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Who Should Be Your IRA Beneficiary: Trust or Children?
Because retirement accounts can often represent a significant portion of a family’s wealth, but also come with tax implications and distribution guidelines that are beneficiary dependent, beneficiary designations should be reviewed whenever an estate plan is created or updated.
When a person passes away in New York state with assets that are solely in her name, a legal representative needs to be appointed to manage her estate. The Surrogate’s Court of the county where that person lived prior to their death appoints these representatives and grants them authority to act.
Most see parenthood as a lifelong role, one that even survives death. A tailored estate plan can foster stability despite life’s unpredictability.
Depending on your goals, it may make sense to transfer ownership of your whole life policy to a trust. Transferring ownership of a policy to a trust can support long-term care planning, estate tax planning, creditor protection, probate avoidance, and control over when beneficiaries receive death benefit proceeds.
Families are often shocked to learn that a single missing provision in a Power of Attorney can completely change their options during a nursing home crisis.
While no two estates are the same, especially when the courts are involved, understanding the different steps of the process can give you an idea of what to expect and how significant your time investment may be.
When a party to a lawsuit dies, the court with jurisdiction over the lawsuit should pause the action until a representative is appointed for the decedent's estate.
A trust may contain the correct tax provisions, beneficiary protections, and fiduciary instructions, but the plan only works if the right assets are actually connected to the trust.
While guardianship may be appropriate in certain cases, it is a court-supervised process that can limit an individual’s ability to make decisions. As a result, alternatives are often considered where appropriate.
New York’s 529 College Savings Program accounts are investment plans that enjoy tax-deferred growth. Withdrawals are income tax-free for qualified educational purposes associated with K-12 tuition, vocational school, college, or higher education.
Having an experienced elder law attorney overseeing the Medicaid application and recertification processes can better one’s chance of achieving and maintaining Medicaid eligibility.
In The Media
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Debunking The Myth: How Gender Equality Benefits Everyone….Suffolk Women’s Bar Hosts Dynamic Panel To Discuss The New Workplace On Long Island, 2016
The Suffolk County Women’s Bar Association will host a first of its kind interactive dinner meeting, keynoted by MICHAEL KIMMEL, PhD, Founder and Director of the Center for Men and Masculine Studies, Author, Lecturer, Distinguished Professor of Sociology Stony Brook University, discussing changing the paradigm for work and family.
March 4, 2016 -
De-Clutter Your Life!
This past Tuesday, October 27th 2015, over 35 of our clients joined us for the “Retired Senior Volunteer Program” (RSVP) presentation on De-Cluttering your life. RSVP’s mission is to provide diverse volunteer opportunities for people 55 and older.
October 30, 2015 -
Nancy Burner & Associates, P.C. Attorneys Named to the 2015 New York Super Lawyers list
We are pleased to announce that Nancy Burner, Esq. has been selected to the 2015 New York Super Lawyers list for an eighth year. Additionally, Britt Burner, Esq. and Robin Daleo Burner, Esq. have been honored as Super Lawyers Rising Stars.
October 21, 2015 -
Nancy Burner has been named by “New York Super Lawyers” magazine as one of the top attorneys in the State of New York for 2013
Nancy Burner has been named by New York Super Lawyers magazine as one of the top attorneys in the state of New York for 2013. Only five percent of the lawyers in the state are named by Super Lawyers.
February 21, 2014
Our Blog
Modern legal practice is poised at the intersection of tradition and transformation with lawyers and firms struggling to fit the square pegs of ancient doctrines and procedures into the round holes of globalization, technology and economic shifts.
We’re proud to share that our Partner, Hon. Gail Prudenti, has written a featured column for Long Island Business News titled “Understanding New York’s Court of Claims.”
In the landmark case of Connelly v. United States, the Supreme Court addressed critical issues concerning the estate tax implications of life insurance proceeds used in the redemption of stock in closely held corporations.
Our criminal courts protect victims. Our civil courts provide a forum for the peaceful resolution of disputes. Our family and surrogate’s courts guide families through what may be the most traumatic experience of their lives.
As we reflect on the complexities of family law, let us work together to support our justices, understanding the weight of their responsibilities and the importance of their decisions.
The Medicaid Asset Protection Trust (“MAPT”) is alive and well in the Elder law practitioner’s toolbox and is the best option for protecting real property.
