Estate Planning

How to Protect Inheritance from Divorce

By Burner Law Group, P.C. / May 15, 2023 / 0 Comments

Everyone knows the statistics – almost 50% of marriages in the United States end in divorce. Second and third marriages fail at an even higher rate. Our clients are rightly concerned about passing down wealth to their children that may end up in the hands of an ex-husband or wife. Some clients’ initial thoughts are […]

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Estate Planning with Mental Illness

By Burner Law Group, P.C. / April 3, 2023 / 0 Comments

Mental illness refers to a wide range of conditions that affect an individual’s mood, thinking, and behavior. These conditions can affect a person’s ability to function in daily life and can vary in severity from mild to severe. It can be temporary, episodic and life-long. To ensure that your loved one suffering from a mental […]

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SECURE Act 2.0 & Estate Planning

By Burner Law Group, P.C. / March 10, 2023 / 0 Comments

When the SECURE Act passed in 2019, the biggest impact on estate planning was the elimination of the “lifetime stretch” for most beneficiaries of individual retirement plans (IRAs).  Before the SECURE Act, a beneficiary of an IRA had the option to take distributions over their own life expectancy. This allowed families to pass down tax […]

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Is There Such a Thing as a Simple Estate Plan?

By Burner Law Group, P.C. / February 6, 2023 / 0 Comments

We use the phrase “estate plan” dozens of times every day. It is useful for us attorneys because it describes a group of documents. Unfortunately, estate planning sounds much fancier than it is. Sometimes an estate plan is a simple Will, advance directives, and a power of attorney.  Sometimes people ask whether they even need […]

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How to Collect on Life Insurance Proceeds

By Burner Law Group, P.C. / December 7, 2022 / 0 Comments

Most people do not realize that a Will likely does not control who collects on a life insurance policy. The beneficiary named on the policy supersedes the Will. So long as the policy owner correctly designated a beneficiary on the policy, that designation controls. If you are the primary beneficiary If you are the primary […]

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Drama Free Ways to Disinherit a Child

By Burner Law Group, P.C. / November 4, 2022 / 0 Comments

In New York State, a parent has no obligation to leave an inheritance to a child. Many other countries have “forced heirship” which prohibits parents from disinheriting children, but Louisiana is the only US state with such a law. In New York, the only relative who cannot be disinherited is a surviving spouse. The surviving […]

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Should You Add Your Child as a Joint Account Owner?

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

There is a long running joke about lawyers never giving straight answers. We prefer to give clients definitive answers but when clients ask us whether to add a child as a joint account holder, we always say, “it depends.” Adding your child as a co-owner on your bank account can be positive or negative depending […]

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Estate Planning for Singles

By Burner Law Group, P.C. / October 19, 2022 / 0 Comments

There is much discourse about estate planning for married couples, but what about seniors who are widowed or have never married? Single people often have more complicated estates – especially if they do not have close natural heir such as a spouse or child. Moreover, maintaining independence requires having Advance Directives in place to plan […]

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How charitable giving fits into your estate plan

By Burner Law Group, P.C. / October 14, 2022 / 0 Comments

For the charitably inclined, there is always a question of how to be most efficiently leave money to charities in your estate plan. Charitable giving ranges from simple small monetary amounts to more complicated charitable trusts. No matter the option, there are potential income tax and estate tax implications to consider. Specific Bequests to Charities […]

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Small Business Decisions: Should My LLC be an S-Corporation?

By Burner Law Group, P.C. / September 23, 2022 / 0 Comments

The limited liability corporation, or LLC, is designed to combine the flexibility and simplicity of a basic partnership with the protection of a corporation. “LLC” stands for “Limited Liability Company” and owes its name to the fact that the members (owners) of the LLC are not personally liable for the debts and liabilities of the […]

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