Elder Law

Taxation of a Decedent

By Burner Law Group, P.C. / January 5, 2015 / 0 Comments

Q: My brother passed away in September 2014, and I was recently appointed Executor of his estate.  I have started to get 1099s for his various financial accounts. I know that tax season is right around the corner and I have to file tax returns, but am not sure what returns need to be filed […]

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Consenting to a Probate of a Will

By Burner Law Group, P.C. / December 16, 2014 / 0 Comments

Question: My mother recently passed away and I received something in the mail from an attorney’s office called a “Waiver of Process; Consent to Probate”, what does this document mean? Answer: You received this document because the nominated Executor is trying to “probate” your mother’s Will.  Probating a Will means that the nominated Executor is […]

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UTMA and 529 College Accounts

By Burner Law Group, P.C. / December 5, 2014 / 0 Comments

  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. Answer: UTMA, or the Uniform Transfer to Minors Act are custodial […]

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Can I Resign or Decline Being an Executor?

By Burner Law Group, P.C. / October 22, 2014 / 0 Comments

Question: My aunt recently passed away and I just found out that I was named executor of her Will. I really do not want to serve. Is renunciation an option; can I decline or resign from being executor? Answer: Just because you are nominated as executor of a Will does not mean that you must […]

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Who Would Inherit From an Estate if Someone Dies Without a Will?

By Burner Law Group, P.C. / October 22, 2014 / 0 Comments

Question: Who would inherit from an estate if someone dies without a will? Answer: Passing away without a will is known as dying “intestate”.  Administration is the process in which letters are issued to a distributee of the decedent who then collects the decedent’s assets, pays the decedent’s debts and then distributes the remaining assets […]

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Updating Beneficiary Designations

By Burner Law Group, P.C. / September 22, 2014 / 0 Comments

Question: I have always heard that it is a good idea to review your beneficiary designations on financial accounts and life insurance policies periodically; do you have any suggestions?  Answer: The biggest issue I see is that people forget to update the beneficiaries on their financial accounts and life insurance policies. Many people designated a […]

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Appointing a Guardian for Minors

By Burner Law Group, P.C. / August 18, 2014 / 0 Comments

Question:   My wife and I are in our mid-forties.  We have two children ages 10 and 13.  Should anything happen to my wife and I, how can I ensure that my sister is given legal custody of my children? Answer:   No matter how young you are, if you have minor children, it is a good idea to […]

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Probate Estate v. Gross Estate

By Burner Law Group, P.C. / August 11, 2014 / 0 Comments

Question:  Someone told me that assets with named beneficiaries are not subject to estate tax, is that correct? Answer: No, that is not correct.  Your “gross taxable estate”, meaning the assets that are subject to estate tax, consists of all of the assets which you have an interest in at death, even if those assets […]

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Inherited IRAs

By Burner Law Group, P.C. / August 6, 2014 / 0 Comments

In a recent United States Supreme Court decision, the Court unanimously found that IRAs that are inherited are not protected from creditors in a bankruptcy proceeding because they are not considered “retirement funds” as interpreted by the Bankruptcy Code. In the case, CLARK V. RAMEKER, an individual inherited an IRA from her mother and later […]

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Bonding of an Estate Fiduciary

By Burner Law Group, P.C. / July 25, 2014 / 0 Comments

Question: I was recently appointed Administrator of my uncle’s estate, but the Decree from the Surrogate’s Court said that I must post a bond. What does that mean? Answer:  It is fairly common that the fiduciary of an estate may receive notice that the he or she must be bonded in order to complete the […]

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