HIPAA Protects Patient Privacy
The “The Health Insurance Portability and Accountability Act of 1996” (also known as HIPAA) is a Federal Law which protects patient information from being shared with anyone other than the patient. Part of HIPAA is what is known as the Security Rule which requires medical providers to ensure electronic health information is secure. All electronic, written and oral communication regarding a patient’s medical records is protected by the Privacy Rule.
In order to make sure your loved ones can get the information they need to make medical decisions on your behalf, you need to sign a Health Care Directive and grant explicit permission for them to have access to your records.
Who Is Not Required to Follow HIPAA?
While you may assume your personal health information is protected by HIPAA regardless of who possesses the information, there are entities that are NOT required to abide by the privacy rules set out in HIPAA. The following are some examples:
- Workers Compensation Insurance Companies
- Life Insurance Companies
- Several Schools
- State Agencies (such as child protective services)
- Employers
It is important to keep track of your paperwork and to understand your rights as a patient as well as those of your family while you are in a medical facility.
Estate Planning
Experienced Estate Planning Attorney Elga Goodman can provide you with information to protect your information and provide your loved ones the documents they need to care for you properly in the event you need help. Contact us today at 973-841-5111.
Pets Are Family
While your pet may be your best friend, and may be more loving and reliable than most of your family members, when you die, your pets are treated by the court in the same way as all your personal property. You must have a plan in place to make sure your pet is left in good hands.
How Much Should You Put in a Pet Trust?
Every pet owner has a different lifestyle and every pet does too. Some pet owners want only the best for their pets and some want their pets to simply be comfortable. When you leave a pet in someone else’s care, leaving a pet trust will mean the pet will never be a financial burden for his new caregiver.
Consider the following in deciding how much to put in a pet trust:
- Age and health of pet;
- Veterinary costs such as prescriptions and examinations; and
- Type of care and lifestyle owner wants for the pet and the size of the estate.
A Pet Trust not only allows for the financial care of your pet, but allows someone else to start caring for your pet if you should become incapacitated in any way.
Getting Legal Help
Experienced Estate Planning Attorney Elga Goodman can provide you with all your options and work with you in protecting everything that is important to you. Contact us today at 973-841-5111.
Simplified Probate in New Jersey
In New Jersey, the county in which the decedent resided will have jurisdiction over the probate process. An executor can file a written request with the probate court for the simplified process. If the estate qualifies for simplified probate, the court will authorize the executor to distribute the estate assets without formal probate.
Eligible Estates
Small estates may be eligible for a simplified probate process. The simplified process for probate is only appropriate where the decedent did not leave a valid will.
An eligible small estate in New Jersey is defined as one which does not have property in excess of $10,000.00 where there is a surviving spouse or domestic partner who would inherit the entire estate without probate or property which does not exceed $5,000.00 if there is no surviving spouse or domestic partner. One heir can file an affidavit with the court to receive all the assets if he provides written consent of all other heirs (if any).
Get Legal Help
With proper estate planning, most estates can avoid probate regardless of the value of the estate. Contact experienced Estate Planning Attorney Elga Goodman today at 973-841-5111 to make the plan that will be easiest for your beneficiaries.
Joint Account vs. Payable on Death Accounts 
The main difference between a payable on death bank account and a joint bank account is the control of the account while the named account holder is alive. A joint account is controlled equally by both named account holders and two signatures may be required to close the account. When one joint account holder dies, the joint account holder takes possession and control of the entire account.
A beneficiary on a payable on death account only has control after the account holder has died. The beneficiary must show proof of identification and a death certificate in order to take possession and control of the account. No court hearing or other process is necessary and there is no waiting period.
Get Legal Help
Understanding how to establish your bank accounts is an important element of your entire estate planning process. Contact Estate Planning Attorney Elga Goodman today at 973-841-5111 to learn all your options.
Pay On Death Bank Accounts
Property and assets can pass to your beneficiaries without a will and without probate (the court process for closing an estate). One way to leave money, Certificates of Deposit, or other assets in a bank account is to make a payable on death designation.
Easy To Establish
You can simply fill out a form at your bank and name someone to take control and possession of your account in the event of your death. A payable on death bank account shifts control simply upon the presentation of identification of the named successor account holder and a death certificate. There is usually no fee for making this designation on bank accounts and your banker should have the forms on hand for you to fill out today.
Get Legal Help
Understanding how to establish your bank accounts is an important element of your entire estate planning process. Contact Estate Planning Attorney Elga Goodman today at 973-841-5111 to learn all your options.
Trustee Duties 
A trustee has a special duty to care for assets in a trust and to make sure the assets are used for the stated purposes in the trust creation documents. This duty is legally referred to as a “fiduciary duty”. The courts consider this duty to be the highest level of responsibility and it requires a duty of loyalty and a duty of care.
Duties of Care and Loyalty
A Trustee must be loyal to the wishes of the grantor who established the trust. For example, if the grantor instructs that the assets be used for the education of his grandchildren, the Trustee may not use the assets to buy the grandchildren new clothes. The Trustee must also display a duty of care which means he must not recklessly invest the assets or take unnecessary risks with the assets. He must do whatever he can to preserve and protect the value of the assets.
Getting Legal Help
Before you designate a trustee to manage your trust, you need to carefully consider the financial experience and resources of your potential choices. Experienced Estate Planning Attorney Elga Goodman can help you sort through your options and help you choose the person with the best background to serve as Trustee of your trust assets. Call us today at 973-841-5111.
What Do Your Children Cherish?
Now that you have given some thought to what you would like to happen to the personal items which you prize, take this opportunity to talk to your children, grandchildren and others close to you about what they cherish. Take the time to talk individually ask what their memories are and you may discover there are things they cherish of which you were not aware.
Sharing Family Memories
One of my clients told me a story about a porcelain dog that her grandmother kept by her fireplace. It would have perhaps sold for $5.00 at an estate sale. Whenever my client and her siblings went to her grandmother’s house, the dog would be appropriately dressed for whatever season or holiday was at hand. The dog had a Christmas wreath, a birthday hat, and even bunny ears for Easter. When she died and my client’s siblings met to divide her personal property, she and her sister both assumed no one else would want the porcelain dog, but they each only wanted the dog. Neither of them cared about the fine china, or the expensive paintings in the living room. Thankfully, they managed to arrange a “shared custody” of the dog and it travels from house to house.
Leaving a Special Gift
If you take the time to ask your loved ones about their favorite memories, it will give you a fabulous opportunity to reminisce about special quirky family traditions and may also give you some insight as to what you could specifically leave to different family members which they may cherish more than anyone else. They will also be so grateful that you cared enough to know what they would like.
Experienced Estate Planning Attorney Elga Goodman values relationships like you do and can help you with everything from drafting your estate plan to leaving a special legacy. Contact us today at 973-841-5111.
Your Personal Property Has Sentimental Value
Everyone has special personal property that is more cherished for its sentimental value than for its cash value. Having a plan for leaving sentimental property will allow you to rest assured that it will remain in good care for future generations.
Carefully Consider What You Value
Take a close look around your home and take an inventory of things that are meaningful to you. Some things that people want to leave to specific family members or friends are:
- Family photos
- Trophies or awards
- Jewelry
- Artwork and sculptures
- China or serving dishes
You may have something special in mind for your niece who always remembered your birthday, or something special for your daughter who tended your garden when you were too ill to pull the weeds. Maybe you know who will put your favorite vase on the mantel and who is likely to sell it on E-Bay so you can make a list to leave specific things to specific people in your life.
Make a List
Once you have an inventory of the things that are special to you and you give some serious thought to whom you would like to leave them, make sure you make a list that you sign and date and leave with your Last Will and Testament so it is easily found when you are gone.
Experienced Estate Planning Attorney Elga Goodman values relationships like you do and can help you with everything from drafting your estate plan to leaving a special legacy. Contact us today at 973-841-5111.
New Jersey UTMA 
New Jersey, like all states, has UTMA laws which set restrictions on how and when assets may be distributing to minors. Many states have UTMA laws which only dictate age requirements for custodianships established in wills or by the court, but New Jersey’s laws also apply to custodianships established in trusts as well as in wills.
New Jersey Statutes on Custodians
New Jersey Stat. §§ 46:38-1 and following:
- If custodian appointed in will or trust, custodianship ends at age 18 to 21.
- If custodian appointed by executor, transfers exceeding $10,000.00 must be authorized by court, and custodianship ends at age 18.
Even though some may think the law won’t apply to their estate because a New Jersey court must authorized a transfer only over $10,000.00, your estate may be larger than you realize. Once you consider life insurance proceeds, business assets, and other real property, the inheritance to a minor could be significant.
Getting Legal Help
Experienced New Jersey Estate Planning and Trust Attorney Elga Goodman can help you understand decide how to protect your beneficiaries. Contact us today at 973-841-5111.
UTMA in New York
UTMA laws in New York are designed to help protect assets left to minors. The UTMA laws determine limits and guidelines for when minors may receive their inheritance, even when it is left in the capable hands of a custodian. Each state has different UTMA laws.
Leaving an Inheritance to Minors
Life insurance proceeds, business assets, real estate and all other property in an estate, can all add up to a large inheritance which could be left to a minor. A testator may make age requirements in his will which dictate the age at which a minor can receive the inheritance, or even set a percentage to be given at specific ages. Most testators will assign a custodian to be responsible for the preservation and distribution of the assets to minors.
UTMA Laws in New York
Some states have UTMA laws which allow a custodian to keep control of assets in the UTMA until age 25, but in New York the law is as follows:
Trusts law §§7-6.1 and following
- If custodian appointed in will or trust, custodianship ends at age 21.
- If custodian appointed by executor, transfers exceeding $50,000.00 must be authorized by court, and custodianship ends at age 18.
A Trust May Allows a Higher Age
In New York, a testator may establish an age older than 21 for receiving an inheritance by establishing a trust and designating a trustee to distribute assets rather than using an UTMA. Both UTMA’s and Trusts have benefits and drawbacks.
Getting Legal Help
Experienced New York Estate Planning and Trust Attorney Elga Goodman can help you understand your options when deciding how to protect your beneficiaries. Contact us today at 973-841-5111.
