New York Estate Planning & Elder Law Blog

Recognizing the Importance of Life Insurance

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

The simple truth is that everyone dies. It is also true that many young people try to avoid this fact, which frequently means that they delay engaging in estate planning. Not only do many young people fail to engage in estate planning, however, statistics compiled by Budget Insurance reveal that 82% of young individuals are not aware of the purpose behind life insurance. As people age, it is absolutely critical to understand not just the purpose of estate planning but also understand what the individual elements of estate planning include. One of the most commonly misunderstood or not appreciated is life insurance, but is particularly important for all people including younger individuals.

Why Young Individuals Need Life Insurance

The reason why life insurance exists is to protect your family’s finances in case the primary supporter of the family dies. As a result, for young individuals who are beginning to create families, life insurance still plays an important role. Statistics compiled by Pew Research reveal that a large number of households in the United States depend on either both or one spouse to survive, which means that life insurance has the potential to play a very important role.

A Diabetes Home Test Can Be a Waste of Time and Money: What Lies Beneath FDA Approved Medical Testing and Devices

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

Glucose powers the brain and is the organ’s main fuel source. According to the Mayo Clinic, diabetes mellitus is a group of diseases that affect how the body uses blood sugar, known as glucose. Too much sugar in the blood can cause serious health problems.

There are two main types of diabetes, type 1 and type 2. Other types of diabetes include gestational diabetes and prediabetes. Gestational diabetes typically goes away after the mother gives birth. Prediabetes is reversible in many circumstances with the proper diet. The most prevalent type of diabetes in the United States is type 2.

Diabetes is a chronic medical condition that is treated by carefully monitoring the level of sugar in the blood. The blood is tested through a standard venous draw in a laboratory or doctor’s office or at home using one of the popular home testing kits. The New York Times reports that the home tests are ineffective and in fact are a waste of money for individuals not on insulin.

The Difference between Roth and Traditional IRAs

Published on: March 30, 2019 | by Ettinger Law Firm

After learning about IRAs, one of the most common questions that people ask is what is the difference between the various types. As a result, this article reviews some of the primary differences between Roth and traditional IRAs.

The Primary Difference between the Two Types of IRAs

With traditional IRA accounts, the money that a person contributes to their account is not considered part of their taxable income for that year. Instead, once money is placed into a traditional IRA account, the amount is capable of growing without being taxed in the way that other types of traditional income are. Instead, the amount that is placed in a traditional IRA is taxed when a person withdraws money from the account and is taxed at whatever your ordinary income tax rate is in that year. A person, however, does not receive a deduction for contributions to a Roth IRA. Instead, income tax is placed on money that is then placed into the account where the amount grows in a manner similar to traditional IRA accounts.

On Disability and Facebook: Uncle Sam Wants to Friend You

Published on: March 29, 2019 | by Ettinger Law Firm

The White House is working on a proposal to have Uncle Sam browse social media websites, like Twitter and Instagram, to help identify individuals who claim Social Security disability benefits without actually being disabled. They would like to browse your social media presence and determine if you are participating in activities you claim you can no longer do because of your disability.

An example is an individual who claims a back injury prevents him from working. In his trip to Hawaii photos, there is one posted where he is surfing during the period of disability. The government would like to use that evidence to deny the application or stop disability payments of someone already approved and receiving benefits.

Online investigations of people seeking government benefits is not a new practice. Such investigations are routinely conducted when the government conducts a marriage-based immigration petition investigation, for example, as part of the U.S. Citizenship and Immigrations Services review to confer lawful permanent residence status on a spouse of a U.S. citizen.

Estate Planning with Digital Assets

Published on: March 27, 2019 | by Ettinger Law Firm

Owning digital property has become increasingly common in today’s society. If you are one of the many people who owns digital assets, it is critical to understand that estate planning should be performed for these valuables in the same way that it would for tangible items.

Obstacles involved with Estate Planning

Even though digital property is similar to other types of property, there are some unique challenges involving digital property when estate planning is involved. Some of the most common issues involved with obtaining access to these assets include the following:

Meet Alexa’s Cousin, Aiva in Hospitals

Published on: March 26, 2019 | by Ettinger Law Firm

Anyone who has ever been hospitalized remembers times when assistance was needed and despite using the call button to request help had to wait a long time for assistance. On one particular hospitalization I remember the nurse telling me that I had to call her in order to use the bathroom. I was taking a diuretic and I had to go dozens of times. Each time I called for the nurse however, I had to wait and wait and wait. Her suggestion, that I keep a bed pan was unacceptable.

Virtual assistants have the potential to dramatically change this common hospitalization annoyance. Introducing Aiva, Alexa’s cousin. Alexa is like Apple’s Siri. Siri, Apple’s voice-controlled virtual assistant was born with the iPhone 4S. She can be found on all Apple devices – phones, televisions, iPads, laptops, and desktop computers. All the other tech players quickly followed with their own voice-controlled virtual assistants. Microsoft has Cortana, Amazon has Alexa, and Google has Google Assistant.

Essentially, all these systems function the same. A voice request is made by the user and the virtual assistant fulfills the request by providing the requested information. The assistant is accessed through a device. For Apple it can be the iPhone; for Alexa it is the Amazon Echo or Dot. Information provided can be playing music, reading a book, controlling the smart home features of your house, or reading a recipe. The information provided by these virtual assistants is endless. Top news, the days weather report, and setting reminders, alarms, and timers are some additional features.

Why Estate Planning is Critical Even If You Don’t Have Children

Published on: March 25, 2019 | by Ettinger Law Firm

Estate planning involves a number of personal decisions. The best estate plans are personalized to the individual that writes them. This is why online, one size fits it all estate planning documents are often not the best idea. This is also why some people struggle to complete their estate planning goals. Even if you do not have children, it is still absolutely vital to create an estate plan because it can help achieve a number of other goals, which are discussed in this article.

# 1 – Incapacity Issues

Every adult should have an advance healthcare directive as well as a power of attorney regarding financial and legal decisions. These documents help to make sure that a person is taken care of in case they become incapacitated and can no longer care for themself. If you become incapacitated without having any estate planning documents in lace, your loved one will be required to make decisions that they think are in your best interests. Ideally, the person that is named to act in this role should be someone that you trust to make sure your wishes are fully carried out as well as an individual who is capable of weather even the most difficult decisions.

Aging and the Environment

Published on: March 22, 2019 | by Ettinger Law Firm

Environmental problems disproportionately impact young children and the elderly. Older people are affected because their mobility is reduced as they age, they suffer from medical conditions that are exacerbated by the weather, and they lack the resources to move or obtain help that can alleviate some of the worst climate change consequences.

Natural disasters hit the airwaves every couple of months. Whether the disaster is a tornado, hurricane, fire, or flood, some of the earliest casualties are seniors. The news reports almost always report that that deceased person lived alone. One wonders if they received the warnings in a timely manner, or worse, they were aware of the warnings but were unable to seek shelter or obtain assistance in time. Heat and air-pollution can kill people ahead of time.

The Union for Concerned Scientists released a list of global warming impacts and warn that rising temperatures will lead to increased air pollution, a longer and more intense allergy season, the spread of insect-borne diseases, heavier rainstorms and floods. All of these climate issues will impact the health of the people affected.

People with Few Assets May Still Benefit From a Trust

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

It is never easy to estate plan. For one, estate planning involves uncomfortable decisions about how your assets will be divided following your death. Estate planning, however, is critical because it avoids a number of serious obstacles including family disputes, additional taxes, and the probate process. Despite the potential to solve the numerous problems that would otherwise, some people still believe that estate planning should only be performed by the extremely wealthy. Instead, estate planning tools including trusts can be a particularly valuable tool for individuals. As a result, this article examines some of the advantages that people frequently realize by creating trusts.

# 1 – Trusts Help Outline How Assets Are Received

One of the primary benefits of creating trusts is that they allow individuals to exercise control over how their assets are divided following their death. By spelling out exactly how assets should be divided, a person can avoid any unnecessary disputes that might later arise among family members. When younger children are involved, trusts are capable of outlining the age and condition that children must be to receive assets.

Long-term Care Planning for Older Americans

Published on: March 19, 2019 | by Ettinger Law Firm

The best time to plan for long-term care is when you are mentally and physically well. While it is a task often avoided, thinking about how you wish to be cared for when you become older or are suffering from an illness or incapacitation is important for you and your loved ones. The only way to ensure that your wishes are followed is to write them down and communicate them to others.

People live longer these days even with serious illnesses and various stages of incapacity. There are steps you should take to plan for any potential future period of incapacitation to protect your finances and the ability for your family or loved ones to afford to care for you as you get older and in need of assistance to care for yourself. A catastrophic accident or medical emergency may alter the course of your life forever. Once these acts occur, you may or may not be in the position to make decisions for yourself. Having a plan will help your family and you focus on healing and living again.

To guide your thoughts, begin by thinking about the answers to the following questions: