New York Estate Planning & Elder Law Blog

A Quick Guide to Caregiver Assignments

Published on: December 6, 2020 | by Ettinger Law Firm

It’s a common occurrence for family and friends to be the caregiver for disabled and elderly loved ones. In these situations, it is critical to understand that caregiver assignments are legal documents that both define as well as describe how a loved one should be cared for by another individual, which often will include a family member or friend. These agreements play the critical role of making sure that family members and loved ones both agree and understand the labor and cost associated with caring for a loved one. To better help you understand the role that a caregiver agreement can play in your estate plan, this article reviews some critical issues that you should consider about such agreements.

Why Caregiver Assignments Are Important

Caregiver assignments are an invaluable tool for making sure that a loved one receives the best care possible from both family members as well as medical providers. These documents can also perform the invaluable role of protecting caregivers by performing the necessary task of describing how much a caregiver should receive as well as the plan of action for such care. Caregiver assignments also often perform a valuable role in avoiding family conflicts.

Frequently Asked Questions About Qualified Personal Residence Trusts

Published on: December 4, 2020 | by Ettinger Law Firm

For many people who pass away, their home is their most valuable asset. As a result, several estate planning strategies are utilized to hide such an asset. One of the most common estate planning tools used to transfer assets is a qualified personal residence trust. Such trusts allow the creator to avoid potentially substantial tax complications without facing significant challenges during their lifetime. After the terms of the trust end, the remainder then passes to designate beneficiaries. Because people interested in qualified personal residence trusts often have several questions about this estate planning strategy, this article considers some nuanced questions about how these trusts operate.

What Happens If You Outlive The Terms of the Trust

It’s easy to end up uncomfortable with the possibility that you might still be alive when the terms of the trust end. In such a situation, the remainder beneficiaries will inherit your assets. This might mean that you need to pay the beneficiaries rental to continue residing at your home. Although this might seem like a substantial challenge at first, realize that this type of action often helps to satisfy the estate planning goal of transferring assets on to loved ones.

Who Can Be Held Liable for New York Nursing Home Deaths?

Published on: December 3, 2020 | by Ettinger Law Firm

Communities in New York are dedicated to stopping the spread of the COVID-19 pandemic. As a result, the state has declared various cautionary measures to control the spread of the disease throughout the state. Tragically, despite these measures, New York is still facing a substantially high number of deaths due to the illness. If your loved one passes away in a nursing home from covid-19, it’s common to be left with various questions. One of the most common questions that people ask is who should be held accountable following such a devastating loss. This article considers such an occurrence.

How Families Respond to the Loss of Loved Ones from COVID-19

It’s never easy to say goodbye to a loved one, but COVID-19 tends to deprive individuals of the opportunity to say goodbye to their loved one in a face to face environment. Many times when a loved one passes away from COVID-19, good-bye’s must be made through digital means like Facetime. Due to this risk of transmission, family members and loved ones ultimately lose out on the closure of seeing a loved one for the last time. This closure can greatly help say goodbye to a loved one.

What Should You Know About Electronic Wills?

Published on: December 2, 2020 | by Ettinger Law Firm

Electronic wills are likely to play a large role in future estate plans. The ability to both create and store a document align has greatly facilitated the creation of estate plans. The Uniform Law Commission also recently passed the Uniform Electronic Wills Act, which has greatly influenced how many states approach electronic wills. If you’re interested in creating an electronic will or are deciding whether an electronic will is a good idea for you, this article reviews some important issues that you should consider.

Whether Electronic Wills Are A Good Idea

While many people wondered what parts of the estate planning process could be done electronically, this question has only become more common during the COVID-19 pandemic. Additionally, Millennials as well as many younger individuals often find it an antiquated and outdated idea to physically sign a will. These individuals often question why if so many tasks can be performed electronically, why creating an estate plan can also not be done in such a manner. Consequently, electronic wills are playing a more common role in estate plans.

A Quick Guide to Spousal Lifetime Access Trusts

Published on: November 30, 2020 | by Ettinger Law Firm

While the coronavirus pandemic has left many people uncertain about what the future holds, now might be an excellent time to take advantage of a historically low tax environment. Although it is unclear how long rates created by the Tax Cuts and Jobs Act of 2017 will remain low, remember that many provisions of this Act will automatically expire in 2026 provided Congress does not act to prolong them. With the matter of how these regulations will be handled uncertain, whoever wins the US election in several weeks will likely play a role in influencing the outcome of these regulations.

Due to uncertainty about how long the Tax Cuts and Jobs Act will remain in place, many people are taking advantage of both the high lifetime gift as well as estate tax exemptions to pass on assets to loved ones. Although there are many ways that high exemptions can be utilized, one of the best ways to make the most of these exemptions is through the use of a Spousal Lifetime Access Trust.

The Role of Spousal Lifetime Access Trusts

3 Ways to Transfer Property to a Special Needs Trust

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

Special needs trusts perform the valuable role of keeping a person eligible for government benefits like Medicaid and Supplemental Security Income (SSI) while also paying for services in addition to what the government can offer. If you make the decision to establish a special needs trust for a loved one, many assets will likely be placed in the trust only after you pass away. To transfer these assets, there are several commonly used methods including living trusts, will, and other types of beneficiary designations. This article reviews several of the estate planning tools most commonly used to transfer property to a special needs trust.

# 1 – Beneficiary

Many different types of financial accounts including retirement plans like 401(ks) and IRAs, life insurance, and securities allow a person to assign a beneficiary of the assets. This beneficiary then receives the funds following the owner’s death. By assigning a special needs trust as a beneficiary, it is possible to pass on an asset without subjecting it to probate. Remember, you must list the special needs trust rather than your special needs loved one as the beneficiary. If you list your loved one as a beneficiary, this could end up jeopardizing their receipt of Medicaid or SSI.

Deciding if Now Is the Best Time for Family Gifting

Published on: November 26, 2020 | by Ettinger Law Firm

Due to not just the approaching US election but also continued economic uncertainty and a country that is dealing with the impact of the coronavirus pandemic, family gifting is likely not at the top of your list of goals. Despite its uncertainty, the current situation creates an opportunity for individuals with the appropriate types of assets to save on transfer taxes. This window of opportunity, however, will not last forever. The current $11.58 million per individual transfer tax exemption is scheduled to be reduced to $6 million on January 1, 2026. This decrease, however, could potentially be much sooner than 2026 based on who wins the US Presidential election. As a result, this article reviews some important factors that you should consider about making gifts that make the most of tax exemptions given the current state of these exemptions.

Trusts Are A Powerful Way to Transfer Assets

Passing gifts through trust allows a person to separate the timing of gifting from issues related to distribution. Additionally, placing assets in a trust also offers creditor protection which is not available if a person makes an outright gift to a beneficiary. If desired, a trust can give beneficiaries substantial control over assets consistent with those associated with enhanced creditor protection. Trusts can also be structured with transfers to them are viewed as gifts for either estate or gift tax purposes, which also allow the person transferring them to remain the owner of the property for income tax purposes. A person’s ability to pay income taxes on behalf of the trusts is then not classified as an additional gift.

What’s the Difference Between Power of Attorney and a Guardianship?

Published on: November 25, 2020 | by Ettinger Law Firm

The field of estate planning involves various types of documents. While some of these documents have long-recognized roles, people have less exposure to others and are more uncertain about the role they can play in estate plans. One commonly asked question is what the difference is between power of attorney and guardianship forms. While these documents can function similarly in some situations, they are vastly different in others. As a result, this article considers the relationship between guardianship and power of attorney documents.

The Role of Guardianship

Guardianship refers to a legal relationship established where a court assigns a person the legal right to make decisions for another individual who cannot make these choices on their own. Most times, the family member, friend, or other individual seeking guardianship files a petition in Probate Court in the county where the “ward” lives. A medical examination by a physician is often required to establish this person’s condition. If it is decided that the individual can meet essential requirements involving health or safety, the court will appoint a guardian to make decisions for this individual. Additional details about the guardianship system in New York can be found in Article 81 of the state’s Mental Hygiene Law.

Estate Planning Advice as a Surviving Spouse

Published on: November 23, 2020 | by Ettinger Law Firm

In the most comprehensive study of its kind, scientists at Harvard and the University of Wisconsin determined that within the three month periods after a spouse dies, the odds that the other will pass away during this period is between 30 to 90 percent.

As a result, each year, many couples find themselves in a similar situation. While the spouses recognize the advantage of creating an estate plan, they fail to do so. Other times, spouses create an estate plan but fail to adequately update it as time passes. To better prepare spouses for how to handle an estate plan in such a situation, this article reviews some critical issues on how to approach estate planning as a surviving spouse.

# 1 – Recognize Common Challenges

Making the Most of Estate Planning Opportunities

Published on: November 21, 2020 | by Ettinger Law Firm

While it would be nice if it were, estate planning is not a once and done process. Instead, it is important to routinely review the terms of your estate plan to make sure that it is capable of achieving your goals. Reviewing estate planning documents is particularly important nowadays, during a time of low-interest rates and high exemptions which are likely to change in the not-so-distant future.

Fortunately, it is possible to create estate planning strategies that allow assets to be transferred in a way that makes the most of these terms. If you are interested in making the most of your estate plan and positioning your loved ones in the best possible manner after you pass away, you should continue reading because this article reviews some important strategies that will likely have a significant influence on your estate.

# 1 – Exemptions Are At An All-Time High