Trusts

How to Fund Your Trust

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

Some of you may be thinking, “I signed my trust, now what?”  Now it is time to fund your trust… you must put something in it! A trust is a document that creates a legal entity. There are various reasons to create a trust. Some people create trusts to avoid probate at death, to protect […]

Read More

How much does a trustee get paid?

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

Being a Trustee of a trust carries serious responsibilities and trustees are compensated for their time. Section 2309 of the New York Surrogate’s Court Procedure Act (“SCPA”) sets forth the computation of commissions payable to trustees. Trustees can receive  commissions on the amount of property that a trustee pays out and annual statutory commissions. Pursuant […]

Read More

What if co-trustees do not agree?

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

A trustee manages and distributes assets in a trust. A trustee can be is an individual or a financial institution. At times, clients may choose to name two or more individuals as co-trustees in their trust document to perform these duties together. Appointing co-trustees encourages an extra degree of deliberation when making distribution decisions or […]

Read More

Does my trust need an Employer Identification Number (“EIN”)?

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

Whether your trust requires its own EIN depends on the type of trust that you have. An EIN, also known as a federal tax ID number, is a nine-digit number that the Internal Revenue Service (“IRS”) assigns to identify an entity for tax reporting purposes. An EIN functions like a social security number. Generally, revocable […]

Read More

How does Medicaid deal with a life estate?

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

For New Yorkers receiving benefits under the long-term care Medicaid program, a life estate is a strategic estate planning tool. Maintaining a life estate can ensure that your home passes to your intended loved ones after your death. A life estate is created through a properly drafted and recorded deed or using an Irrevocable Medicaid […]

Read More

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 […]

Read More

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 […]

Read More

What is a Marital Trust?

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

A marital trust is a type of irrevocable trust that allows one spouse to transfer assets to a surviving spouse tax free, using the unlimited marital deduction, while providing benefits not available if transferred outright. When drafting Wills for married couples, we usually include a Marital Trust to provide estate tax planning, spousal care, and […]

Read More

Fixing an Old Trust

By Burner Law Group, P.C. / May 11, 2021 / 0 Comments

Question: When my husband died, some of his assets went into a credit-shelter trust under the terms of his Last Will and Testament. I am the beneficiary of the trust during my life and when I pass away everything will be distributed to our son outright. I am concerned that by receiving the inheritance outright, […]

Read More

Reverse Mortgage Trusts

By Burner Law Group, P.C. / May 7, 2021 / 0 Comments

Question: My mother owns her home and is considering putting it into an irrevocable trust. She is concerned that if in the future she wanted to take a Reverse Mortgage on the property, she would not be able because the house is owned by a trust, is that correct? Answer:  The mere fact that a […]

Read More
Scroll to Top