white plains estate planning

INHERITANCE RIGHTS OF ADOPTIVE CHILDREN

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

NOT CUT OFF FROM BIOLOGICAL PARENTS IN EVERY CASE

It is not unheard of for adoptive children to seek out their biological parents and reestablish contact once they are old enough and understand the world much better. The drive to understand who your biological ancestors are, to know where they came from and their story is practically innate or inborn. This is a healthy endeavor as it helps to fill out and expand the adult child’s world view of who they are and may help to explain certain personality quarks. There are also legitimate medical reasons for the decision to reach out to the biological parents, so as to understand medical risks, family medical histories or perhaps even obtain a pool of possible bone marrow or organ donors in the unlikely event that something like that is needed. Those issues speak to the social and emotional issues that revolve around adoption. Legally, however, an adopted child is a veritable stranger to the biological parent in non-stepparent adoptions. Inheritance rights are created in the adoptive child vis-a-vis the adoptive parents. Inheritance rights via the biological parents are severed. The only way that a biological parent can pass property or money on to the child adopted out from them is to specifically include them in their will. A class gift to “all of my children” from a biological parent excludes from its scope children adopted out from them and includes any children that that person adopted.

WHAT HAPPENS WHEN ADOPTION LAW AND INHERITANCE LAWS COLLIDE

WHAT OF MY ESTATE PLANNING IF MOVE TO ANOTHER JURISDICTION?

Published on: November 3, 2015 | by Ettinger Law Firm

Say you live here in New York and made significant plans to avoid probate. You have a will, own a business that you pass on and even set aside significant assets for your grandchildren. You worked hard to put your financial house in order. Now you find out that you have to move to another jurisdiction for work and will likely be there for some time. More likely than not your will and other plans to avoid probate will survive as legally enforceable documents in the new jurisdiction. Nevertheless, you worked hard for your plans to be finalized and do not want to live with the idea that “more likely than not” your plans will be followed. As such, it is always best to check with a local estate planning and review your plans.

FACTORS TO CONSIDER

There are a few things to keep in mind when it comes to decisions on where to live and changes in law and nuances on how to handle the change. Most laws are relatively uniform throughout the country. Procedure may be different but substantive laws are similar in many cases. Except when they are not. Some issues have two different ways of handling things. A good example is common law states versus community property states. Community property states are generally Rocky Mountain states and west (Louisiana and Wisconsin are the exceptions). There are some important differences in their approach to passing on assets between the two camps. Another factor to address is that you need to clarify your residence or domicile or you may end up paying taxes in two different states, as what happened to the heir to the Campbell’s soup fortune in 1939.

Using Beneficiaries as Part of Your Estate Plan – Part I: Overview

Published on: October 9, 2015 | by Ettinger Law Firm

One of the essential functions of an effective estate plan is efficiently distributing your assets upon death. Using a beneficiary designation on assets that transfer on death can be a tool to efficiently transfer certain assets with ease if properly completed. Assets that can be transferred to a designated beneficiary upon death include insurance policies, bank accounts, retirement accounts, or other investment vehicles that feature a transfer or payable on death designation.

Types of Beneficiary Designations

Beneficiary designations include primary, contingent, and sometimes default beneficiaries. Upon the death of the owner, the asset will be transferred or disbursed to the primary beneficiary. If the primary designation fails, then the contingent beneficiary will receive the transferred asset. The default beneficiary will receive the transferred asset in the event there are no other primary or contingent beneficiaries designated to receive the asset. In some cases the default beneficiary may be a trust established by the owner of the asset, or the owner’s estate.

Making College Savings a Part of Your Estate Plan

Published on: September 15, 2015 | by Ettinger Law Firm

Saving for the cost of your child’s or grandchild’s college education can be intimidating. Participating in a qualified tuition program, also known as a 529 college savings plan, that is administered by the State of New York can be an effective part of your estate plan, and a great way to save for college tuition.

What is a 529 Plan?

When you (the “participant”) enroll in a 529 savings plan, you open a special account with the sponsoring state program. This account is a tax-advantaged account that helps you pay for your designated beneficiary’s qualified higher education expenses, including tuition, fees, room and board, and required books.