Elder Law

Taking Required Minimum Distributions from IRA’s

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

Q: I have an IRA, and someone told me that once I reach a certain age that I have to take distributions from that IRA. Can you explain this to me? A: In general, you will have to take required minimum distributions from your IRA when you turn 70 ½.   The minimum withdrawal is, what […]

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Ancillary Probate Proceedings

By Burner Law Group, P.C. / March 12, 2014 / 0 Comments

Q:  My mother is a resident of Virginia.  She owns a condominium in Virginia and has several bank accounts in her sole name. She also owns a summer home in Westhampton that is titled in her sole name.  When she passes away, what is the procedure to transfer her Westhampton home to the beneficiaries named […]

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Compensation of an Executor

By Burner Law Group, P.C. / February 24, 2014 / 0 Comments

Q: My aunt has nominated me as the Executor of her estate. Someone told me that I am entitled to payment for serving as Executor, is that true? A: Yes, that is true. Executors get paid commissions which are calculated as a percentage of the value of the probate estate, less any specific bequests (items […]

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Annuities

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

Question: I am 50 years old and my financial advisor has suggested a deferred annuity.  What is a deferred annuity?  What are the tax aspects?  What are the Medicaid implications? Answer: Purchasing a tax-deferred annuity can be an excellent idea in certain situations.  If needed, an annuity can provide you with a steady stream of […]

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Recent Court Decision Suggests that Banks Cannot Evict Surviving Spouses from Homes Subject to a Reverse Mortgage

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

With people living longer, many turn to a Home Equity Conversion Mortgage, more commonly referred to as a reverse mortgage, for additional income. Reverse mortgages allow seniors to access the equity in their homes and convert same into an income stream. Before the property is sold, or upon the death of the borrower, the amount […]

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Dividing the Personal Property of an Estate

By Burner Law Group, P.C. / January 8, 2014 / 0 Comments

Q: My mother recently passed away. I am the nominated executor of her estate.  Her Will directs that all of her personal property is to be shared equally among her children. Can you give me any suggestions about how to divide the personal property? A: While it is relatively simple to equally divide cash and […]

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