covid-19 pandemic has placed an increased focus on legacy planning because it has highlighted the need to make sure that your estate plan is in order. Besides the fact that more people are realizing the value of adequate estate planning, other advantages like all-time high estate tax exemptions make this an attractive time to engage in estate planning, whether that means creating your plans or finalizing estate planning documents. This article reviews some helpful strategies you should follow to make the most of estate planning.

# 1 – Determine Your Net Worth

The best step to start estate planning is to assess your net worth. Fortunately, it’s often easy to quickly calculate your net worth by adding up the estimate of the value of all of your assets and then subtracting the total of your liabilities. The value of calculating your net worth is that after you’ve determined this value, you will need to assess if your estate will be liable for federal estate taxes. You should also determine if your estate could potentially be subject to inheritance tax.

5 Things You Should Know About Adult Guardianship

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

Guardianship is a court process. Guardians are only appointed if an individual is deemed to be incapacitated. The determination of incapacity is made using either a physician or a psychologist. If incapacity is only temporary, a temporary or emergency guardian is appointed. To navigate the guardianship process, it’s helpful for appointed individuals to be as informed as possible. As a result, this article reviews some critical details to appreciate the nature of these arrangements.

# 1 – How to Decide a Family member Needs a Guardian

Sometimes, disability or injury make it challenging for a person to make decisions related to health care, finances, or living situations. These situations might include a loved one who ends up in a coma, someone who is mentally challenged, someone who has suffered a stroke, or someone with a brain injury. If a court assesses that a person can no longer make life decisions, the court will hold a hearing addressing that individual’s competency. To decide whether a person is incapacitated, courts will hold a hearing to review all of the available facts.

4 Reasons Why Everyone Needs an Estate Plan

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

Each year, the news is full of stories about high-value celebrities who pass away without adequate planning and as a result, have assets that end up tied in lengthy and costly legal battles. While many people have estates smaller than well-known celebrities, estate planning is critical for these individuals. After all, many people see value in passing on assets and helping family members. While people often realize the value in estate planning, a common mistake is made in failing to establish any type of estate plan.

While everyone should create an estate plan, it’s understandable that people delay creating them. After all, estate planning almost always involves considering the terms of your death, which can be a difficult thought for many people to consider. Despite the potential excuses, if you pass away or become incapacitated without an estate plan, your estate can end up experiencing undesirable results. This article reviews some critical reasons why you likely need to create an estate plan.

# 1 – Articulating Your Goals

4 Estate Planning Techniques to Consider During the Covid-19 Pandemic

Published on: March 18, 2021 | by Ettinger Law Firm

The pandemic has created substantial challenges for many people and disrupted countless facets of daily living. Low-interest rates and depressed asset values, however, have created an ideal situation for estate planning. If you’re interested in planning for the future, there are some unique estate planning strategies that you should consider utilizing. This article reviews just a few of the most potentially helpful techniques that you should consider using during the Covid-19 pandemic.

# 1 – Annual Gift Tax Exclusions

This amount refers to the amount that a person can give away each year without being subject to taxes. Currently, a person can pass $15,000 in assets tax-free to any person in any one year. This amount applies to how much can be given to one individual, which means that a person could make an unlimited number of gifts below this amount to various people without being subject to taxation.