Health Care Decision-Making
Ettinger Law Firm | New York Estate Planning Lawyer Blog - Estate Planning
by Ettinger Law Firm
1w ago
For health care decision-making, when a doctor determines you are unable to make medical decisions for yourself, New York has the Health Care Proxy. The proxy, or agent, may make any medical decision for you except one – they cannot withdraw life sustaining measures, such as feeding tubes or a ventilator, unless they can prove this is what you actually wanted. There are two ways to show that, in situations where there is no reasonable expectation of recovery from extreme disability, and there is no meaningful existence, you do not wish to be kept alive by artificial means. First, you may state ..read more
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Planning for Those You Are Responsible For
Ettinger Law Firm | New York Estate Planning Lawyer Blog - Estate Planning
by Ettinger Law Firm
1w ago
A client came in to see us for their follow-up consultation.  The client shared that, in between their two meetings with us, the husband‘s brother had suffered a stroke and was now in a rehabilitation facility.  He was a bachelor.  He had no power of attorney or health care proxy.  He may or may not have had a will — they didn’t know.  Further, they were unable to get access to his apartment to clean out the fridge and get his clothes because he had failed to put them on the list of persons approved to enter in the event of an emergency. One of the most overlooked area ..read more
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What is Elder Law Estate Planning?
Ettinger Law Firm | New York Estate Planning Lawyer Blog - Estate Planning
by Ettinger Law Firm
2w ago
“Elder Law Estate Planning” is an area of law that combines features of both elder law (disability planning) and estate planning (death planning) and relates mostly to the needs of the middle class. Estate planning was formerly only for the wealthy, who wanted to shelter their assets from taxes and pass more on to their heirs. But today estate planning is also needed by the middle class who may have assets exceeding one million dollars, especially when you consider life insurance in the mix. Estate planning with trusts became popular starting in 1991 when AARP published “A Consumer Report on P ..read more
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Taxation of Trusts
Ettinger Law Firm | New York Estate Planning Lawyer Blog - Estate Planning
by Ettinger Law Firm
9M ago
Revocable living trusts, where the grantor (creator) and the trustee (manager) are the same person, use the grantor’s social security number and are not required to file an income tax return. All income and capital gains taxes are reported on the individual’s Form 1040. Irrevocable living trusts come in two main varieties, “grantor” and “non-grantor” trusts. Non-grantor trusts are often used by the wealthy to give assets away during their lifetime and for all income and capital gains taxes to be paid either by the trust or the trust beneficiary but not by them. Gifts to non-grantor trusts are ..read more
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You Cannot Disinherit Your Spouse
Ettinger Law Firm | New York Estate Planning Lawyer Blog - Estate Planning
by Ettinger Law Firm
9M ago
New York law prevents spouses from being disinherited. Instead, a spouse who is disinherited may go to court and claim their “elective share” which is the greater of fifty thousand dollars or one-third of the estate. Questions often arise as what the “estate” of the deceased spouse consists of. Naturally, any assets in the decedent’s name only and listed in the estate court proceeding apply. Other assets, known as “testamentary substitutes” because they do not pay by will, and is against which the spouse may make their claim are: bank accounts, investment accounts and retirement accounts with ..read more
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Reasons to Revise Your Estate Plan
Ettinger Law Firm | New York Estate Planning Lawyer Blog - Estate Planning
by Ettinger Law Firm
11M ago
Estate planning is not written in stone.  Instead, estate plans should be revised and reconsidered when various major life events occur. Marriage may or may not involve a prenuptial agreement.  Regardless, it may call for adding your new spouse’s name as beneficiary on insurance policies, on a will or trust, power of attorney, health care proxy and deeds. Serious illness requires that you give thought to appointing someone to handle your affairs and making sure they have the documents needed to discharge the responsibility. You may want to add a second person to share the load or as ..read more
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Contesting a Will
Ettinger Law Firm | New York Estate Planning Lawyer Blog - Estate Planning
by Ettinger Law Firm
1y ago
In order to contest a will, the objectant must have “standing”, meaning they would legally be entitled to a share or a greater share of the estate if the will was declared invalid. “Standing” alone, however, is insufficient. There must also be grounds for contesting as provided below. 1. Undue Influence: Independent caregivers and caregiver children who end up being named primary beneficiaries under the will are often scrutinized for having prevailed upon the decedent to leave them the lion’s share of the estate. The various means alleged may be physical or mental abuse, threats and isolation ..read more
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If You Don’t Understand the Plan, You Don’t Have a Plan
Ettinger Law Firm | New York Estate Planning Lawyer Blog - Estate Planning
by Ettinger Law Firm
1y ago
So many people who come in to see us do not understand the estate plan they have or do not know what is in their current plan. Some of the reasons for this are (1) time has inevitably blurred their memories, (2) the plan may be written in legalese and was never properly explained to them, (3) they may have misconceptions and misunderstandings of what their plan is; and (4) their lawyer may have lacked the knowledge required to find the right solution for their family in the event of death and disability. To this we say, “if you don’t understand the plan, you don’t have a plan.” Ettinger Law Fi ..read more
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Trusts Create Order Out of Chaos
Ettinger Law Firm | New York Estate Planning Lawyer Blog - Estate Planning
by Ettinger Law Firm
1y ago
At Ettinger Law Firm, we are fond of saying “trusts create order out of chaos” — for three major reasons: First, as noted in previous columns, an ever-increasing number of Americans suffer a period of legal disability later in life.  Without your own private plan for disability, consisting of a trust and a “prescription strength” elder law power of attorney, you run the risk of a state appointed legal guardian.  Do you want the people you choose to be in charge in the event of your disability, with the freedom to act immediately in your best interests, or do you want the state to app ..read more
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Eight Good Reasons to Plan Your Estate
Ettinger Law Firm | New York Estate Planning Lawyer Blog - Estate Planning
by Ettinger Law Firm
1y ago
  Makes sure your estate goes to whom you want, when you want, the way you want. Most estate plans leave the assets to the next generation outright (i.e., in their hands) in equal shares. However, with a little bit of thought on your part, and some guidance from an experienced elder law estate planning attorney, you may dramatically improve the way your estate is ultimately distributed. For example, you may delay large bequests until children or grandchildren are older or give it to them in stages so that they have the chance to make some mistakes with the money without jeopardizing th ..read more
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