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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. Trustees can receive  commissions on the amount of property that a trustee pays out and annual statutory commissions. Pursuant […]

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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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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 […]

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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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