nyc estate planning

Important First Steps for Executors Filing a Will in Probate Court

Published on: April 6, 2018 | by Ettinger Law Firm

Acting as the executor to an estate is an important duty with many responsibilities. While it may seem overwhelming and confusing at first, there are some very simple and basic first steps executors need to take that can help acclimate them to the process and help ensure that the deceased’s final wishes are carried out and all beneficiaries receive all the portions of the estate that they are due.

Most people generally advise their loved ones of their final wishes as it pertains to funeral arrangements. If this is the case, it may also be so that the deceased or his or her family has also made arrangements to pay for the funeral. If not, it will be up to the deceased’s surviving family members to make such arrangements, something the executor will not be expected to complete. However, it will be necessary for the executor of the estate to keep a financial record of all the burial costs paid out of the deceased’s estate as they may be deducted from any estate taxes.

Next, the executor will need to locate the deceased’s last will and testament and filed with the Surrogate Court in the county where the deceased resided or intended to reside if he or she lived out her final days outside of the county. Sometimes, the will may already be registered with the appropriate Surrogate Court, making this step easier.

Government Accountability Office Report Says Evaluations on CMS Experiments are Incomplete

Published on: April 2, 2018 | by Ettinger Law Firm

A recent report by the Government Accountability Office (GAO) claims state and federal agencies tasked with evaluating experimental programs from the Centers for Medicare and Medicaid Studies (CMS) fail to properly evaluate the initiatives. According to the report, some states can take years to finish evaluations and complete reports on programs implemented to help save taxpayers money and improve patient care.

Furthermore, when reports do become available CMS often fails to give the public access in order for ordinary people to see for themselves what works and what does not for the working poor of America. While many experts studying the issue found the shortcomings to be troubling, many were not surprised at the way states and federal agencies go about evaluating what incremental changes to CMS programs could be worthwhile.

Some states do not even finish their evaluations and complete reports until after the federal government approves the experiments for a second time. Such moves often leave observers scratching their heads as to how states can continue to receive funding for experiments on CMS programs without even taking into account whether they have a positive impact on the health and wellness of state residents or the programs fiscal soundness.

Checklist for Reviewing Your Estate Plan

Published on: March 22, 2018 | by Ettinger Law Firm

Comprehensive estate planning should be a continuing process. It is important to review your estate plan periodically, especially after major life events occur. An experienced estate planning attorney that helps you review your comprehensive estate plan as part of their service can make sure that you address changing needs and circumstances. The following can also provide a framework for you to start thinking about what to look for when reviewing your estate plan.

Start with Your Will

This is often a good place to start in creating your estate plan and in reviewing it. As time goes on, you are likely to experience a number of changes. Your family may grow to include additional beneficiaries. You are also likely to acquire a number of different assets. An effective Will will take all of this into consideration and include detailed instructions for distributing the assets within it.

Turning Down an Inheritance

Published on: March 20, 2018 | by Ettinger Law Firm

There are many reasons why discussing your comprehensive estate plan with your beneficiaries is important. Not only can it help clarify your decisions and provide the reasoning for some choices that may otherwise cause conflict and strife, but it can prepare beneficiaries for their role in the estate plan.

Sometimes, circumstances arise in which a beneficiary may not want the inheritance that is being left to them or it may simply not be practical to accept it. When these situations arise, the beneficiary may have the option of turning down – or disclaiming – the inheritance.

Reasons for Disclaiming an Inheritance

The Role of a Trust Protector

Published on: March 17, 2018 | by Ettinger Law Firm

Comprehensive estate planning is a long-term process. It is not complete simply because the many pieces of your estate plan have been considered and put into place. Your estate plan must be reviewed periodically, and with so much at stake it must also be protected. In addition to taking important basic precautions to protect your estate plan, you may also benefit from an additional form of protection by enlisting a trust protector.

What is a trust protector?

For estate plans that have a trust in place, and especially for those with several different trusts in place, it is important to ensure that trusts are administered in a legal way that meets your goals for establishing the trust. When you establish a trust, you must also designate a trustee. Trustees are entrusted with administering a trust according to the terms of the trust and the goals you have established for that trust.

Planning for Incapacity

Published on: March 15, 2018 | by Ettinger Law Firm

A comprehensive estate plan is more than just a Last Will and Testament coupled with a trust. In includes important aspects that require careful planning for a long period of time. For instance, considering long-term medical care as part of your financial outlook and retirement planning is an important part of your estate plan because it can help safeguard assets and provide a source of financial support for your long-term needs so you can avoid draining assets from your estate to pay for unexpected costs. However, you should also consider planning for challenges like incapacity to ensure the integrity of your estate.

Tools for Planning

A durable power of attorney can help protect your rights and assets in the event of incapacitation. These documents nominate an individual to make important legal and financial decisions for you, especially in relation to your assets. The individual you nominate can work within the authority you provide them with to protect assets within your estate.

Talking to Your Spouse About Estate Planning

Published on: March 12, 2018 | by Ettinger Law Firm

While comprehensive estate planning is an important discussion, it is not typically one families have while sitting around the dinner table or enjoying family game night. The fact is that estate planning can be a difficult topic to bring up, and discussions about the approaches you and your spouse will take can be even more challenging.

However, talking to your spouse about the importance of estate planning – especially if you have a family to provide for – is something that has to happen at one point or another if you and your spouse want to ensure the integrity of your estate and the assets within it. The following tips might help you broach the subject.

Be Clear About Your Objectives

Potential Changes for Retirees Could Mean Changes for Your Estate Plan

Published on: March 10, 2018 | by Ettinger Law Firm

The impact of the newest tax reform efforts will likely take a long time to settle in. However, there are many potential short-term changes that could impact retirees in the coming years. That means that reviewing and revising your estate plan could be an essential component of being prepared for the effects of new tax approaches. Recently, Marketwatch.com published an article giving some insight to some of these changes.

Changes to Property Tax Deductions

Under the new tax plan, only $10,000 of property tax can be deducted federally. That means that retires may more readily consider the impact this deduction has on their tax liability. Many retirees may consider moving from sates with higher property tax to ones with lower property tax in order to take advantage of the deduction but avoid spending additional money in property taxes that cannot be recouped.

Late-In-Life Divorce Challenges and Your Estate Plan

Published on: March 3, 2018 | by Ettinger Law Firm

Divorce is never an easy experience, no matter what age it occurs at. However, individuals going through a late-in-life divorce may be even more surprised at some of the challenges this experience can present. Many of the difficulties experienced by older individuals that make the choice to get divorced can have a significant impact on their estate plans. A recent article from Marketwatch.com provides some insight as to how a late-in-life divorce can impact your estate plan from those that have experienced it.

Difficult Job Market

While the economy may be on the road to recovery, history has shown us that can change at any moment. Even in the best of economic times, finding a job that can help maintain the standard of living you are accustomed to or want to experience can be very difficult at any age. According to individuals that provided commentary for the article, this is an exceptionally difficult task for older individuals. The problem may be compounded for spouses that have been out of the job market for a longer period of time, or who may not meet the educational requirements that many positions now demand.

Life Insurance and the Estate Tax

Published on: February 26, 2018 | by Ettinger Law Firm

There are a number of important factors to consider when it comes to comprehensive estate planning. Every family has unique needs, and every estate plan is different and designed in a way that best meets those needs. However, many estate plans include life insurance as an important component of ensuring loved ones are taken care of. While life insurance can be an important part of an estate plan, it is important to plan appropriately to make sure you can make the most out of your life insurance policy.

Life Insurance and Estate Tax

The new tax bill has raised the estate tax threshold quite a bit by doubling it to an individual threshold of $10 millions and a married threshold of around $20 million, with the actual number dependent in some part on inflation. The change in the law is not permanent, either. In fact, it will expire in 2025 absent further action by Congress.