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If you're a trustee of a Medicaid Asset Protection Trust (MAPT) established by a loved one—such as a parent—you might wonder about the tax implications of this role, especially as Tax Day approaches. It's crucial to understand the nuances of tax reporting for these trusts to ensure compliance and avoid potential penalties.

In today's diverse society, the definition of a “typical” family has evolved far beyond the traditional model of two spouses and their joint children. Blended families, long-term partnerships with children from previous relationships, and single-by-choice parents are now common.

Question: I had an irrevocable trust drawn up for me years ago. What are its benefits, and do I need to update it?

Revocable Trusts have become increasingly popular estate planning tools to avoid probate. A trust allows for the orderly and private administration of your assets at death without court involvement.

Q: My grandparents on my mom’s side are leaving me their house in their will after they both pass away, will I be able to sell it right away?

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.

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.

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

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.