Estate Planning

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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Trustee Responsibilities and Obligations

By Burner Law Group, P.C. / October 13, 2021 / 0 Comments

If you have been named as a trustee of someone’s trust, you may be wondering what you are supposed to do. It is important that the trustee understand their duties and responsibilities.  The most important thing to remember as trustee is that the trust assets are not your assets. You are safeguarding them for the […]

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“Per Stirpes” vs “Per Capita” Estate Distributions

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

Wills and revocable trusts often refer to the terms “per stirpes” and “per capita”. When you create a last will and testament, or a revocable trust, you choose specific beneficiaries to inherit your estate at your death. But what if the predecease you? These Latin terms set forth different ways your property is to be […]

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Protecting Retirement Assets After the Secure Act

By Burner Law Group, P.C. / September 3, 2021 / 0 Comments

On December 20, 2019, a Federal law relating to retirement plans was enacted, entitled Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). The law was implemented on January 1, 2020 and impacts retirement accounts and the rules for those who own and inherit them. Traditionally, individuals with retirement accounts enjoyed tax-deferred […]

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Do Grandchildren Have Inheritance Rights?

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

Grandchildren do not have automatic inheritance rights except under certain circumstances. In New York, the most common scenario where a grandchild may inherit is when a grandparent passes away without a Will and the grandchild’s parent is no longer living. This intestate succession is controlled by statute and passes down the bloodline. Pursuant to the […]

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Using a Durable Power of Attorney in Medicaid Planning

By Burner Law Group, P.C. / August 18, 2021 / 0 Comments

Medicaid will pay the long-term care needs for individuals who meet certain income and asset criteria. This means that Medicaid will pay the high cost of home care or nursing home care for seniors. Since Medicaid is a means tested program, many people believe that they cannot access benefits. This common misconception results in people […]

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Minimizing Estate Tax for Singles

By Burner Law Group, P.C. / June 23, 2021 / 0 Comments

Currently, the federal estate tax exemption is $11.7 million and the New York State estate tax exemption is $5.93 million. If no further action is taken by Congress, in 2025 the federal estate tax exemption will revert to the former $5 million, indexed for inflation. Accordingly, there is a unique planning opportunity now to transfer […]

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What is a MOLST Form?

By Burner Law Group, P.C. / June 19, 2021 / 0 Comments

In addition to traditional healthcare advance directives, such as a Healthcare Proxy and Living Will, the MOLST form is another directive one can execute to ensure their end-of-life wishes are followed. MOLST stands for “Medical Orders for Life-Sustaining Treatment.” It was originally tested in Onondaga and Monroe Counties in May 2006.  In July 2008, after […]

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New York’s New Power of Attorney

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

At long last, it’s here: New York State has amended the laws governing Powers of Attorney (POAs) in our state and the new statute will be in effect after June 13, 2021. This is big news for attorneys, especially those practicing in the areas of estate planning and real estate, and the clients they serve. […]

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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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