New York Estate Planning & Elder Law Blog

Medigap changes coming next year for future 65-year-olds

Published on: August 18, 2019 | by Ettinger Law Firm

Beginning in 2020, Medicare supplement insurance policies, known as Medigap plans, will offer fewer choices to individuals who reach age 65 after January 1, 2020. Individuals who turn age 65 before 2020 will not be affected by these changes.

The ABCs of Medigap plains

Medigap plans, which are sold by private insurance companies, help cover cost-sharing aspects of Medicare Parts A and B, including copays, coinsurance, and deductibles. Some Medigap plans cover services such as hospitalization and medical care when you travel outside of the United States. Medigap policies generally don’t cover long-term care, vision or dental care, hearing aids, eyeglasses, or private-duty nursing. Source: Medicare.

Supreme Court Hears Estate Planning Case

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

The Supreme Court recently issued a decision in a North Carolina case, which will likely have a limited but substantial impact on estate planning and tax-related issues.

The case in issue concerned North Carolina’s taxation of Kimberley Rice Kaestner’s 1992 Family Trust for more than $1.3 million between the years of 2005 to 2008. The court later ruled that the state of North Carolina was not able to tax the trust because the only connection to the state that the beneficiaries lived there.

The Impact of the Supreme Court’s Decision

Important Things to Know about Estate Planning: Lessons from Gonzalez v. City National Bank

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

An appellate court in the case of Gonzalez v. City National Bank recently affirmed a probate court’s order that denied a plaintiff’s request after the death of plaintiff’s daughter that the remainder of a special needs trust be distributed to the plaintiff rather than the Department of Health Care Services.

The distribution was used as reimbursement for Medi-Cal payments for the daughter’s medical care. The court held that the mandatory recovery rules for special needs trusts apply to trust remainders.

An opinion letter by the Centers for Medicare & Medicaid Services supports the department’s perspective that the Department of Health Care Services is allowed to recover for the daughter’s Medi-Cal expenses.

Study Finds Widely Prescribed Class of Meds Might Raise Dementia Risk

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

My doctors always advise me that medications are meant to help me live better not longer. I always walk away from the experience scratching my head a bit because most of my medications have made me live longer but worse than before. The worst part of taking medication daily is remembering to take medication daily. It seems like such a simple task, but part of my brain still fights that I even have to take medications in the first place.

The second worst part of taking daily medications to live better are the side effects, especially interactions with other drugs. Some of the news is easy to ignore, and to a certain extent makes me laugh. For every story I read about the harmful effects of drinking coffee daily, there is another one saying daily coffee consumption would kill me. What kills me, however, is skipping a cup, the headache is the worst.

There is news you should pay attention to and at least discuss with your doctor if it raises any concern with the management of any of your health conditions.

Avoiding Confusion about a Family Plot

Published on: August 9, 2019 | by Ettinger Law Firm

Nobody likes talking about what will happen after their death. But it is a universal truth that every one of us will die at some time, which is why it is absolutely critical to create a funeral plan. One of the best ways to make sure that your loved ones have as easy a time as possible following your death is to create a detailed plan addressing end of life issues.

Unfortunately, a 2017 report by the National Funeral Directors’ Association reveals that only 21 percent of Americans discuss details about their funeral with loved ones.

While it might sound grim, there are three elements of a funeral: preparing a corpse, holding a ceremony, and handling the internment. The purpose of this article is to review some important steps that you should make sure to follow when planning for what will happen at your own funeral.

Recognizing the Common Mistakes that People Make with IRA Accounts

Published on: August 7, 2019 | by Ettinger Law Firm

For many individuals, retirement accounts are one of the largest assets that they have to pass on to loved ones throughout estate plan. Without the assistance of a knowledgeable estate planning professional, however, it is very common to make mistakes including with IRA’s.

In the hopes of helping you avoid future mistakes involving IRAs, this article review some of the most common error. It is important to understand, though, that not even the best advice can replace the assistance provided by an experienced estate planning lawyer.

# 1 – Not Updating Contingent Beneficiaries

More Good Reasons to Add a Trust to Your Estate Plan

Published on: August 5, 2019 | by Ettinger Law Firm

Trusts are an excellent way to pass and preserve wealth privately. Two of the main benefits of using a trust to pass your assets – timeliness and cost – were explored in our previous post. Unlike the probate process that accompanies the settlement of an estate by will, a trust provides your heirs with immediate access to the trust benefits. The settlement of an estate passed by will can also gobble over 4% of an estate’s value, regardless of size. A third reason people use trusts to pass wealth is that they also enable the settlor, or donor, to minimize estate taxes, making more of your wealth available to your beneficiaries.

Married couples

The death of a spouse is devastating. Whether the death was sudden or after a long illness, one day you are married and the other day you are not. The deceased spouse wants to be able to provide for the living spouse, especially if the living spouse is battling a chronic health condition. Paying for your spouse’s living expenses and medical care and expenses, including long-term medical care is of paramount importance to the deceased spouse. Married couples can benefit from the establishment of a revocable trust.

5 Pieces of Estate Planning Advice for People Without Children

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

There are a number of myths that continue about exactly who needs an estate plan. For example, couples without high value assets can still benefit from estate plans.

Another common myth is that a person who does not have children has no need for estate planning. In reality, it is critical for everyone to create an asset plan to make sure that their wishes are carried out in the way that they deserve.

This article examines some of the important reasons why you should make sure to consider engaging in estate planning even if you do not have children.

Misconceptions about Power of Attorney

Published on: August 2, 2019 | by Ettinger Law Firm

Many people are familiar with the concept of “power of attorney”, but less have an idea about these documents operate. A power of attorney is used to give one or more individual the power to act on your behalf or as your agent in case something happens to you.

The powers granted through a power of attorney document can be limited in nature to specific activities or can a broad range of abilities. The powers granted through a power of attorney document can also be either temporary or permanent in nature.

The purpose of this article is to review some of the common misconceptions that people have about power of attorney documents and how they operate.

Adding a Trust to Your Estate Plan

Published on: August 1, 2019 | by Ettinger Law Firm

Trusts are an excellent method for individuals with substantial assets to pass their wishes and wealth to others or a charitable organization when they pass. The key to an effective trust begins and ends with documentation. The proper documents, when drafted carefully by a qualified attorney, ensures your beneficiaries will reap the benefits of the trust and its property. A trust will fail, if the documentation is improper, negating the settlor’s wishes.

What is a trust?

A trust is a legal document that contains the settlor’s final instructions about to whom his or her assets will pass when they die. There are three separate people involved in a trust creation, administration, and distribution: a settlor, trustee, and beneficiary. Their roles are as follows: