New York Estate Planning & Elder Law Blog

Health and Human Services Lengthens Deadline for State Improvements to Some Medicaid Services

Published on: July 5, 2022 | by Ettinger Law Firm

The Department of Health and Human Services through the Centers for Medicare & Medicaid Services recently notified states that they have one more year to utilize funding from the American Rescue Plan to bolster both community- and home-based services for Medicaid recipients who require long-term care support and service. The policy represents the most recent action by the Biden administration to improve the field of health care as well as to help individuals receive in settings of the patient’s choice while also reducing reliance on care from institutions.

A Secretary from the Health and Human Services has commented that all individuals deserve the dignity to reside in their home and surrounding community and that the existing Administration remains focused on guarding these rights. Due to funding from the President’s American Rescue Plan, the secretary also commented that the organization is focused on expanding community- and home- based services for aging and/or disabled adults throughout the country. The secretary also noted that the Department is working with each state to make sure that the state has adequate time as well as support to improve their home care systems.

The Centers for Medicare and Medicaid Services has commented that the Biden Administration is focused on increased community- and home-based care for the elderly and disabled. Due to the additional plan, the Center has commented, additional funds will support individuals with Medicaid to live in a location that they choose. With the extension, the Center is focused on meeting state concerns, giving states the necessary resources to improve care connections in communities and homes.

Estate Planning Alternatives to Quiet Trusts

Published on: June 22, 2022 | by Ettinger Law Firm

Many people want to avoid involving children in conversations about trusts. This article reviews some ideas that are helpful to consider when people decide whether to establish a quiet (or “silent”) trust or a trust that allows keeping the trust’s existence or details about the trust from beneficiaries as well as for the extent of time that the trust will remain quiet.

Research reveals that approximately 70% of wealth transfers do not operate properly by the third generation. Not operating properly in this context involves the receiving generation losing control of assets in the trust. Routinely, this is not due to inadequate wealth planning or unwise investing, but instead to an absence of trust, transparency, and lack of planning. Before considering quiet trusts, it’s a good idea to consider the wider picture of family governance as well as preparing children for the assets that they will one day receive. Instead of considering quiet trusts as an alternative to wills, you should also consider involving your beneficiaries directly in discussions about the trust once they reach the appropriate age. What constitutes an appropriate age is influenced by the structure of a family, but in many cases is earlier than a person thinks.

How Wealth Is Transferred

Raising Issues of Incapacity or Undue Influence to Challenge Estate Plans

Published on: June 22, 2022 | by Ettinger Law Firm

After a loved one passes away and you learn about that person’s estate plan for the first time, it’s common to encounter various emotions as you respond to the terms of the plan including shock, sadness, or even anger. Based on the estate plan’s appointments, beneficiaries, or other times, you might be left wondering if you will be able to raise any type of claim to challenge the terms of the estate plan. This article reviews some of the basics that you will need to follow if you plan on raising a strategy based on either undue influence or incapacity.

# 1 – Not Everyone Can Challenge a Will

Beneficiaries do not acquire protected interests in a person’s property until after that person passes away. Often, a person cannot attack a will until after that person’s death. This is because the person who creates the estate plan can theoretically alter the terms of an estate plan any time before the creator passes away. If a person is interested in challenging a Durable Power of Attorney or Health Care Proxy, however, a person can challenge these documents during a person’s lifetime. No restriction exists regarding who can challenge a person’s will. Often, one or more family members of the person who created the estate plan can challenge the document’s terms.

Audits Could Leave Many People Without Health Insurance

Published on: June 22, 2022 | by Ettinger Law Firm

State audits have the potential to impact 15 million individuals including 6 million children losing their health insurance. Some state workers are concerned that they might lack the resources to aid people in finding new insurance coverage.

The existing federal public health emergency will expire this year, which will subsequently trigger a requirement that state workers must examine Medicaid to determine who qualifies as eligible. Over the last two years, these audits have been suspended. With the resumption of these adults, up to 15 million individuals are losing their medical insurance.

The Role of the Biden Administration

Postal Service Switches Retirement Benefits to Medicare

Published on: June 22, 2022 | by Ettinger Law Firm

Congressional efforts to revise the country’s mail service might come at the cost of an even more nuanced issue involving Medicare.

The Postal Service Reform Act of 2022 would help to free post office costs by resolving the unusual and challenging legal requirement to fund 75 years of retirement health benefits in advance. In return, this Act would require future Postal Service retirees to participate in Medicare.

The Congressional Budget Office reports that the movie would save postal retirement as well as healthcare programs more than $5 billion and add more than $5 billion in costs to Medicare from now until 2031.

Utilizing Trusts to Reduce Taxes Faced by Your Legacy

Published on: June 16, 2022 | by Ettinger Law Firm

Many people are curious about what happens after they are no longer able to manage their assets. Many chances are created when it comes to estate planning arrangements and trusts play a large role in estate planning. If you choose wisely, trusts fortunately can prove to be an excellent way to reduce the taxes ultimately placed on your estate.

Establishing a Trust

Trusts are a type of arrangement used to the advantage of entities or people that the trust creator selects. Trusts vary greatly in activation as well as how they are accessed. Trusts tend to break down into the following kinds:

Bear Markets and Estate Planning

Published on: June 16, 2022 | by Ettinger Law Firm

Earlier in 2022, the stock market entered what is referred to as a bear market, which happens when the market drops more than 20% lower than a recent high. Financial experts have cited various reasons why the market has declined including, but not limited to, the war between Russia and Ukraine, energy shortages, and inflation. Each of these elements has encouraged investors to avoid losses. The market’s volatility will unfortunately remain for some time, which might make you wonder how this type of market could impact our estate planning.

Bear and Bull Markets

Bear markets are often followed by bull markets, in which losses are recovered. The most substantial growth in the stock market often occurs in what follows a bear market. As a result, people who want to make the most of estate planning should realize that bear markets are an ideal time to make the most of the decline in investment values to make the most of gifts that will be appreciated in the future and to take advantage of existing income tax benefits.

Utilizing Estate Planning for the Digital Future

Published on: June 16, 2022 | by Ettinger Law Firm

People interested in estate planning are increasingly placing digital asset clauses in their estate planning documents. This unfortunately adds another layer of complexity to estate planning.

As focus in digital assets becomes more popular, the need for adequate estate planning also increases. People want to make sure that their financial planning prospers besides that person’s daily use of digital technology.

A large number of people interested in estate planning have even placed clauses addressing bitcoin as well as other cryptocurrencies into the estate plans of clients. Digital wallets go in combination with digital assets because passwords play a critical role in making sure that your loved ones are able to access your assets after you pass away or become incapacitated. Digital assets including social media, blogs, and email accounts are also playing an increasingly more prevalent role in estate plans.

The Impact Covid Has on Long-Term Care Insurance

Published on: June 16, 2022 | by Ettinger Law Firm

Over the last few years, Covid-19 has caused many people to think deeply about health issues. Now that the height of the pandemic has passed, many people are left wondering how this has impacted long-term care insurance.

A noticeable increase in long-term care insurance has occurred following the summer of 2020 as reported by many medical experts. Many people who previously rejected long-term care coverage have since changed their opinions.

What Is Long-Term Care Insurance?

Deciding Whether Your Senior Loved One Needs an Elder Law Attorney

Published on: June 16, 2022 | by Ettinger Law Firm

Choosing to retain the services of an experienced elder law attorney is not a light decision, but instead is often the result of great consideration. Unfortunately, deciding whether or not to retain an elder lawyer can result in a great amount of uncertainty as well as anxiety for the elderly individual as well as that person’s loved ones. Various reasons exist why deciding whether or not you need an elder law attorney is a difficult situation.

# 1 – Retaining an Elder Law Attorney Makes You Confront Your Mortality

One of the most direct reasons why retaining an elder law attorney is difficult is that it makes the elderly individual confront the fact that he or she will not live forever. Coming to grips with our mortality is a frightening prospect. An elder law attorney can be retained for various reasons including estate planning, which comes with the grim perspective each of our lives will one day draw to an end. Not only is this difficult for the elderly individual, but you also cannot look past the difficult emotions that this brings up in loved ones as well.