New York Estate Planning & Elder Law Blog

4 Things To Appreciate About Theft and Nursing Homes

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

Placing a loved one in a nursing home is one of the most difficult decisions that many people make. It isn’t easy for a person to make the transition from living at home to living in a nursing home. To make the place feel more in common, it’s common to bring personal belongings to the nursing home to make your loved one feel more at ease. Unfortunately, however, items can sometimes go missing. As a result, this article reviews some critical things about nursing home theft as well as how to deal with it.

# 1 – What Type of Property Goes Missing Most Often

Any item can be stolen from a nursing home. Some objects, however, tend to go missing more often than others. Some of the most frequently stolen items include:

Reasons Why Estate Planning Should Be Part of Your Retirement Plan

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

One of the most recurring themes about estate planning as well as retirement strategies is to minimize risk. As a result, if you plan on creating a comprehensive retirement plan, you should make sure to also include an adequate estate plan. While you will hopefully enjoy a long and comfortable retirement, it is still important to consider what will happen if you don’t survive to retirement. This article reviews some of the most critical reasons why you should make sure to address estate planning issues while plotting your retirement.

# 1 – What Happens If You Pass Away Without a Will

If you pass away without a will describing how your assets should be passed on, a New York court will be required to follow in regards to how assets are distributed. This often results in family members fighting one another for the outcome of a case. While the news is full of this dilemma happening with famous people like Prince and Tom Petty, it’s also a common occurrence among people with smaller estates. As a result, it is critical to make sure that you at least write a will addressing how your assets are distributed. Even if you do not have a large estate, wills can still play a critical role in passing on any meaningful type of property that you own.

4 Things to Understand about Nursing Homes and Bed Sores

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

An elderly individual or person who is receiving care at a nursing home should not be required to live with bed sores. In many situations, bed sores are a good indicator that a person is being neglected. These sores can lead to infections that can jeopardize a person’s health and even lead to death. Sometimes also referred to as “pressure sores”, if you see these on your loved one you should not hesitate to speak with an experienced elder abuse lawyer. It also helps to understand some important details about the nature of bed sores.

# 1 – The Names for Bed Sores

Bed sores are injuries that occur when the pressure of a person’s weight reduces the blood supply to certain points on both the skin and underlying tissue. If not adequately treated, skin and other issues eventually die and leave an open wound. Bed sores occur among individuals who are unable to move to relieve that pressure, which is most common among the bedridden. While they’re frequently referred to as bed sores, these injuries are also sometimes referred to as pressure sores, pressure ulcers, or decubitus ulcers.

Estate Planning Advice If You Plan on Relocating

Published on: January 9, 2021 | by Ettinger Law Firm

After moving between states, many people are overwhelmed and overlook critical estate planning steps. This can lead to undesirable estate planning results because different states treat issues like marital property and taxes differently. In these situations, it helps to understand some helpful advice about how to revise and update your estate plan.

# 1 – Estate, Gift, and Inheritance Taxes

Federal estate tax only applies to individuals with estates whose assets are greater than $11.58 million, but state estate and gift taxes can be placed on much lower asset values. Currently, 18 states and the District of Columbia place either state or inheritance taxes on both residents and non-residents with assets in the state. The tax rate as well as the amount of excluded assets, however, varies substantially between states. Most states do not place estate taxes on transfers to a surviving spouse. Whether you move into or out of a state that imposes an estate or inheritance tax, your estate plan might need to be revised to reflect the change in taxes. For example, the New York estate tax ranges from 5 to 16 percent and is substantially lower than the federal tax rate.

3 Tips About When Crisis Medicaid Planning Is Appropriate

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

Medicaid is a joint federal and state program available to people who meet certain asset requirements that help pay for long-term care costs. Long-term care unfortunately often presents financial challenges for individuals in the United States including both the elderly as well as others who provide care for family members and lose income as a result. Despite these potential challenges, Medicaid is still one of the best methods in countless situations to pay for long-term care. Adequate planning for Medicaid can let you qualify for the program without experiencing financial hardships. To better help you navigate Medicaid, this article reviews some important tips to understand about the Medicaid planning process.

# 1 – Inform Yourself in Advance

Given that it is both a federal and state program, Medicaid standards differ based on the state in which a person lives. While other states have different names for the system, New York state calls the program Medicaid. A person in New York qualifies for Medicaid if that individual has high medical bills, receives Supplemental Security Income (SSI), or meets certain financial requirements. Unfortunately, however, many people wait to learn about Medicaid until catastrophic events occur that necessitate immediate planning. An increased risk exists during crisis that a person will listen to misinformed individuals. If you have any questions or concerns about Medicaid or the role it can play for your loved one, it is a much better idea to speak with a knowledgeable attorney.

Deciding Whether a Revocable or Irrevocable Trust Is Best For You

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

Trusts are either irrevocable or revocable. Many people prefer revocable trusts because they want to avoid placing their assets into a trust whose terms they can never change.

Simply put, irrevocable trusts are trusts that cannot be modified or terminated without the permission of the trust’s beneficiary. After passing assets into the trust, a grantor cannot change the terms and removes all rights of ownership to these assets.

Meanwhile, a revocable trust’s terms can be altered or canceled. During the life of the trust, income is distributed to the grantor, and only after the grantor’s death are assets passed on to the beneficiaries.

4 Issues to Remember About “Black Sheeps” and Estate Planning

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

Countless families have members who are black sheep. These individuals can end up influencing how the family passes on assets. Regardless of the situation, it is critical to evaluate and reflect on your beneficiary’s situation when it comes to estate planning. As a result, this article reviews some critical issues to consider about estate planning if you have a black sheep in your family.

# 1 – You Need Not Divide Your Assets Equally

Disinheriting a beneficiary is a more routine occurrence than many people think. There are various reasons why you might decide to disinherit a beneficiary that has little to nothing to do with that beneficiary’s lifestyle. Parents might decide to leave more assets to a special ended child. Other times, parents might have helped a house with something while the parent was alive and wants now to make sure that an equal amount of assets are passed to each child. Regardless of your reasons for disinheriting a beneficiary, it is a good idea to explain either in your estate documents in a separate document your intention for unequally dividing assets.

3 Pieces of Advice on Selecting a Trustee

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

If you decide to establish a trust, you will likely need to select someone to make sure that the trust is administered in accordance with your wishes. A trustee is a person who assumes the position of managing a trust’s assets. The regulations to which the trustee must comply are contained in the terms of the trust. While trustees are often the trust’s creator when the trust is formed, trustees can also be the beneficiary of a trust. Following the death or incapacity of the trust’s creator, a person or institution is named as the successor trustee to manage the trust’s assets. The person or entity named in a trust as a successor trustee should also be carefully appointed because an unreliable trustee can both mismanage and waste assets. Also, because trustees have substantial powers, a risk exists that an incorrect trustee might end up harming a beneficiary. While selecting a trustee is a critical aspect of estate planning, too many people appoint a trustee without sufficient planning or thought. As a result, this article reviews some important qualities to look for when selecting a trustee.

# 1 – The Ability to Perform the Job

To successfully administer and manage a trust, trustees must be capable of performing various tasks. These individuals must have an understanding of both trust terms as well as the applicable law. Trustees should also know how to successfully manage assets as well as be able to diplomatically deal with beneficiaries. While a trustee does not need experience with areas like finance or trust management, whoever is appointed as trustee should be able to show financial responsibility as well as successfully resolve matters with others. The person appointed as trustee should also be able to make ethical decisions and act in the best interest of the trust creator and beneficiaries.

3 Estate Planning Strategies As You Plan Out 2021

Published on: December 28, 2020 | by Ettinger Law Firm

Unfortunately, there’s no one size fits all estate plan. This couldn’t be truer during a year when a large number of uncertainties exist about the future. The Covid-19 pandemic has changed our lives in countless ways, which includes an increased concern about end of life issues. As a result, as we begin 2021, there are some helpful estate planning strategies that you might consider implementing.

# 1 – Grantor Retained Annuity Trusts

Grantor retained annuity trusts are financial instruments that are used as part of the estate planning process to both reduce taxes on large financial gifts to loved ones. In accordance with these trusts, a person transfers property to an irrevocable trust for a certain time in exchange for annual annuity payments. At the end of the trust term, a beneficiary receives the remaining assets. Because interest rates are currently low, there is an increased likelihood that the amount passing to the beneficiary will surpass the calculated amount of the gifts, which allows assets to pass to family members without being subject to gift taxes.

4 Important Things to Remember about Guardian Ad Litem

Published on: December 27, 2020 | by Ettinger Law Firm

Estate planning disputes can arise in countless ways. One of the most common types of disputes involves individuals who cannot successfully represent themselves or argue for what is in their best interest like mentally incapacitated adults or unborn beneficiaries. In these situations, a New York judge will often appoint a guardian ad litem to act in the position as a surrogate decision-maker. If you find yourself in such a situation, it helps to consider some important things about guardian ad litem, which are reviewed in this article.

# 1 – Reasons to Consider a Guardian Ad Litem

Guardian ad litem can be utilized whenever disputes have arisen involving custody, visitation, or any other issues addressing the subject. In the case of an older individual, a guardian ad litem is often utilized to make sure that the subject is receiving the best care possible. In accordance with New York’s Appointment of Guardian ad Litem statute, the topic comes before a court as the result of a motion by a party to a divorce action, a conservator, a guardian, or the court itself.