Elder Law

Updating Beneficiary Designations

By Burner Law Group, P.C. / September 22, 2020 / 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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Revocable Trusts Are Not for Medicaid Planning

By Burner Law Group, P.C. / August 24, 2020 / 0 Comments

A revocable trust is not used in Medicaid planning. According to the Medicaid program, assets in a revocable trust are still considered available resources for eligibility purposes.  This is because the grantor of a revocable trust has full control of and access to the money and property in the trust, and thus can utilize those […]

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Appointing a Guardian for Minors

By Burner Law Group, P.C. / August 18, 2020 / 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, 2020 / 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 “non-probate” […]

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IRAs: Are They Income or a Resource?

By Burner Law Group, P.C. / August 10, 2020 / 0 Comments

Question: My mother is a widow and she lives with me. She has an IRA with $10,000 and about $2,000 in her checking account. Her only income is $1050 per month from Social Security. She is being placed in a nursing home and I am told that she will have to take monthly distributions from […]

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Inherited IRAs

By Burner Law Group, P.C. / August 6, 2020 / 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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Gifting to Avoid Taxes

By Burner Law Group, P.C. / August 5, 2020 / 0 Comments

There are several planning methods that can be utilized throughout your lifetime to reduce or eliminate taxes upon your death. Gifting is one option to avoid estate taxes. Anyone can gift up to $15,000 per beneficiary in 2020 without having to pay any gift tax (which is combined with the estate tax). Additionally, the Federal […]

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Returning Your RMD to Benefit from the CARES Act

By Burner Law Group, P.C. / July 29, 2020 / 0 Comments

For certain retirement accounts, the IRS requires you to take distributions based upon your life expectancy once you reach the age of 72 ½ (the required age was raised from 70 ½ with the passage of the SECURE Act in December 2019). As a result of the COVID-19 emergency, the CARES Act suspended the requirement […]

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Bonding of an Estate Fiduciary

By Burner Law Group, P.C. / July 25, 2020 / 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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Does Medicare Cover Nursing Home Stays?

By Burner Law Group, P.C. / July 21, 2020 / 0 Comments

Question: My mom fell in her home and is being discharged from the hospital to a nursing home for rehabilitation. A friend told me that Medicare will pay for Nursing Home Care, is this true? Answer: Long Term Nursing Home care is not part of the Medicare program.  However, when someone is being discharged from […]

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