New York Estate Planning & Elder Law Blog

Estate Planning 101 – What Is the Difference Between a Trust and a Will?

Published on: January 15, 2017 | by Ettinger Law Firm

When you begin estate planning, there are a variety of options that are available in order to plan how your estate will be distributed and may seem very similar, however, they all have distinct benefits. Two main estate planning tools commonly used are wills and/or trusts, but their main features are very different. When determining which tools are right for you, you should first assess what stage of distribution and what assets you wish to control.

Trusts

There are a number of different types of trust that one may use, depending on what their intentions are. Trusts can be enacted during the grantor’s, also known as the person who made the trust, lifetime, or may take effect upon the death of the grantor. When forming a trust, the grantor seeks to transfer their property to the trust, which is run by a trustee. A trustee can be any number of people, but are neutral third parties who are employed to operate in the best interest of all interested parties involved, including both the grantor and those beneficiaries.

Three Common Dangers of Do-It-Yourself Wills

Published on: January 12, 2017 | by Ettinger Law Firm

In an increasingly digital society where we have become use to just “googling” the answers to our questions, there is no shortage of online legal advice and self-help. While some of this information can be valid and very useful, it doesn’t take the place of an actual lawyer that is able to apply the law to individual circumstances.

In fact, the ready availability of do-it-yourself legal guides on the web can pose a serious risk to people that use them, especially in the case of wills. Given how important your last will and testament is, it is essential to make sure that all details have been addressed and that all of your bases are covered so that you are able to distribute assets you have worked a lifetime for according to your wishes. According to the American Bar Association, three common dangers of do-it-yourself wills include:

Generic Forms

Common Reasons to Contest a Will

Published on: January 12, 2017 | by Ettinger Law Firm

When a deceased individual, known as a decedent, leaves a Will, family members and friends that have reason to believe something may be wrong with that Will may be able to have a court rule that the Will is invalid in some situations. The following are examples of common situations in which a person may have reason to ask a court to overturn a Will, most of which can be avoided by working with an attorney to create a valid Will.

The Will Does Not Comply with Law

There are several specific requirements the person making a Will, known as the testator, must comply with for a Will to be valid in New York. Basically, these include:

Long Term Planning – Can Pets Be Beneficiaries?

Published on: January 10, 2017 | by Ettinger Law Firm

Pets play a special role in all our lives; they serve as companions, security, as well as important additions to our families. However, when it comes to naming beneficiaries in your will, it has long been debated on a state level whether pets can legally be named as beneficiaries of an estate, due to their lack of capacity.

Many people name their animals, such as their dogs or cats, in their will, without realizing that, depending upon the state in which they make the will enforceable, probate court may find the provision invalid and treat the bequest as if it had not been named, passing down using the rules of probate court.

In order to effectively name a pet as a beneficiary in a will, there are specific ways of writing the provision that ensures your pet will be cared for after your passing. You can designate a friend or relative in your will to be the caretaker of the pet in the event of your passing. In this provision, you can designate a specific amount of money that will be received for care, for taking the pet, and what will happen upon the pet’s death. The caretaker of the animal will then become the owner of the pet legally, because pets are technically considered living property.

Back to the Basics – Probate and Non-Probate Assets

Published on: January 7, 2017 | by Ettinger Law Firm

The law can often be confusing. One such term includes probate in reference to a will. It is important for people to understand exactly what probate is and what assets are required to go through probate in New York. Keep in mind that these are general definitions and examples, and your individual circumstances will often impact exactly what assets are considered probate or non-probate.

What is probate?

Basically, probate is the legal process that takes place after a person has died. Usually, the probate process begins by proving whether or not the deceased person’s will is valid if a will exists. The process may also include:

Injuries from Hot Water Scalding Led to Patient’s Death

Published on: January 7, 2017 | by Ettinger Law Firm

When we place our loved ones in the care of a nursing home we expect that they will be properly treated and cared for. Sadly, there are many instances where negligent care is given. In one recent case, a nursing home resident was seriously injured after being scaled by hot water that was spilled on her. The woman’s health declined and she died. A representative for the woman’s estate has filed a lawsuit in stating that they did not provide proper care to her.

Burns Can Be Serious

Burns to the skin can occur for a number of reasons. In this case, the woman suffered burns due to hot water that was spilled. The nursing home staff allegedly did not properly supervise the woman while under their care. The woman sustained severe physical injuries that contributed to her death. Burns are painful, and may become infected, causing other medical problems. In this instance, the lawsuit alleges that the burns were quite severe and indeed led to the woman’s decline in health, and subsequent death.

Common Reasons to Contest a Will

Published on: January 4, 2017 | by Ettinger Law Firm

When a deceased individual, known as a decedent, leaves a Will, family members and friends that have reason to believe something may be wrong with that Will may be able to have a court rule that the Will is invalid in some situations. The following are examples of common situations in which a person may have reason to ask a court to overturn a Will, most of which can be avoided by working with an attorney to create a valid Will.

The Will Does Not Comply with Law

There are several specific requirements the person making a Will, known as the testator, must comply with for a Will to be valid in New York. Basically, these include:

Exploring Legacy Planning

Published on: January 3, 2017 | by Ettinger Law Firm

While often used interchangeably with estate planning, legacy planning is actually a distinct approach to estate planning. While legacy planning can work hand-in-hand with your comprehensive estate planning strategy, it is important to understand its potential role in your estate plan. While estate planning includes all of your tools and strategies to devise wealth to future generations, Forbes points out that legacy technically means a bequest or gift left to an individual in your Last Will and Testament. They note that legacy planning can be a proactive part of your approach to estate planning by helping you take control of defining and achieving the legacy you wish to leave behind.

Dispelling Common Myths

The article from Forbes sought to dispel some of the common myths surrounding legacy planning. While conversations about estate planning in general are never easy, legacy planning can often carry its own negative connotations. Some of the most common myths surrounding legacy planning include:

Social Security Earnings Test & Increases in 2017

Published on: December 30, 2016 | by Ettinger Law Firm

The Social Security Administration recently released a list of changes to take place in 2017, which included the cost of living adjustment that we discussed in a previous article, as well as a new earnings test limits for those older adults who continue to work but qualify for social security. While the cost of living adjustment came out to a roughly $50 a year increase, the other changes listed by the Administration have encouraged many of those who receive their monthly benefits.

The Earnings Test

In order to provide the most equal distribution based on need, the Social Security Administration has come up with a test in order to determine how much in benefits an individual should be allotted. The earnings test applies to those older adults who have not yet reached their full age of retirement, which is 66 years old, and who are still working. For those beneficiaries who attain full retirement age after 2017, they can claim exemption of earnings up to $16,920 a year, or roughly $1,410 a month.

Medicaid & New Healthcare Plans

Published on: December 29, 2016 | by Ettinger Law Firm

As the United States prepares to have a new president take office in 2017, millions of Americans are wondering what will happen to their health insurance coverage under Obamacare. Obamacare was enacted in order to provide coverage to those citizens who did not previously have coverage due to ineligibility or loss of coverage, with the goal of bringing down the cost of health insurance generally, and reducing costs regardless of preexisting conditions. While it was a widely contested issue between Republicans and Democrats, now that a Republican president will take office, plans are being made to repeal Obamacare.

Those in favor of Obamacare have raised question about what the 25 to 30 million people who now have insurance through the government program will do when coverage is stripped, especially since many of those are elders. However, proponents of a new system point to statistics that have shown that the majority of those who obtained benefits did so through Medicaid. Of the 14 million people who signed up for Obamacare between 2013 and 2015, 12 million of those did so through Medicaid. Thus, a large portion of the population will be able to qualify for coverage through other government programs technically.

In an effort to prepare, Republicans have come up with a block grant system as an alternative to be implemented, giving states more control over the way government funding is spent in their area. The block grant alternative also lawmakers on the state level to decide how money allocated to their area through Medicaid is spent, by allowing health needs particular to that state’s citizens control where more or less money can be spent. One thing is definite for government health care coverage, it will be cut one way or another with the new presidency.