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Category: Trusts

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Ensuring Your Will Adapts To Life’s Changes

Creating a will provides a semblance of control over the unknown and reassures us that our loved ones will be taken care of. If you executed your Wills in the 1990s, they would generally still hold validity today.

October 6, 2023
Navigating Trust Tax Returns: What You Need to Know

When diving into the world of trusts, a frequently asked question revolves around the tax implications: “Does my trust need to file a tax return?” The answer isn’t always straightforward and hinges on several factors related to the structure of the trust.

October 2, 2023
Fixing an Old Trust to Avoid Capital Gains Tax for Heirs

One of the most disruptive proposals put forth last year by Congress was the elimination of the tax-free basis step up at death. Luckily for many of our clients, the legislation was never enacted.

March 25, 2022
Keeping Your Trust Healthy

Attorney Britt Burner discusses the importance of funding trusts, selling property within trusts and the value of keeping the document in good standing.

February 16, 2022
What is the difference between a sole benefit trust and a supplemental needs trust?

All supplemental needs trusts (“SNT”) are created for the sole benefit of a disabled individual. This type of trust is designed to provide support for a beneficiary without jeopardizing their receipt government benefits, namely Medicaid and SSI.

February 11, 2022
2022: Year of Trusts

Attorney Britt Burner discusses the anatomy of trusts, the types of trusts used in Estate and Medicaid planning, and how they can benefit you and your loved ones.

January 24, 2022
How much does a trustee get paid?

Being a Trustee of a trust carries serious responsibilities and trustees are compensated for their time. Section 2309 of the New York Surrogate’s Court Procedure Act (“SCPA”) sets forth the computation of commissions payable to trustees.

January 5, 2022
How to Fund Your Trust

Some of you may be thinking, “I signed my trust, now what?”  Now it is time to fund your trust… you must put something in it!

January 5, 2022
What if co-trustees do not agree?

A trustee manages and distributes assets in a trust. A trustee can be is an individual or a financial institution.

December 6, 2021
How does Medicaid deal with a life estate?

For New Yorkers receiving benefits under the long-term care Medicaid program, a life estate is a strategic estate planning tool. Maintaining a life estate can ensure that your home passes to your intended loved ones after your death.

November 19, 2021
Does my trust need an Employer Identification Number (“EIN”)?

Whether your trust requires its own EIN depends on the type of trust that you have. An EIN, also known as a federal tax ID number, is a nine-digit number that the Internal Revenue Service (“IRS”) assigns to identify an entity for tax reporting purposes. An EIN functions like a social security number.

November 19, 2021

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Thought Leadership

Estate planning involves careful consideration of various factors to ensure that your assets are protected and distributed according to your wishes. One element that can add an extra layer of flexibility and protection to your trust is the inclusion of a Trust Protector.

July 14, 2023 Read Article

An Irrevocable Life Insurance Trust (“ILIT”) is a valuable estate planning tool used to reduce estate taxes – known as death taxes during an election year. Whether you need an ILIT depends on how much your assets are worth now or what your potential net worth is in the future.

January 30, 2023 Read Article

When residential property is owned by a trust, the trustee may sell the property if the terms of the trust permit it. The trust would be the seller of the property and the trustee must sign the listing agreement, contract of sale and closing documents.

September 23, 2022 Read Article