Bernard A. Krooks - Littman Krooks LLP > New York Elder Law Blog > Elder Law

Archive for the ‘Elder Law’ Category

« Older Entries
Newer Entries »

The Dispute Over Robin Williams’ Estate

Wednesday, September 2nd, 2015

robin williamsOne year after the death of Robin Williams, a legal battle over his estate continues.

Despite the fact that Williams’ estate was planned with a certain degree of sophistication, several disputes have arisen between his widow and his three children from two previous marriages. Williams’ estate plan provides that his widow be able to live in their mansion in Tiburon, California, and retain most of its contents. However, Williams’ children claim that the home contains memorabilia items that are designated for them. Another area of dispute concerns a fund dedicated to expenses associated with the residence, which Williams’ widow claims is being restricted by his children.

Many wealthy people die having done inadequate estate planning, or none at all, which is almost certain to lead to legal disputes among heirs. In Williams’ case, the actor and comedian had done the right thing for the most part, creating a tax-efficient estate plan that included trusts to be managed by people in whom he had confidence. However, this did not prevent legal turmoil after his death.

Estate planning experts familiar with Williams’ estate say that a lesson that can be learned from this case is that specificity is essential to proper estate planning. Especially when personal items are to be left to different people, specifically naming individual items is much better than using general language to describe categories of possessions. Leaving things open to interpretation is one way that disputes can arise. Another factor that can help prevent disputes is to set expectations by letting loved ones know the general plan for the estate, so that they are not surprised by its provisions.

 

Learn more about our services by visiting www.elderlawnewyork.com.

Was this article of interest to you? If so, please LIKE our Facebook Page by clicking here.

Tags:
Posted in advance directives, Elder Law, Estate Planning | Comments Off on The Dispute Over Robin Williams’ Estate

Labor Department to Facilitate State-Based Retirement Plans

Tuesday, August 25th, 2015

The U.S. Department of Labor is taking steps to help workers save for retirement.Littman Krooks Retirement Planning

Job-based 401(k) plans are one of the best ways for employees to build their retirement nest egg by putting aside pre-tax funds, especially if those funds are matched by their employers. However, about one-third of American workers do not have access to a job-based 401(k). While IRAs are available to workers on their own, only a small fraction of people take advantage of them. The Obama administration has proposed legislation that would make enrollment in an IRA automatic for workers who do not have access to a 401(k) plan at work, but that legislation stalled in Congress.

Now, the administration has directed the Labor Department to issue a rule supporting state-based plans that encourage retirement savings. This includes laws in some states that require employers to automatically enroll new employees into IRAs if a 401(k) is not offered, and other state laws that encourage employers to provide 401(k)s.

Until now, state initiatives have been hindered by a concern that their efforts may be preempted or nullified by federal law. According to the Labor Department, the new law will safeguard retirement savings for workers and help states adopt laws on retirement savings that are consistent with federal law.

 

Learn more about our services by visiting www.elderlawnewyork.com.

Was this article of interest to you? If so, please LIKE our Facebook Page by clicking here.

Tags: , , , ,
Posted in Elder Law | Comments Off on Labor Department to Facilitate State-Based Retirement Plans

New Clinical Decision Tool to Help Prevent Falls with Seniors

Monday, August 17th, 2015

A new clinical decision tool is being introduced that will assist medical personnel in helping to prevent seniors from falling.

The technology is called Stopping Elderly Accidents, Deaths & Injuries, or STEADI, and is being designed based on guidelines for fall assessment from the Centers for Disease Control and Prevention (CDC). It is intended to help medical providers screen for falls, intervene to decrease risk, and give patients proper follow-up care. Littman Krooks Elder Law

The CDC already offers a STEADI tool kit to health care providers, which includes information about falls, conversation starters, case studies, standardized balance and gait assessment tests, and educational information that health care providers can give to people at risk of falling and their families. The STEADI program suggests that medical personnel ask seniors three crucial questions: Do you feel unsteady when walking or standing? Have you fallen in the past year? Do you have concerns about falling? If a senior answers “yes” to any of these questions, then they are considered to be at an increased risk of falling. Health care providers may then review medications to reduce the dosage or stop those that may increase the risk of falling, recommend vitamin D supplements with calcium, educate the patient and the patient’s family about fall prevention, and schedule follow-up care.

The clinical decision support tool, based on the CDC system, is expected to be available in hospitals by the end of the year.

 

Learn more about our services by visiting www.elderlawnewyork.com.

Was this article of interest to you? If so, please LIKE our Facebook Page by clicking here.

Tags: , , ,
Posted in Elder Law | Comments Off on New Clinical Decision Tool to Help Prevent Falls with Seniors

Joni Mitchell and Conservatorship

Wednesday, August 5th, 2015

Beloved singer-songwriter Joni Mitchell was found unconscious in her Los Angeles home on March 31, having suffered a brain aneurysm. After Mitchell spent more than a month in the hospital, her longtime friend Leslie Morris was appointed her conservator to make medical decisions for her while she recovers. As fans wish Mitchell a full recovery, they may also be wondering, “What is a conservator?”

A conservator or adult guardian is appointed by the court to make certain decisions on behalf of an adult who has become unable to make such decisions on his or her own, due to a physical or mental condition, or advanced age. The court may place certain limits on the guardianship or conservatorship. For instance, the court in Los Angeles granted Morris control only over Mitchell’s medical care, in the absence of the 24-hour care she received in the hospital. A court may also grant a conservator or guardian control over a disabled person’s financial affairs or other aspects of his or her life, such as whether the person should reside at home or in a nursing facility.

A conservator or guardian can be essential in protecting the well-being of a person who has become unable to make his or her own decisions. A conservator or guardian can pay bills for the incapacitated person, prevent financial abuse, prevent self-neglect, and advocate for the person’s health.

The court may appoint a conservator or guardian in response to a petition submitted to the court. For example, in New York, a guardianship proceeding is brought under Article 81 of the Mental Hygiene Law. However, guardianship is considered a drastic remedy, and the court is required to consider less restrictive alternatives, such as home health aides, representative payees and other solutions that may meet the person’s needs without the appointment of a guardian.

In many cases, if a durable power of attorney or health care proxy has been appointed before the person becomes incapacitated, then guardianship proceedings are unlikely to be necessary. This is one reason why people planning their estate should give such appointments careful consideration.

 

Learn more about our services by visiting www.elderlawnewyork.com.

Was this article of interest to you? If so, please LIKE our Facebook Page by clicking here.

Tags: , , , , , ,
Posted in advance directives, Elder Law, Estate Planning, Power of Attorney | Comments Off on Joni Mitchell and Conservatorship

Stay Socially Engaged As You Age

Tuesday, July 21st, 2015

Staying socially active as you age not only makes life more fun, it can be good for your health. Researchers with the Rush Alzheimer’s Disease Center conducted a study that found that seniors who were highly social had a rate of cognitive decline 70 percent lower than less-social seniors. Interacting with others and keeping your mind stimulated can help ward off depression and dementia in some cases. Perhaps surprisingly, such mental stimulation and social interaction seem to have positive effects even when they take place on the Internet. Researchers from the University of Alabama at Birmingham found a 30 percent drop in symptoms of depression among Internet users.

littman krooks elder law

There are lots of easy ways for seniors to stay socially engaged and intellectually stimulated. Seniors should, according to their ability, make an effort to attend social events, visit friends and neighbors, and keep in touch with family members, if not in person then by phone, email or social media. Seniors can also play games, such as crossword puzzles, or chess to keep their minds active.

Older individuals may also want to do volunteer work or even work a part-time job for the social benefits. Non-profit organizations like At Home on the Sound are run by volunteers and assist their members with a range of services that are designed and coordinated to empower senior citizens and support their wellness, independence and vitality while aging in place, in their own homes within the community they love.

People often become socially withdrawn as they age, but that is something that should be resisted as much as possible. It is important for seniors to take advantage of opportunities for social interaction, to get more satisfaction out of life, and to stay healthy.

 

Learn more about our services by visiting www.elderlawnewyork.com.

Was this article of interest to you? If so, please LIKE our Facebook Page by clicking here.

Tags: , ,
Posted in Caregivers, Elder Law | Comments Off on Stay Socially Engaged As You Age

Seniors Affected By Housing Debt

Wednesday, July 1st, 2015

Housing debt is affecting the retirement plans of a growing number of seniors. Paying off a home mortgage prior to retirement has traditionally been a key part of many people’s plan for their golden years, but today many seniors find themselves still in debt in their sixties and seventies.

According to the Office for Older Americans, part of the federal Consumer Financial Protection Bureau, in 2013 there were 6.5 million seniors paying a mortgage, or 30 percent of all seniors. That is an increase from 22 percent in 2001. Data from the Federal Reserve show that 21 percent of people age 75 and older were carrying home loans in 2011, up from 8 percent in 2001.

Littman Krooks Elder LawAlong with the number of seniors with housing debt, the average debt amount is also growing. In fact, according to the financial protection bureau, since 2001 the average debt has more than doubled for people age 65 and older, from $43,400 to $88,000.

The effects of the Great Recession and accompanying collapse of the housing market are still being felt, and many older homeowners are still “underwater” on their homes, owing more than the home’s value, especially in the cities hardest hit by the housing bust.

Housing debt leaves seniors in a difficult situation: what was supposed to be a nest egg can actually hinder their retirement plans. There are no easy solutions, but seniors are addressing the issue in various ways, such as by working in retirement or downsizing their home and lifestyle.

 

Learn more about our services by visiting www.elderlawnewyork.com.

Was this article of interest to you? If so, please LIKE our Facebook Page by clicking here.

Tags: ,
Posted in Elder Law | Comments Off on Seniors Affected By Housing Debt

Planning for Diminished Capacity

Tuesday, June 23rd, 2015

Older investors are at risk for “diminished financial capacity,” or a decline in the ability to manage money and other assets in one’s own best interests. Such a decline is a problem in itself, and it also may make investors more vulnerable to fraudulent investments and other forms of financial abuse. senior couple planning

In a recent bulletin, the Securities and Exchange Commission (SEC) stressed the importance of planning for the possibility of diminished capacity. In order to minimize difficulties for investors and their families, the SEC recommends taking these steps:

  • Organize important documents in an accessible, safe location so that they can be available to loved ones in an emergency, and keep them up to date. This includes bank and brokerage statements and account information, mortgage and credit information, insurance policies, Social Security and pension information, and contact information for your attorneys and financial and medical professionals.
  • Provide financial advisers with trusted emergency contacts. Make sure that investment advisers or brokers have the contact information of a trusted loved one they can contact if they suspect something is amiss or if they are unable to get in touch with you.
  • Consider a durable financial power of attorney. Such a document gives a trusted person the power to make financial decisions on your behalf. It is called “durable” because it remains in effect if you become incapacitated. You may still revoke or alter it while you retain capacity.
  • Consider involving a loved one in your financial affairs. If you become incapacitated, it will be much easier for a loved one to help out if he or she already has some idea of your finances. For instance, you may wish to consider having duplicate statements sent to a friend or relative.
  • Speak up if something is amiss. If you feel that someone is trying to take advantage of you financially, or you are having trouble with managing your affairs, talk about it with someone you trust. General elder abuse can be reported by calling the Eldercare Locator at 1-800-677-1116. Suspected elder financial abuse involving investment advisers or brokers can be reported by calling the SEC at 1-800-732-0330.

Learn more about our services by visiting www.elderlawnewyork.com.

Was this article of interest to you? If so, please LIKE our Facebook Page by clicking here.

Tags: , , ,
Posted in Caregivers, Elder Law, Estate Planning | Comments Off on Planning for Diminished Capacity

The Profile of the Family Caregiver in America is Changing

Monday, June 15th, 2015

According to a new study from AARP and the National Alliance for Caregiving, family caregivers are a varied group. Litttman Krooks Elder Law

The report, Caregiving in the U.S. 2015, found that while the “typical” caregiver is a woman age 49 taking care of a relative, there are some surprising findings as well. Men, who are often stereotyped as failing to take on caregiving responsibilities, actually account for 40 percent of family caregivers and provide 23 hours of caregiving work per week on average. People of the millennial generation, between the ages of 18 and 34, represent nearly a quarter of family caregivers, and they are equally likely to be male or female. Caregivers age 75 or older are likely to be the sole caregiver for their loved one.

Of those who provide more than 20 hours per week of unpaid care work, the typical caregiver has been providing such care for an average of 5 1/2 years and expects to continue for another 5 years. Almost half of these caregivers report a great amount of emotional stress. Caregivers have an average household income of $45,700, and many report financial strain.

According to the AARP and National Alliance for Caregiving, more support systems are needed for caregivers. They warn that as the baby boom generation ages, the amount of caregiving work needed will increase. Caregivers need to care for themselves as well, and take advantage of support systems such as respite care, support groups, stress management and resources and tools to make caregiving in the home easier.

Family caregivers can get support from the New York State Caregiving & Respite Coalition.

 

Learn more about our services by visiting www.elderlawnewyork.com.

Was this article of interest to you? If so, please LIKE our Facebook Page by clicking here.

Posted in Caregivers, Elder Law | Comments Off on The Profile of the Family Caregiver in America is Changing

Financial Impairment Can Occur In Cognitively Normal Seniors

Wednesday, June 3rd, 2015

Littman Krooks elder law attorneysWhile cognitive declines associated with Alzheimer’s diseases and other dementias are well-known, most people are unaware that seniors without dementia are also at risk for cognitive impairment, particularly in financial issues.

The University of Alabama at Birmingham’s Alzheimer’s Disease Center conducted a study that revealed that different types of intelligence plays roles in determining when people are at their best cognitively. Research showed that fluid intelligence, or the ability to solve new problems, may start to decline as early as age 20. When it comes to financial matters, people tend to peak in their 50’s. Crystallized intelligence, or a person’s wisdom and experience, continues to build until reaching a plateau around the age of 70. At that point, people may begin to have difficulty keeping track of financial matters or are vulnerable to making bad decisions or being exploited.

The research also identified early warning signs of financial decline that adult children of seniors should watch out for, to help prevent financial losses.

The warning signs include:

  • Taking longer to complete ordinary financial tasks, for example, paying bills, filing taxes
  • Paying less attention to financial details, such as an overdue bill, an error in a bank statement
  • A decline in everyday math skills, for instance, calculating a tip in a restaurant
  • A decreased understanding of financial ideas, possibly, interest rates or return on investments
  • Difficulty assessing the risks in a financial opportunity, such as the risk of a scam or poor investment

Seniors can be proactive and authorize their elder law or estate planning attorney to contact a trusted family member or friend if they believe that their cognitive skills are declining.

 

Learn more about our services by visiting www.elderlawnewyork.com.

Was this article of interest to you? If so, please LIKE our Facebook Page by clicking here.

 

Tags: , ,
Posted in Elder Law, Estate Planning | Comments Off on Financial Impairment Can Occur In Cognitively Normal Seniors

Consider Carefully in Choosing Between a Lump Sum and an Annuity

Wednesday, May 27th, 2015

If your retirement plan includes a pension, consider carefully in choosing between a lump sum and an annuity

A number of large employers offer the option to cash out pensions to retirees and former employees, providing a lump sum payment rather than an annuity.

This option can be beneficial for some people, and tempting for many others. Individuals should carefully consider their options before opting for a lump sum payment. Choosing a lump sum payment is a permanent decision that cannot be reversed, and it is not appropriate for everyone. Littman Krooks retirement planning

A lump sum payment may be beneficial for if an individual is in poor health and does not expect to live long enough to benefit from the guaranteed income provided by the pension. The lump sum payment can assist with their increased medical and living expenses. A lump sum payment can also be beneficial for those who have not saved enough for their retirement and therefore needs access to funds for basic living expenses.

For most, though, having a guaranteed income from the pension is the best option. When retirees take the lump sum, they become responsible for investing the proceeds and making sure it lasts throughout retirement. Opting to receive a pension places the responsibility to invest retirement funds on the financial company. In addition, the lump sum payout is calculated based on average life expectancy — those who live longer will lose out if they take a lump sum payment. Further, leaving the pension in place may have certain advantages in long term care planning in the event the retiree needs nursing care.

Taking the lump sum can also be detrimental from a tax perspective. Unless the lump sum is directly rolled into an IRA, it is counted as income for the year, which could push the individual into a higher tax bracket. To determine if a lump sum payout is the best option for you, meet with your accountant, financial advisor, and experienced elder law attorney at Littman Krooks LLP.

 

Learn more about our services by visiting www.elderlawnewyork.com.

Was this article of interest to you? If so, please LIKE our Facebook Page by clicking here.

 

Tags: ,
Posted in Elder Law, Trusts | Comments Off on Consider Carefully in Choosing Between a Lump Sum and an Annuity

« Older Entries
Newer Entries »