New York Estate Planning Lawyer Blog

December 26, 2013

Family Fights for Years to Get Email Access After Untimely Death

What is considered an “asset” today may not be the same as what was an asset one hundred years ago (or fifty years in the future!). Estate planning is one area of the law that changes with the times, as it must account for what is valuable, important, and logical for individual residents–something that changes through the decades.

That principle has no better demonstration than the challenges faced by many families to recover digital assets after the passing of a loved one. Digital estate planning has been a hot topic for several years, but it is far from resolved. Many families continue to experience immense hardship as they struggle to acquire various digital reminders of their loved one, from blogs and picture repositories to email accounts. Of course, there may be some situations where individuals want their digital lives to be left untouched after a passing, but, at the very least, it is important to put some final resolution on the matter to prevent families members from engaging in anguished struggles to gain access to the assets

Battle with Yahoo

December 23, 2013

Clarity in Estate Planning – Who Owns Fawcett’s Warhol Painting?

by Ettinger Law Firm

Unintended consequences are rampant in do-it-yourself Will creation and other estate planning. Even arrangements that seem simple at first blush may prove to have hidden ambiguities or uncertainties that only come to light during probate–when it is too late to fix.

Partner vs. University

To get an idea of how ambiguity in estate planning can lead to controversy, consider the brewing legal battle between actor Ryan O’Neal and the University of Texas at Austin. The dispute centers on an Andy Warhol painting of actress Farrah Fawcett.

December 20, 2013

Gift Tax Benefits Expiring At End of Year?

by Ettinger Law Firm

Timing is critical in estate planning for many reasons. Most obviously, because plans are intended to help ease the burden in the aftermath of a death, they must be in place before one dies (or loses the capacity to make legal decisions). But timing also matters to the extent that the law changes and alters the options available to planners.

This is most clear when it comes to taxes. Different tax rates, allowable deductions, and other details are frequently changing. Many individuals act quickly to take advantage of certain favorable situations before they are set to expire.

IRA Gift Tax Break

December 17, 2013

Beyond Pet Trusts — The Rise of Pet Hospice Care

by Ettinger Law Firm

In recent decades, “pet trusts” have grown in popularity as a way for residents to include their beloved animal companions in their estate plans. Our estate planning attorneys work with residents in this regard, setting aside appropriate assets to ensure pet dogs, cats, and other animals have funds available to pay for their well-being for the remainder of their lives. Considering that many New Yorkers consider their pets in similar terms as children, it is only natural to provide for them in Will and trust documents.

But there is now a move to take long-term animal planning to another level with the growth of pet hospice services.

Helping your Dog Pass on Gracefully

December 16, 2013

Rock N’ Roll Estate Fight – Decades After Death

by Ettinger Law Firm

One of the biggest misconceptions about settling an estate is that all of the loose ends will be handled within weeks or months of the passing. In reality, it often takes years or more before all of the details are finalized. In cases of sizeable wealth, unique assets, or complex administration arrangements, the estate details may linger for decades.

Consider a story in last week’s New York Post regarding the estate of former New York Dolls guitarist Johnny Thunders. Thunders was only thirty eight years old when he died in 1991. Yet, even though the death occurred more than 23 years ago, there is a legal estate planning battle brewing over control of his assets.

Thunders Estate Fight

December 13, 2013

“Donor Advised Funds” Gaining in Popularity

by Ettinger Law Firm

Every day thousands of New York residents give donations of all sizes to popular charities. From dropping a few bucks in a local red bucket during holiday season to making multi-million dollars gifts to universities and everything in between, millions of residents are committed to giving a portion of their wealth to others.

Charitable giving is an important part of many long-term financial plans and estate planning efforts. While giving to charity may seem like a straightforward process–no different than buying a birthday gift–in reality, these donations can be structured in sophisticated ways to benefit both the donor and donee. New Yorkers are advised to speak with legal professionals to learn about their options.

Donor Advised Funds

December 12, 2013

Modifying a Will – Don’t Just Scratch Things Off

by Ettinger Law Firm

Our attorneys frequently advise New Yorkers of the immense benefit of using trusts to conduct estate planning instead of relying solely on a Will. More and more residents are recognizing the value of trusts and incorporating them into their planning. However, Wills remain the most well-known and used tool to pass on assets upon death.

There are specific laws which dictate when a Will can be deemed valid by courts in probate. For this reason, it is always prudent to have an attorney draft your Will to ensure it will work as desired when the time comes.

However, even those who have an attorney draft a Will may make the later mistake of trying to modify the WIll on their own, without legal help. This is a significant problem and may result in the entire Will being thrown out. It is not uncommon for an individual’s assets to be divided via intestacy rules instead of per their actual wishes in a Will because of modifications made ad hoc.

December 9, 2013

Will Contests & the Super Wealthy

by Ettinger Law Firm

In the emotional tumult following a passing it is common for disagreement to arise regarding property and other matters between friends and family members. Jealousy and greed can cause bitter family feuds for years to come. It is for this reason that, at the very least, all New York residents need a will to ensure that loved ones are taken care of in the manner you see fit.

It is critical not to think that just any document will suffice as a will. There are very specific legal rules regarding what documents will be used by the court to settle these matters, and will contests are startlingly common. In order to have a valid will in New York, the documents must be signed in front of a minimum of two witnesses; the witnesses must sign the document in front of each other; the person whose will it is must be of sound mind; and the person cannot be under any undue influence or duress.

Will contests are not isolated only for those in dire financial straits, disputes can arise even among those who do not have any financial need at all.

December 8, 2013

Later-Life Marriages and Prenuptial Agreements

by Ettinger Law Firm

The “Golden Years” – that peaceful time of life after retirement; a time to watch the grandchildren grow up, to take that long-awaited vacation and to….get married? Statistics indicate that both men and women are getting married later in life, and although the rate of marriage and remarriage significantly declines with age, an estimated 500,000 Americans 65 and older get married (or remarried) every year.

While marriage at any age raises a number of legal and financial concerns, individuals 65 and older who marry later in life tend to bring significantly more assets to a marriage than individuals who marry earlier in life. In addition, those entering into in these later-life marriages are more likely to have adult children, and even grandchildren. For these reasons, it is critical that those who rediscover love during their “Golden Years” be mindful that the failure of these types of marriages can create complex estate planning legal issues.

A unique problem for later-life marriages involves potential disputes between a surviving spouse and the adult children from a previous marriage. Most states require that a portion of the deceased spouse’s estate pass to the surviving spouse. This portion is known as the elective share. In New York, that share is equal to 1/3 of the deceased spouse‘s estate. New York, like most states, does not allow the disinheriting of a spouse to his elective share unless the spouse to be disinherited legally consents. Consequently, spouses who want to determine the terms of possession of their assets upon their death should consider creating a prenuptial agreement, one made by the spouses prior to marriage that concerns the ownership of their respective assets in the event of divorce. Without a prenuptial agreement, a “Golden Years” divorce has the potential to lead to a disastrous, and often disheartening, outcome.

December 4, 2013

Would Changes to Charitable Tax Deductions Affect American Gifting?

by Ettinger Law Firm

Many New York residents make charitable giving a part of their estate plan. Whether for estate tax benefits to pass on values and ethics to family members and many other reasons, residents commonly set aside certain assets to go to causes about which they are passionate.

However, according to a new report from a conservative “think tank” if any changes are made to federal rules about charitable tax deductions, then one can expect total giving in the country to decrease by billions each year. Before delving into the details it is critical to point out that the group releasing the study, the American Enterprise Institute (AEI), is known as a long-time opponent of all changes which would increase tax revenues. In addition, this AEI estimate is far higher than that found in similar studies by other groups.

The Charitable Giving Report