Do You Need a Life Insurance Trust?

By Burner Law Group, P.C. / January 30, 2023 / 0 Comments

An Irrevocable Life Insurance Trust (“ILIT”) is a valuable estate planning tool used to reduce estate taxes – known as death taxes during an election year. Whether you need an ILIT depends on how much your assets are worth now or what your potential net worth is in the future. Some benefits of an ILIT […]

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What to do with the proceeds from the sale of a property in a Medicaid Asset Protection Trust

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

When residential property is owned by a trust, the trustee may sell the property if the terms of the trust permit it. The trust would be the seller of the property and the trustee must sign the listing agreement, contract of sale and closing documents. Upon closing, the net proceeds from the sale are payable […]

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Can a Trustee Sell Real Estate in a Trust?

By Burner Law Group, P.C. / September 21, 2022 / 0 Comments

Whether a Trustee can sell property in a trust depends on the terms of the trust. “Maybe” may seem like a common attorney refrain to frustrate clients, but the powers of a Trustee depend either on the terms of the trust, the purpose of the trust and New York’s Estates, Powers and Trusts Law (“EPTL”). […]

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Fixing an Old Trust to Avoid Capital Gains Tax for Heirs

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

One of the most disruptive proposals put forth last year by Congress was the elimination of the tax-free basis step up at death. Luckily for many of our clients, the legislation was never enacted. People all over the country benefit from basis-step up when they inherit low basis property which they can turn around and […]

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Questions about your trust?

By Burner Law Group, P.C. / February 14, 2022 / 0 Comments
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What is the difference between a sole benefit trust and a supplemental needs trust?

By Burner Law Group, P.C. / February 11, 2022 / 0 Comments

All supplemental needs trusts (“SNT”) are  created for the sole benefit of a disabled individual.  This type of trust is designed to provide support for a beneficiary without jeopardizing their receipt government benefits, namely Medicaid and SSI. In general, an individual receiving Medicaid or SSI can only have limited assets in their name. A supplemental […]

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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 […]

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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. Under the statute, Trustees receive  commissions on the amount of property paid out and annually. However, keep in mind […]

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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 […]

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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 […]

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