New York Estate Planning & Elder Law Blog

Report Finds Almost All Americans Take Social Security at the Wrong Time

Published on: July 24, 2019 | by Ettinger Law Firm

One of the most important decisions when contemplating retirement is deciding when to start claiming Social Security benefits. A major study found that almost all Americans take Social Security at the wrong time. This timing problem has cost retirees about $111,000 per household. Retirees typically claim Social Security benefits at 63, the earliest age a person may claim Social Security benefits is 62. Every year they wait to start drawing benefits means a larger Social Security payout. Their recommendation: start drawing Social Security benefits later in your retirement.

Among the Report’s main findings are:

Only 4% of retirees claim Social Security at the most financially optimal time.

The Role of Handwritten Wills

Published on: July 21, 2019 | by Ettinger Law Firm

When Aretha Franklin passed away in 2018, she was not believed to have had any type of estate plan. Months after her death, however, several handwritten wills were located in the late singer’s home.

While some people think that handwritten wills are never valid, this is simply not true. Instead, handwritten wills play a unique role in the estate planning process.

This article takes a look at the role that handwritten documents can play in the estate planning process as well as the limited situations in which these documents are allowed.

Advice on Selecting a Digital Asset Guardian

Published on: July 16, 2019 | by Ettinger Law Firm

As time passes, an increasing number of people are finding out that they have digital assets as part of their estate plan. No matter if it’s audible content, digital documents, or social media page, however, it is often critical to appoint someone who can properly look over these assets in case something happens to you.

As a result, this article reviews some of the important steps that you should follow when selecting a person who will manage your digital assets.

# 1 – Understand the Importance of an Asset Guardian

Who Pays and When Does a Reverse Mortgage Become Due and Payable?

Published on: July 15, 2019 | by Ettinger Law Firm

In our last post we reviewed reverse mortgages as a way to cash out of the equity in your home while allowing you to remain in your home. As long as you are 62 and older, own your home, and plan to live in it, it is possible to convert the equity in your home into a monthly income, a line of credit, or a lump sum, with some restrictions on the latter with respect to timing of the lump sum distribution. At some point, however, the loan becomes due and payable, which begs the questions of when and who pays?

Triggering events

A insured home equity conversion mortgage (HECM) reverse mortgage loan becomes due and payable when a triggering event occurs. This means that the borrower owes the lender the total amount of money the lender has disbursed to the borrower, plus interest and fees accrued during the life of the loan. Triggering events include:

Important Considerations in the Removal of an Administrator or Executor

Published on: July 13, 2019 | by Ettinger Law Firm

The Indiana Supreme Court recently upheld the removal of a father as the administrator of his deceased son’s estate. The son was killed in an accident in July 2007 when the vehicle that he was traveling in was struck by a bus.

The man’s surviving daughter was subsequently placed under the guardianship of her aunt. Several days after the accident, the deceased man’s father petitioned the state’s Superior Court to appoint him as a special administrator of his son’s estate for pursuing wrongful death compensation.

One day after petitioning for an appointment, the mother of the the deceased man’s other child petitioned for appointment as special administrator and her petition was also granted, which led to the woman commencing a wrongful death action in Marion County.

Reverse Mortgages

Published on: July 12, 2019 | by Ettinger Law Firm

The adage, home is where the heart is, is a truism. Human beings have a need for shelter. Housing is a basic need. Much time, effort, and money are expended in our lifetime to obtain and keep a home. For many individuals entering retirement, their home is their most valuable asset. A sad truth of aging, however, is that you may not be able to care for yourself in your home as you age.

A big old house is harder to keep because it requires maintenance and repairs to maintain. Routine maintenance like mowing the lawn is impossible to perform if for example, you have a bad hip. Paying someone to do it also gets harder, because at the retirement stage in life, your income is fixed with little wiggle room to go off budget. Even more difficult is surviving a natural disaster and finding help to rebuild or repair your home. Paying for major repairs and obtaining qualified help without being ripped off is even more challenging. It’s not surprising that seniors turn to reverse mortgages to remain in their home as long as possible.

A brief overview on reverse mortgages

A Note on Afternoon Doctor Visits

Published on: July 8, 2019 | by Ettinger Law Firm

When bodies age they need regular check-ups to ensure systems are functioning properly. Particularly if you suffer from a chronic condition, such as high blood pressure or kidney failure, regular doctor appointments followed up by lab work are extremely important. Through preventative care, your quality of life is better. Managing the day-to-day aches and pains is simpler and when flare-ups occur you are able to bounce back to form faster.

Every month, there are a group of doctors that I must see to ensure that I can manage my own health. My general doctor, he’s my quarterback. He calls the plays and sends me to the appropriate specialist to treat my chronic conditions. While I have a great relationship with my quarterback and his staff, whenever he sends me to another doctor my immediate reaction is anxiety. It makes me anxious to call a specialist because, like your third-grade teacher, they are full of rules. How to call them, when to call them, how to leave a message with the doctor, etc. etc.

Calling a new doctor to schedule an appointment is the most unpleasant thing I do on a monthly basis. Some doctors’ offices want patients to use an online portal for example. Other doctors send a call to a voicemail box with the promise to respond within 48 hours. Recently, a doctor asked that I compete 20 pages of form, can and email at lease a dozen lab reports, and then wait one week for a call back to schedule an appointment. He did call me directly three times to tell me he can’t help me. As time goes on it seems it’s harder and harder to make an appointment.

Defining Undue Influence: Lessons Learned from Portland Museum of Art v. Germain

Published on: July 8, 2019 | by Ettinger Law Firm

The Portland Museum of Art in Maine recently initiated legal action against the caretaker of an art collector. The Museum claimed that the caretaker bequeathed as much as $2 million to museum, but was convinced to not do so before her death.

As a result, the art collector changed her will months before death in 2015 and removed the Portland Museum of Art as a primary beneficiary. In legal briefs filed in preparation of the case, the museum alleged that caretaker displayed characteristic signs of elder abuse and kept the art collector from interacting with her family.

Unfortunately, there are a number of cases where one person manipulates another individual who is in a vulnerable position to an illness or an advanced age. This manipulation is often done to defraud the individual and take their money.

6 Things You Should Know about Pet Trusts

Published on: July 6, 2019 | by Ettinger Law Firm

We love our pets, but many of us are still uncomfortable with confronting end of life issues. When accidents occur and people lack essential estate planning tools, it is very common for pets to being end up being sent to shelters or rescue centers.

To avoid this unpleasant idea and to make sure that a pet is cared for following a person’s death or incapacity, some people establish a “pet trust”. Being a relatively uncommon type of estate planning tool, however, people often have questions about just what these trusts include.

As a result, this article discusses six important things that you should know about pet trusts.

Handling Digital Assets in Estate Administration

Published on: July 4, 2019 | by Ettinger Law Firm

This is the last post on gifting digital assets. So far, we have examined digital assets generally and digital asset planning in the estate planning process and the business succession planning process. Today’s post will review how to handle digital assets in the estate administration process.

Traditional estate administration process v. Estate administration process with digital assets

Let’s say I’m an executor in an estate and I’ve identified digital assets that decedent made in his or her lifetime. How is the estate administration process with digital assets different from the traditional estate administration process without digital assets?