Generally, pet estate plans consist of more than who will care for the pet when you are no longer able. Expenses such as food, doggie day care, veterinarian bills / medication and needed home repairs, because of the pet, should also be considered. Those expenses can result in substantial costs over time.

Also, one-in-five of all respondents in the survey said they have financially planned for their pets’ future care:

38% said they added the pet’s future caregiver as a beneficiary to a life insurance policy.

35% added more coverage to their life policies.

-13% recently purchased annuities naming the pet’s caregiver as the beneficiary.

Many pet owners consider their pets as members of their family and many go to great lengths to make their pets’ lives enjoyable as possible. So, not surprisingly, many respondents stated that they would forgo other debt payments to ensure their dogs were taken care of properly.

Yet, most pet owners overlook end-of-life planning. Setting up a trust for a pet or a donation money to a local humane society or pet shelter are just a few of the options available.

A question many people consider before adding a new animal to the family is, “Can we afford it?” The price of an animal from a breeder can be high, into the hundreds and even thousands of dollars. A more affordable option is often available at a local humane society or rescue shelter. Here in New York, you can get an animal that has been thoroughly evaluated, spayed or neutered, and vaccinated – all for about $140. Annual costs of food, veterinarian bills, etc. are equally important to consider before making a pet a part of your family. Sadly, pets are often returned to animal shelters because the pet owners were unable to afford things like veterinarian bills.

Finally, inquire about pet insurance the next time you visit your veterinarian. Many clinics offer reasonable plans and staff members will be able to speak with you about the appropriate option based on the type of pet, breed, age and other criteria. Typically, policies cost as little as $15 a month, which is a huge difference compared to a $1,000 emergency bill. The average policy cost closer to $45 per month.

Simple steps, like the aforementioned examples, will ensure your pets are cared for properly and affordably. If you need help or guidance in developing a care plan for your pets after you pass on, please contact us here at the Law Offices of Jeffrey Weinstein 212-693-3737.

The following is a list of must have documents to have in your estate plan in addition to your will. The names of the documents vary from state-to-state, but the following are essential ones to ask an estate planning attorney like Jeffrey Weinstein to draft for you.

HIPAA Release. HIPAA is the federal Health Insurance Portability and Accountability Act, which prohibits your doctors from discussing your medical condition and treatment with anyone, except those you name on your HIPAA form. Only these individuals will have full access to your healthcare team.

Advanced Health Care Directive or Medical Power of Attorney. With this document, you can designate an individual (known as a “health care agent”) who you want to make decisions about your health care, should you you become too ill or injured to make them for yourself.

Living Will. This details the kinds of medical care and treatment you want and don’t want to receive if you’re close to death and there is no prospect of a recovery. Your health care agent will have the power to make sure your wishes are followed.

Durable Power of Attorney. In the event you become incapacitated, your debts need to get paid, like the mortgage or rent. A Durable Power of Attorney names a person during your incapacity to manage your finances. He or she can write checks and speak with your financial companies.

But note, a Durable Power of Attorney is different from a plain Power of Attorney. (POA) The POA is no longer legally valid when you become incapacitated. When that happens, you need a Durable Power of Attorney. Ask your bank(s) and real estate title companies about their requirements for this, because some are rigid. They might want you to use theirs.

Revocable Living Trust. Some people with larger estates elect to avoid problems with POAs and create revocable living trusts. These act like a super power of attorney. Banks must comply with their terms. With a revocable living trust, you transfer title of your assets to the trust and name yourself as trustee, so you can continue to manage and benefit from those assets as you did before they were in the trust. If you can’t act as the trustee because you become incapacitated, your designated successor trustee will manage the trust.

You may need all or some of these in your estate plan. For best results contact Jeffrey Weinstein at 212-693-3737who will be able to create an estate plan best suited to your needs.

Rebecca Sudore, a geriatrician at the University of California-San Francisco, created prepareforyourcare.org, which provides step-by-step instructions and video stories to help people navigate the care they want at the end of their lives. She built the site in 2013 for families unsure how to broach sensitive questions. In a study published in JAMA Internal Medicine in May 2017, she and other researchers found that the website, combined with the use of an “advance directive” form, prompted participants to plan ahead.

The website gained the attention of major charities and since that time the organiztion has gained financial support from foundations such as the Gordon and Betty Moore Foundation, California Health Care Foundation, Stupski Foundation, as well as the American Cancer Society, California Health Care Foundation, The Donaghue Foundation, John and Wauna Harman Foundation, National Institute on Aging, Patient-Centered Outcomes Research Institute, Robert Wood Johnson Foundation, S.D. Bechtel, Jr. Foundation, UCSF, and Veterans Health Services Research & Development.

Visit the PREPARE website to have them help you

• Have a voice in YOUR medical care
• Talk with your doctors
• Give your family and friends peace of mind
• Print a summary of your wishes
• You can also fill out an easy-to-read advance directive

Read Source

But even though it’s a pretty straightforward process, you should still prepare for probate to make sure there are no unforeseen snags.

1. Learn about probate. It is a good idea to learn about probate. Learn about the process and what happens during the process.
2. Collect relevant documents. All your assets will need to be appraised. In order to make this process run as smoothly as possible, you should have the necessary documents, such as tax statements, a proof of your assets, etc. that can be presented to the court.
3. Choose a personal representative. Once you’re familiar with what the general probate process entails, you’ll need to choose a personal representative. This person will administer your estate and help you carry out your intentions. You should not only pick someone loyal and trustworthy, but also organized.
4. Hire a lawyer. Hiring an estate planning or probate attorney is not required, but it is in your best interests. A lawyer can help guide you through the process smoothly and efficiently. An attorney will also ensure that you meet your deadlines and avoid irreparable mistakes.

1. Draft a Will

This sounds like a no-brainer, but statistics says over 50% half of Americans don’t have a will. Even if you don’t have a zillion dollar estate a will is absolutely necessary.

If the worst should happen and you don’t have your financial affairs in order, you’ll leave your loved ones a big headache, and possibly a financial burden. No one will be worried about home maintenance, but they will be forced to make crucial decisions about your estate at an emotionally charged time, with no idea if they’re doing what you had in mind.

Most importantly, taking care of this basic in advance will also help ensure that your money stays in the family and not in the hands of the feds or even an ex-poouse Here are five more fairly simple steps you should take now to protect your family and your assets.

2. Ask an Attorney About Trusts

This is where the Law Offices of Jeffrey Weinstein can be helpful. If you establish a living trust, your estate can bypass probate and its hassles, but you probably need one only if your estate is worth more than about $2 million, you own real estate in more than one state or you want to keep the terms of your estate private. In all other cases, you might want to create a trust within your will to manage your assets after your death. This is a good idea if you fall into one or more of these categories: 1) You have minor children and don’t want to leave property directly to them. 2) You have adult children and aren’t confident they can responsibly manage their inheritance. 3) You want to protect your assets from ending up with a creditor or a child’s ex-spouse.

3. Assign Power of Attorney

This authorizes someone to handle your matters if you’re unable to act on your own behalf. There are two types: financial power of attorney, which lets someone take care of things such as writing checks; and medical power of attorney, which allows someone to make decisions about your health care. Without this form, your loved ones might have to go to court to handle simple estate matters if you were incapacitated.

4. Set Up an Advance Directive

See Health Care Proxy

5. Update Your Beneficiaries

Beneficiaries on your 401(k), insurance policies, retirement accounts and investments trump your will. So even though you’ve left everything to your children in your will, if your ex-wife is still listed as your IRA beneficiary, the dough goes to her.

We see a lot of errors in cases like this. Review your designations about every two years and make sure to choose a contingent beneficiary. Otherwise, if your primary beneficiary dies before you do, your funds will go to your estate, which can create tax and legal issues. It’s not unheard of for people to leave seriously outdated beneficiaries, like when you enrolled in your first 401(k) at age 24, you might have named your boyfriend as next in line? You might want to change that.

There are other essential that space prohibits us from listing, but if you contact an attorney like Jeffrey Weinstein, we can lay it all out for you an make sure your assets and family are protected.

Her niece has requested the court to appoint her as executor of the estate which has been estimated $80 million.

Franklin’s long-time attorney told the Detroit Free Press that he bugged her for years to set up a trust but she never did.

The lack of a trust or will could lead to hassles for her potential heirs. Jeffrey Eisen, a trusts and estates attorney with the law firm Mitchell Silberberg & Knupp in Los Angeles has represented potential heirs in a number of contested or disputed estates. Many of those clients are prominent individuals and estates in the entertainment industry, including Muhammad Ali and Farrah Fawcett. He sees trouble ahead. He told Accounting Today:

“It means that the State of Michigan is going to write her will for her because she didn’t have one, It means that she didn’t get to choose who would be in charge of her estate, including being in control of her music catalog. That’s going to be determined by the heirs, assuming they can agree. And it means that everything is going to be played out in public view, including the valuation of her assets, her music catalog — everything. It’s completely and totally public and all avoidable.”

The current owner, a retired orthodontist, bought the 8.5-acre property in Peekskill, NY, in 1976 for $150,000—roughly equivalent to $660,000 today. The property was listed this month for $12 million.

The buildings were designed and built to reflect Gleason’s fascination with flying saucers. In the mid-’50s, he had the compound of spaceship-shaped houses built as party houses. The main house was called the Mother Ship and a guest house called the Scout Ship. Here is a slide show of the two structures from Parade Magazine.

Everything inside Mother Ship is circular, with not one right angle. According to the NY Post, the home was “built by a shipbuilder in an airplane hangar, then disassembled and brought to the site.”

The property was used mostly as a work retreat from The Honeymooners, but he also used the place for parties.

The main house has with four bars, and visitors included Gleason’s drinking and golfing pal, President Richard Nixon.

Toys R US shuttered more than 800 stores in June. Their trouble stemmed largely from a $7.5 billion leveraged buyout back in 2005. Private equity companies, Bain Capital and KKR & Co. saddled it with a heavy debt load reported to be more than $5 billion.

Federal lawmakers have sent letters to those companies seeking information on the debt they saddled the company with and what services they provided and at what cost. They also wanted to know if employees who lost their jobs would be provided with any form of severance.

This is the second time Brookstone has filed for bankruptcy. They first filed in 2014 and soon after were sold to a Chinese company, SanPower Group. at the time of the sale, the company had over 200 locations.

Brookstone’s claim to fame was that it allowed store visitors to try out their products. The fact that the stores were mall based meant thy were dependent on foot traffic and the decline in malls also saw a decline in foot traffic and the associated sales.

CFO Greg Tribou wrote in the company’s filing

“Mall stores have operated at a loss each year consecutively since 2014 as a result of shift of consumer preferences away from brick and mortar retailers (and shopping malls in particular) and the attendant loss of foot traffic that is so critical to the successful operation of retail stores.”

In the filing Tribou also addressed why they were seeking to keep the airport locations open

“Unlike the mall stores, consistent foot traffic, a captive consumer audience and limited seasonality has allowed these stores to thrive (on an aggregate level) in comparison to the Debtors’ mall stores.”

Brookstone is facing a debt of over $129 million.

When a person dies without leaving a Last Will and Testament, it’s said that they died intestate. When a person dies intestate, that person’s property is distributed according to the law. In New York, that law is found in (EPTL 4-1.1).

Who gets what depends on who the living relatives are and their relationship to the Decedent, the person who died. The family members who are entitled to a share of the Decedent’s estate when there is no will are called “distributees”.

In simple terms from nycourts.com:

About Decedent’s Children

For children to inherit from their parents, New York State requires that there is legal parent-child relationship. In most cases this is not an issue but it’s not always clear.

• Adopted children will inherit just like a biological child.
• Foster children and stepchildren will not inherit unless they were legally adopted.
• Children born after the Decedent dies will inherit.
• Children born outside of marriage, also called non-marital child, will inherit from a male Decedent if paternity is established
• Grandchildren will inherit only if their parent (the Decedent’s child) dies before the Decedent died.

If the Decedent has no family at all, then the property will go to New York State.

A complication of diseases such as Alzheimer’s is that the person may lack or gradually lose the ability to think clearly. This change affects his or her ability to make decisions and participate in legal and financial planning.

People with early-stage Alzheimer’s disease can often understand many aspects and consequences of legal decision making. However, legal and medical experts say that many forms of planning can help the person and his or her family even if the person is diagnosed with later-stage Alzheimer’s.

There are good reasons to retain a lawyer when preparing advance planning documents. For example, a lawyer can help interpret different State laws and suggest ways to ensure that the person’s and family’s wishes are carried out. It’s important to understand that laws vary by State, and changes in a person’s situation—for instance, a divorce, relocation, or death in the family can influence how documents are prepared and maintained.

Legal, Financial, and Healthcare Planning Documents

Families beginning the legal planning process should discuss a number of strategies and legal documents. Depending on the family situation and the applicable State laws, a lawyer may introduce some or all of the following terms and documents to assist in this process:

• Documents that communicate the healthcare wishes of someone who can no longer make healthcare decisions
• Documents that communicate the financial management and estate plan wishes of someone who can no longer make financial decisions

Advance Directives for Health Care

Advance directives for health care are documents that communicate the healthcare wishes of a person with Alzheimer’s disease. These decisions are then carried out after the person no longer can make decisions. In most cases, these documents must be prepared while the person is legally able to execute them.

A living will records a person’s wishes for medical treatment near the end of life or if the person is permanently unconscious and cannot make decisions about emergency treatment.

A durable power of attorney for health care designates a person, sometimes called an agent or proxy, to make healthcare decisions when the person with Alzheimer’s disease no longer can do so.

A Do Not Resuscitate Order instructs healthcare professionals not to perform cardiopulmonary resuscitation (CPR) if a person’s heart stops or if she or she stops breathing. A DNR order is signed by a doctor and put in a person’s medical chart.

In addition to these, there may be other documents discussing organ and tissue donation, dialysis, and blood transfusions. For more information about advance directives for health care, see Advance Care Planning: Healthcare Directives.

https://www.hrblock.com/tax-calculator/#/en/te/aboutYou

Now whether all that wealth gets transferred or not is how well boomers manage and save that money.

Hanging on to your money

The first thing is making sure you have money to pass on. You need to prepare for unforeseen circumstances that an wipe out that wealth. Healthcare is one circumstance that can wipe out your money before you know it. Diseases and nursing home costs can zap all your money in what seems like a heartbeat. That is why long-term healthcare insurance is not only a good idea, but necessary. The premiums may be expensive but very much worth it

Trusts

We’ve talked about the importance of trusts are still advocate them. That’s why we suggest setting up a living trust, that way you can manage the majority of your assets and bypass probate and get your money to your beneficiaries with the least amount of hassle.

Estate Taxes

The new overhaul of the federal tax code pretty much excludes so-called death taxes as long as your estate is less than $11 million, but you sill need to check with your state to see what if any estate taxes are charged.

Since May of 2009, bankruptcy filings have been falling continuously from month to month until May of 2016 when just over 3400 were filed. That number was up over 800 from May 2015. In the year since then filings have fluctuated.

Consumer filings seemed to mirror the commercial ones but since 2014 they have been on the rise with no fluctuations. No surprise that states with the lowest median incomes have been hit the hardest.

Alabama was the hardest hit and six of the 10 states and eight of the 10 counties with the highest rate of personal bankruptcy filings are in the South. In addition, the top states also have the least legal protections for debtors.

The first step is to begin by compiling a comprehensive list of all your assets. Assets are defined as investments (these could be stocks and bonds), insurance policies, your business interests, and all real estate. Then, as you start with the initial draft of your financial trust, ask yourself some key questions: Whom do you want to inherit your assets? Who will handle your financial affairs in case of incapacitation? Who will make medical decisions for you if you are no longer able to? With these questions in mind, you are well on the way to forming an effective legal trust and estate plan.

It is important to have a deep understanding of the nature of your assets, which may have to be distributed in the event of your death or incapacity. While some assets are easily identifiable and accessed (for example, your bank accounts), other assets can have designated beneficiaries who could have preexisting rights or overriding provisions made for alternate beneficiaries in a trust or will. As seen, many issues can plague the process of making an effective financial trust or will. Another part in planning one’s estate that should not be avoided is the selection of beneficiaries (those who can be named as specific recipients for insurance or retirement plans). Your last will must have the names of the persons who will receive the estate; it is important to designate both primary and secondary beneficiaries in the event of unforeseen circumstances (such as if the primary beneficiary passes before the author of the will). An effective will or trust will be prepared for such contingencies; if not, your property may be distributed in a fashion that does not reflect your wishes.

In some cases, using a testamentary substitute can be beneficial. The use of a financial trust grants post-death distribution of assets, and essentially contains the same beneficiary directions in a will. The difference is that a trust does not have to go through the probate process to be effective. The asset titles must also be changed so they are owned in the trust’s name prior to death, which means bank accounts and real estate must be held in the trust name so the directions can be applied. Done properly, your trust will fully carry out your intentions and wishes after death.

The group requests state Attorney General Xavier Becerra take a position on Compassion & Choices’ legal opinion that its notice of appeal with the 4th District Circuit of Appeal triggers an automatic stay of Riverside County Superior Court Judge Daniel Ottolia’s judgment. A stay would reinstate the law pending further court rulings.

The law is similar to ones in six other states and Washington, D.C. that gives mentally capable, terminally ill adults with six months or less to live the option to request prescription medication they can decide to take to end their suffering and die peacefully in their sleep.

The company, founded in the 1960s by Ron Popeil who became its major spokesman, sold the company for $60 million back in 2006. He told thedailymeal.com that he wasn’t suprised by the bankruptcy filing. The New York Post reports that Ronco filed for Chapter 11 bankruptcy after an attempt last year to raise $30 million through an unusual IPO that offered a 20-percent discount on Ronco products to anybody who purchased more than $1,000 worth of Ronco stock.

The company has been sold multiple times since Popeil unloaded it. He told the Post that the latest company had changed some of the products and introduced new ones that aren’t any good. He says he still invents kitchen gadgets. His latest invention is a counter top turkey fryer.

According to the rules, Trump is entitled to a yearly social security bonus between $47,000 and almost $60,000 because he has a child under 18 years old. The bonus number depends on when Trump started taking Social Security benefits and whether he avails himslf o the bonus. The group Pro Publica said the White House didn’t respond to their request asking if Trump is taking advantage of this bonus. If Trump had released his tax returns the public would be able to tell if he was taking advantage of the perk.

The bonus only goes to about 1.1% of all recipients and the cost is about $5 billion/year. While the total budget for Social Security is $960 million/year, the late baby bonus is a drop in the bucket but still substantial since it goes to only that 1.1%. The average person receives $16,900/year in benefits.

New York State law prohibits a person from profiting from the death of another if that person murdered them. This law was reaffirmed back in December 2013. It stemmed from a case where a mother murdered her children and what was at stake was whether she was entitled to receive any proceeds from a wrongful death case involving her kids. The court ruled that the mother should not share in the equity due to an act she knew was wrong.

On another related note, if a murderer is part of a joint bank account, they cannot inherit the account if they murder the co-owner of the account and are convicted of murder in the 1st or 2nd degree of that co-owner. Disqualification also applies if a person abandons a spouse or their children or fails to provide for minor children. Also, New York State has what is informally referred to as Son of Sam Law. That law disqualifies a person from monetarily profiting from any felony for which they have been convicted.

The essay “Our Family Secret,” is written by a doctor who describes two instances where physicians acted out with heavy undertones of misogyny, racism and sexual assault.

The idea for the essay came while a doctor was teaching a medical humanities course to senior medical students. During a lull he asked the class, “Do any of you have someone to forgive from your clinical experiences? Did anything ever happen that you need to forgive or perhaps still can’t forgive?”

At first there were crickets until one student spoke up

“Something unforgiveable happened to me.” “What happened?” I asked him. “I was scrubbed into a vaginal hysterectomy. The patient was under general anesthesia. My attending was prepping the patient’s vagina. He picked up a clamp holding sterile cotton balls and dipped them into Betadine. While he was cleansing and scrubbing her labia and inner thighs, he looked at me and said, ‘I bet she’s enjoying this.’ My attending winked at me and laughed.”

The anonymous author also recounts an incident of his own.

The journal debated whether or not to publish the essay, but decided it was important. They published a separate editorial.

This issue includes an On Being a Doctor essay, titled “Our Family Secrets,” that we think, and hope, will make readers’ stomachs churn… It is our hope that the essay will gnaw on the consciences of readers who may recall an instance of their own repugnant behavior. The story is an opportunity to see what this behavior looks like to others and starkly shows that it is anything but funny. After finishing it, readers guilty of previous offense will hopefully think twice before acting in a manner that demeans patients and makes trainees and colleagues squirm. Again, if the essay squelches such behavior even once, then it was well worth publishing.