albany elder law

Fiduciary Duties & The New Rule for Financial Advisors

Published on: November 22, 2016 | by Ettinger Law Firm

The New Rule

When consulting a financial advisor, we all assume that they would have our best interest in mind when determining where our portfolio should be invested and what investments best suit our interests, however, this has not always been the case. This year, the Labor Department issued new regulations that require industry professionals dealing with individual retirement accounts and 401k accounts to act on the best behalf of their clients.

Before this new standard was issued, financial advisors only needed to meet a suitability standard, meaning that the financial advisor only has to choose what is suitable for the portfolio, which is not always what is in the client’s best interest. A financial advisor under this standard could invest in a fund he found suitable, but may be more risky or expensive, although a similar option is available with a different fund. This suitability standard led to many advisors investing in funds they were personally interested in, sparking a need for change.

The Right to Die: New York’s Medical Aid in Dying Act

Published on: July 12, 2016 | by Ettinger Law Firm

Nationwide

The Death with Dignity Act gained national attention when it Brittany Maynard, a 29 year old woman suffering from an incurable brain tumor, chose to end her life with the help of a lethal dose of medication. Since then, a national debate has resurfaced about terminally ill patient’s ability to decide when, not if, they are going to die. Currently, the Death with Dignity Act has been passed in California, Oregon, Vermont and Washington, with proposals in many more states, including New York.

New York

ADULT GUARDIANSHIPS, RESTORING RIGHTS

Published on: February 9, 2016 | by Ettinger Law Firm

GUARDIANSHIP CAN BE VACATED

As this blog has discussed in some detail in the past, Adult Guardianship is a complicated area of the law, dealing with many sensitive issues of personal power, ability and basic competence. On a very basic level, guardianship is a judgment that is entered by a Court, which allows one person the the legal right to exercise decision making over another. The basic medical reality is that once competency is gone, an individual often does not regain that capacity back.

As such, when a Judgment of Guardianship is entered is often permanent. There are plenty of cases to show that this is indeed not so common so as to consider it an inalterable rule. The law recognizes this fact and allows for a judgment of guardianship to be vacated if and when a person regains their facilities. Under current New York law, a guardianship Judgment may be entered upon the consent of the ward (protected party), or, if not by consent, then by clear and convincing evidence that someone (either the potential ward or a third party) will likely suffer harm because :

FAIR HOUSING ACT IN SENIOR HOUSING

Published on: November 22, 2015 | by Ettinger Law Firm

CIVIL RIGHT ACTS DEALING WITH ELDER LAW MATTERS

The Fair Housing Act of 1968 was one of the raft of civil rights acts promulgated to help make the promises of Civil Rights Era real. In its current, amended form, it prohibits discrimination in the sale, rental and financing of housing based on, among other things, disability status. The Age Discrimination Act of 1975 is another enactment that speaks to the issue of senior housing, as it bars age discrimination in any program or activity that receives federal financial assistance. While there is a “housing for older person exemption” that is beneficial for seniors who need the special services found in many communities, the right to restrict housing is limited to only certain delineated situations. Indeed, the protections for senior housing are broad and robust.

HIDDEN FAIR HOUSING VIOLATIONS ISSUES IN SENIOR HOUSING

Protect Yourself from Elder Financial Fraud

Published on: September 22, 2015 | by Ettinger Law Firm

As increased numbers of investors reach the age of retirement, the market for investment services designed for the needs of seniors has greatly expanded. The needs for retired seniors is often unique from those individuals who are still working. For example, senior investors must execute a plan that allows for a comfortable living without the fear of running out of money. Because of this growing market, the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) are concerned about the potential for abusive sales practices that may constitute elder financial abuse.

What is Elder Financial Fraud?

There are three primary ways in which elder financial fraud is committed. These include when a financial advisor or stockbroker: