Estate Planning

What is a Honeymooner’s Will?

By Burner Law Group, P.C. / May 17, 2021 / 0 Comments

There is no such thing as a honeymooner’s will, but maybe there should be. Once the honeymoon is over, the dress put away, and every conceivable photograph posted to social media, it is time to start considering the legal implications of getting married. There may be a name change, joint bank accounts, IRA beneficiary change […]

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Time to Spring Clean Your Estate Plan

By Burner Law Group, P.C. / May 14, 2021 / 0 Comments

Not unlike our homes and yards, our estate plans may be in need of a spring cleanup too! If it has been a few years since you have visited with your estate planning attorney, now is the perfect time to review your plan to ensure that your documents are up to date. 1.) Have you […]

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Avoid Tax Traps When Giving Assets to Grandchildren

By Burner Law Group, P.C. / April 9, 2021 / 0 Comments

Generation Skipping Transfer Tax (GSTT) is the tax imposed on transfers made to grandchildren, or individuals (other than a spouse) who are at least 37 ½ years younger than the donor of the gift. GSTT sounds complicated, and can be complicated, but the concept is simple. The tax was instated in 1976 to prevent wealthy […]

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Why Your Estate Planning Attorney & Matrimonial Attorney Should Meet

By Burner Law Group, P.C. / April 1, 2021 / 0 Comments

Any divorce, regardless of the amount of assets of the couple, involves changes to the legal status between two individuals that will have a natural effect on your estate plan.  Meeting with your estate planning attorney and having that attorney coordinate with your matrimonial attorney can prepare you for the most positive outcome.  With input […]

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What is a Credit Shelter Trust?

By Burner Law Group, P.C. / March 24, 2021 / 0 Comments

A credit shelter trust (CST) is an estate planning tool used for married couples to help reduce, if not eliminate, estate tax due at the death of the surviving spouse. Federal Estate Tax The current federal estate tax exemption is $11.7 million. This means individuals can gift up to the federal exemption amount during their […]

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Mistakes People Make with Do-it-Yourself Wills

By Burner Law Group, P.C. / March 12, 2021 / 0 Comments

Whenever I hear someone say they wrote their own Last Will and Testament, a familiar phrase comes to mind, “Don’t try this at home!” Unless you are an experienced estate planning attorney, it is not a good idea to write your own Will, or to order a Will off a generic, non-state specific website. There […]

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An Estate Plan for Singles

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

Estate planning is just as vital for the single person as it is for a married couple. A comprehensive estate plan details how assets will be distributed upon death and also sets forth a strategy for incapacity. Incapacity can be short term or long term. A complete estate plan often includes a power of attorney, […]

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Can Spouses Disinherit Each Other?

By Burner Law Group, P.C. / February 12, 2021 / 0 Comments

When a couple marries later in life, after they both had children of their own, their estate plans need to take their blended family into account. For example, there are estate planning techniques such as a Qtip Trusts that allow income to the surviving spouse for life, with property passing to children upon the surviving […]

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Does a Biden-Harris Presidency Affect My Estate Plan?

By Burner Law Group, P.C. / January 17, 2021 / 0 Comments

Certain Biden-Harris proposals may, if enacted, have a significant effect on your estate plan. 2020 was a monumental year with many changes and 2021 may bring changes that affect your estate plan.  There was a political shift in Washington, changes to the New York State Medicaid program, a world-wide pandemic, and amendments to state and […]

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What is a Medicaid Asset Protection Trust?

By Burner Law Group, P.C. / January 9, 2021 / 0 Comments

Medicaid Asset Protection Trusts, sometimes called Irrevocable “Income Only” Trusts or Medicaid Trusts,  are used to protect assets and allow people to qualify for Medicaid long-term care. In order to protect the assets, the trust must be created 2.5 years before home care Medicaid is needed or 5 years before nursing home care is needed. […]

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