A common provision in wills and trusts, where one of the couple in a second marriage owns the marital home, goes something like this “My surviving spouse shall have the right to reside in the home for so long as he/she desires, provided he/she pays all taxes and insurance premiums…
by Michael Ettinger, Esq. Prenuptial agreements (“prenups”) are contracts entered into by a couple before marriage setting out the rights of the parties in the event of divorce or death. Less common is the postnuptial agreement, with similar terms, but executed by the parties after marriage. Who signs these types…
by Michael Ettinger, Esq. Let’s face it, life insurance is a mystery to most people. Few know whether they have the best insurance for the money. Here are some changes that may require you to review what you have. 1. Interest rates have fallen, lowering the internal rate of return…
by Michael Ettinger, Esq. A couple came in to see me today for the husband’s 88 year old father who is a nursing home in Florida. They now wish to bring him up to New York to be nearer to the family. He has about $600,000 in assets, including his…
by Michael Ettinger, Esq. We were thinking the other day about what typically happens when a client signs a will. After the will signing, the client often fails to ever look at the will again and the lawyer may never contact the client again either. Now, let’s say this particular…
Investor Business Daily reports, “Choosing a financial adviser can be akin to a stroll through a minefield. If you don’t prepare, your wealth could get blown up by a Bernie Madoff or wounded by someone whose skills are mediocre or simply not suited to your needs. But with proper preparation,…
by Michael Ettinger, Esq. Commonly used in estate planning today, disclaimer trusts allow the surviving spouse great flexibility in optimizing estate tax savings. Here’s how they work. Each spouse sets up their revocable living trust. Husband and wife are co-trustees of his trust, using his social security number and, similarly,…
by Peter Lennington, Esq. This post by American Association of Trust, Elder Law and Estate member, attorney Peter Lennington, examines the unique planning requirements of families with children, grandchildren or other family members with special needs including the establishment of Special Needs Trusts. COSTLY MISTAKE #1: Disinheriting the child. Many…
Pioneered by Ettinger Law Firm, the IRA Contract solves a technical problem that arises when a spouse in a second marriage wishes to leave their IRA, or other qualified plan, to the husband or wife but also wants the unused funds to go to their children from a previous marriage…
We received a call last Friday from a woman who said that her father had died but her stepmother was claiming that he did not have a will. The daughter was certain that he did, in fact, have a will. What happens in such a case? Regardless what the daughter…