Elder Law

Supreme Court Finds that Inherited IRAs Are Not Protected

By Burner Law Group, P.C. / July 16, 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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Transfer of a Motor Vehicle to the Surviving Spouse

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

Question: My husband passed away a couple of months ago. All of our assets were held jointly except for one of our cars, which was held in his sole name. The car is worth about $20,000.00. What do I need to do to transfer the car into my name? Do I need to go to […]

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Credit Card Debts of a Decedent

By Burner Law Group, P.C. / June 27, 2014 / 0 Comments

Q: My mother passed away with significant credit card debt, as the executor and one of the beneficiaries her estate am I responsible to pay these bills? A: As executor of your mother’s estate you have the responsibility to use the assets of your mother’s estate to pay her debts. Assets that are includible in […]

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Inherited IRA’s are Not Protected in Bankruptcy

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

Question: I heard that the United States Supreme Court recently issued a decision that inherited IRA’s are not protected from creditors in bankruptcy; can you explain this to me? Answer: The United States Supreme Court’s decision in Clark v. Rameker was issued on June 12, 2014. The essence of the decision is that once an […]

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Taking RMDs from IRA Accounts

By Burner Law Group, P.C. / May 30, 2014 / 0 Comments

  Question: I will be turning 70 ½ later this year and I know that I have to begin taking my required minimum distribution soon. I have heard that there are penalties assessed by the IRS if I do not take the distribution correctly, can you explain this to me? Answer: You are correct, the […]

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Duties of an Estate Fiduciary

By Burner Law Group, P.C. / May 9, 2014 / 0 Comments

The executor is a fiduciary of the estate and must administer the estate in accordance with the decedent’s wishes as stated in the will. Generally, the duties of an executor are as follows: Collect and safeguard the decedent’s assets; Obtain appraisals, if necessary; Open an estate checking account; Determine the validity of creditors’ claims; Pay […]

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Reverse Mortgage Trusts

By Burner Law Group, P.C. / May 7, 2014 / 0 Comments

  Question: My mother owns her home and is considering putting it into an irrevocable trust. She is concerned that if in the future she wanted to take a Reverse Mortgage on the property, she would not be able because the house is owned by a trust, is that correct? Answer:  The mere fact that […]

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New NY Estate Tax Law

By Burner Law Group, P.C. / April 21, 2014 / 0 Comments

New York’s Estate Tax law has just seen its most dramatic change in recent memory. Finally, the exemption has increased from $1,000,000.00 where it has remained since 2002, with the exemption set to increase annually until it matches the federal estate tax exemption in 2019. After 2019, the exemption will be indexed for inflation annually […]

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Tax Returns to File When Someone Passes Away

By Burner Law Group, P.C. / April 7, 2014 / 0 Comments

The Executor or Administrator of an Estate may be required to file three separate returns: an individual tax return for the decedent, estate income tax return and estate tax return. 1. Individual Income Tax Return The first step is to file the decedent’s final income tax return for the year of his or her death. […]

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Life Insurance in your Estate

By Burner Law Group, P.C. / March 28, 2014 / 0 Comments

What You Need to Know About Life Insurance and Your Estate Many people choose to invest in a life insurance policy. Some choose to purchase a term life insurance policy wherein the insured pays a premium for a period of years and if he or she passes away during that period of time, the policy […]

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