Estate Planning

Tax Season is the Perfect Time for Estate Planning

By Burner Law Group, P.C. / April 6, 2022 / 0 Comments

Spring is here and so is tax season. The income tax filing deadline this year is April 18, 2022. You have likely been gathering your documents or filing an extension. Since you are already working on putting your affairs in order, this is the perfect time to finally check estate planning off your to-do list.  […]

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What to Expect at Your Estate Planning Consultation

By Burner Law Group, P.C. / March 2, 2022 / 0 Comments

An estate planning consultation is not everyone’s idea of a good time. In some cases, people have put off estate planning for years – if not decades. Discussing the taboo triad of aging, death and money makes people uncomfortable. Yet, there is nothing morbid about planning for the future.  Clients tell us that checking estate […]

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Non-Fungible Tokens in Your Estate Plan

By Burner Law Group, P.C. / February 25, 2022 / 0 Comments

Although cryptocurrencies like bitcoin have gone mainstream, non-fungible tokens (NFTs) were relatively unknown until 2021. You may have heard about “Bored Apes” worth tens of thousands of dollars, “CryptoKitties” breeding,  or artist Beeple selling an NFT for $69 million through Christies auction house. And what about the billionaire Twitter founder selling his tweet? If you […]

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How the SECURE Act Affects Your Retirement Account

By Burner Law Group, P.C. / February 11, 2022 / 0 Comments

On January 1, 2020, as we entered another year without any idea of what was on the horizon, a new federal law took effect regarding retirement accounts. The SECURE Act, “Setting Every Community Up for Retirement Enhancement”, affects millions of Americans who have been saving through tax-deferred retirement plans.  The biggest impact falling those set […]

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What makes a will valid in New York?

By Burner Law Group, P.C. / January 21, 2022 / 0 Comments

A Last Will and Testament allows you to direct where your assets go at your death and who will be legally in charge of the estate. New York law sets forth specific requirements for a legally valid will. Failure to follow such requirements will result in the Surrogate’s Court rejecting the Will as invalid.  In […]

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Who owns the property when there is a life estate?

By Burner Law Group, P.C. / January 5, 2022 / 0 Comments

An ownership interest in real property is a combination of a bundle of different rights, the rights to possession, use, transfer, encumber and exclude. A life estate is a type of joint ownership of real property with ownership “split” between a present interest and a remainder interest. The individual holding the life estate – the […]

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2022 Updates to Estate and Gift Taxes

By Burner Law Group, P.C. / December 6, 2021 / 0 Comments

The Build Back Better Act was passed by the House of Representatives on November 5, 2021 and is headed for the Senate. None of the major provisions that would have affected estate planning were included in the House version. However, the Senate may put some of those provisions back in before passing. We will keep […]

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Leaving Assets to a Non-Citizen Spouse

By Burner Law Group, P.C. / November 8, 2021 / 0 Comments

Couples in which both spouses are U.S. citizens receive the benefit of the unlimited marital deduction on federal estate and gift taxes. The idea is that the surviving spouse pays the estate at their death. But what if you have a foreign spouse? Transfers from a U.S. citizen to a noncitizen spouse do not enjoy […]

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What is a contingent beneficiary?

By Burner Law Group, P.C. / October 27, 2021 / 0 Comments

A contingent beneficiary is the person or entity designated to receive proceeds from a life insurance policy, retirement account or transfer on death account if the primary beneficiary predeceases the account owner or otherwise is unable or unwilling to accept the inheritance. A comprehensive estate plan maps out every possible contingency. The most obvious reason […]

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What is ACRIS used for?

By Burner Law Group, P.C. / October 15, 2021 / 0 Comments

The Automated City Register Information System, more commonly referred to as “ACRIS”, is New York City Department of Finance’s online portal. The portal allows one to view property records (such as deed filings), calculate property taxes, apply for exemptions, and prepare transfer tax forms. This system is used for all property within four out of […]

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