Real Estate

Minimalizing Capital Gains with Estate Planning

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

Real property in the Hamptons has always enjoyed a steady increase in value. But with this increase in value, owners may incur a substantial tax bill from the capital gain in their real property if and when they decide to sell. Federal long-term term capital gains are taxed at the rate of 0%, 15% or […]

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Can I Refinance My Home If it is in an Irrevocable Trust?

By Burner Law Group, P.C. / March 9, 2020 / 0 Comments

Many people use irrevocable trusts as part of their estate plan for tax savings, asset protection and Medicaid planning. In all these types of trusts, the Grantor (creator) of the trust is going to be limited to their access of the principal of the trust in order to ensure that their planning needs are met. […]

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Resale of Property in a Trust

By Burner Law Group, P.C. / February 19, 2020 / 0 Comments

Question: I transferred ownership of my house to a Medicaid Qualifying Trust ten years ago. I just put it on the market for sale, where will the proceeds go after sale? Are they protected? Answer: Many clients choose to place their primary residence into a Medicaid Qualifying Trust. Once the trust is drafted and signed […]

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Buying and Selling a Home in an Irrevocable Trust

By Burner Law Group, P.C. / December 15, 2019 / 0 Comments

Trustees of Irrevocable Trusts can buy and sell property held in the trust, it is a common Trustee power included in a trust. There are, of course, different types of irrevocable trusts. An Irrevocable Trust created for the purpose of protecting assets from the cost of long term care is commonly referred to as Medicaid […]

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Mortgages and Irrevocable Trusts

By Burner Law Group, P.C. / December 5, 2019 / 0 Comments

Question: Am I able to obtain a mortgage on my real property if it is owned by an irrevocable Medicaid trust? Can a bank demand that an existing mortgage be due in full if I transfer my property to an irrevocable Medicaid trust? Answer: It depends on what kind of financing you are looking to […]

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Transferring Property into a Trust

By Burner Law Group, P.C. / November 30, 2019 / 0 Comments

Question:  My aunt has a home that she purchased in 1980.  It is now worth $300,000.00 and she wants give it to me to protect it from the cost of nursing home care.  Can she just deed it to me?  My lawyer is suggesting a trust.  What is the difference? Answer:  This is a good […]

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Estate Planning for Building Owners

By Burner Law Group, P.C. / November 13, 2019 / 0 Comments

If you are the sole owner of an income producing property, you should consider placing that property in a Revocable Trust. There are several benefits in executing a trust to hold the real property, rather than bequeathing the property in a will, including avoiding the costs of probate and protecting privacy. The need for continuity […]

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Community Medicaid and Your House

By Burner Law Group, P.C. / July 31, 2019 / 0 Comments

*Updated August 11, 2020 While the primary residence is exempt from the resource calculation for community-based Medicaid, there are certain precautions that should be taken to ensure that the house will remain protected under all circumstances. Owning a home does not disqualify an applicant from receiving Community Medicaid. Medicaid is a needs-based benefit that requires […]

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Protecting Your Home

By Burner Law Group, P.C. / July 1, 2015 / 0 Comments

Clients often ask how they can ensure the home in which they live or their vacation home can be protected against the cost of long term care. These assets are often worth much more to our clients than the cash value; they represent hard work to pay off the mortgage and are wrapped in memories. […]

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Can We Avoid Capital Gains

By Burner Law Group, P.C. / December 24, 2014 / 0 Comments

Question: I am considering creating an Irrevocable Trust to protect my house and other assets, but I am concerned about creating a situation where my children will have to pay Capital Gains tax. Answer: An “Irrevocable Trust’ can offer the creator, often referred to as the  “grantor,” lifetime control over his or her assets, without […]

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