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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.

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.

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.

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.

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!

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

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.

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.