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Does Transferring a Property to an Irrevocable Trust Trigger a Tax Reassessment?

Most municipalities reassess property taxes annually regardless of who or what currently owns a property—a person, a business, a revocable trust, or an irrevocable trust.

March 31, 2025
Gifting Techniques for 2021

The 2017 Tax Cuts and Jobs Act (TCJA) doubled the estate tax exemption, which in 2021 is $11.7 million dollars. This exemption is set sunset in 2026, but due to the economy, it may substantially decrease as early as 2021 or 2022 to pre-2017 levels, adjusted for inflation.

December 31, 2020
Estate Planning Checklist for 2021

We are finally are putting 2020 behind us and entering a new year with a clean slate! Given how tumultuous the year has been with the pandemic, as well as the change in administration, there are certain estate planning matters that should be a top priority.

December 30, 2020
Can I Use an Irrevocable Trust to Pay for Assisted Living Costs?

In order for an Irrevocable Medicaid Trust to be considered “exempt” for Medicaid purposes, it must provide that no principal distributions can be made to the grantor. This requirement ensures that the recipient did need Medicaid to cover the cost of her long term care, whether at home or in a nursing home facility. If the terms permitted distributions to the grantor or the trust was revocable, Medicaid would consider all assets in the trust as “available.” So using any money in the Trust for an assisted living facility is forbidden.

December 16, 2020
Is a Trust Right for Me?

A common misconception in the arena of Estate Planning is that trusts are only for people with large amounts of money, trying to avoid taxes. It is first important to understand that there are many different types of trusts, each serving a different purpose.

December 5, 2020
UTMA and 529 College Accounts

Question: My parents set up UTMA and 529 College Savings accounts for my children. I am not sure exactly what effect these accounts have on their financial aid in the future or whose assets they are if my parents need nursing home care.

December 5, 2020
Trusts for Mommy and Me

Question: My mother has a trust that protects her house in case she needs long term care in a nursing home. Is this legal? Also, when she dies the trust is paid to another trust for me. Do I need this? I am only 53 and my mother is 75.

December 3, 2020
Changing Your Will in the Middle of a Divorce

You can change your Will or Trust at any time, even in the middle of a divorce. However, once a divorce proceeding is commenced, both spouses are restricted from transferring assets or changing the designated beneficiary on retirement accounts.

November 24, 2020
Do I Really Need a Bypass Trust?

For a traditional married couple, the estate planning has become simpler in many ways. Before the estate tax was increased on both the State and Federal level, we were fixated on saving estate taxes.

November 19, 2020
Agent Responsibilities under a Power of Attorney

Question: I was named as an agent on my mother’s Durable Power of Attorney which included a “statutory gifts rider.” What is this document and what responsibilities will I have?

November 18, 2020
Objecting to a Will in New York

In order for a person to contest a last will and testament (“will”) in New York, he or she must have legal grounds. This means a reason based in the law that the will is invalid and should not be admitted to probate.

November 16, 2020

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Thought Leadership

Partner Britt Burner, Esq. explains how often to review your estate planning documents and the life changes that may prompt a review.

May 1, 2024 Read Article