Charitable Remainder Trust as Beneficiary of IRA

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

The Setting Every Community Up for Retirement Enhancement (“SECURE”) Act became effective on January 1, 2020. While the Act was aimed at improving retirement savings, there is a negative change which effects those who inherit retirement accounts from the original participant. Prior to SECURE, designated beneficiaries of retirement accounts could take required minimum distributions from […]

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Examples of Trust Commissions

By Burner Law Group, P.C. / January 29, 2021 / 0 Comments

Examples of Trusts Commissions Executor’s Commissions The decedent passed away with the following assets titled in her sole name: House valued at $350,000 Bank Accounts valued at $50,000 Stock Accounts valued at $100,000 Total Assets: $500,000 The Executor’s commissions would be calculated as follows: 5% of the first $100,000                     ($100,000 x .05)                                  $5,000 4% of […]

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What is a Medicaid Asset Protection Trust?

By Burner Law Group, P.C. / January 9, 2021 / 0 Comments

Medicaid Asset Protection Trusts, sometimes called Irrevocable “Income Only” Trusts or Medicaid Trusts,  are used to protect assets and allow people to qualify for Medicaid long-term care. In order to protect the assets, the trust must be created 2.5 years before home care Medicaid is needed or 5 years before nursing home care is needed. […]

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Can I Use an Irrevocable Trust to Pay for Assisted Living Costs?

By Burner Law Group, P.C. / December 16, 2020 / 0 Comments

*Updated 2021 Can I Use an Irrevocable Trust to Pay for Assisted Living Costs? In order for an Irrevocable Medicaid Trust to be considered “exempt” for Medicaid purposes, it must provide that no principal distributions can be made to the grantor. This requirement ensures that the recipient did need Medicaid to cover the cost of […]

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Is a Trust Right for Me?

By Burner Law Group, P.C. / December 5, 2020 / 0 Comments

A common misconception in the arena of Estate Planning is that trusts are only for people with large amounts of money, trying to avoid taxes. It is first important to understand that there are many different types of trusts, each serving a different purpose.  One type of trust, a Revocable Trust, serves only to avoid […]

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Trusts for Mommy and Me

By Burner Law Group, P.C. / December 3, 2020 / 0 Comments

Question:  My mother has a trust that protects her house in case she needs long term care in a nursing home.  Is this legal?  Also, when she dies the trust is paid to another trust for me.  Do I need this?  I am only 53 and my mother is 75.  Answer: I assume what you […]

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The Third Party Supplemental Needs Trust Trigger

By Burner Law Group, P.C. / November 30, 2020 / 0 Comments

As Elder Law Attorneys, we focus on Medicaid planning for our clients in order to have access to long-term care. It is equally as important to ensure that their beneficiaries will have access to government programs and not be disqualified by the fact that they received an inheritance. If you have a disabled child who […]

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Do I Really Need a Bypass Trust?

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

For a traditional married couple, the estate planning has become simpler in many ways.  Before the estate tax was increased on both the State and Federal level, we were fixated on saving estate taxes.  Using simple techniques like bypass and marital trusts and insurance trusts called ILIT’s, were the gold standard in estate planning.  Today […]

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A Pet Trust

By Burner Law Group, P.C. / October 6, 2020 / 0 Comments

You may have heard in the news that Joan Rivers and Lauren Bacall left a portion of their estates for the care of their beloved pets.  Anyone who had an animal understands exactly what Rivers and Bacall were doing, ensuring that pets would be properly cared for after they were gone. If you are a […]

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When would I use a Qtip Trust?

By Burner Law Group, P.C. / September 18, 2020 / 0 Comments

What is a Qualified Terminable Interest Property (QTIP) trust and when would I use it? A Qualified Terminable Interest Property trust, commonly known as a QTIP trust for short, is a type of marital trust that offers flexibility in planning for your spouse and remainder beneficiaries upon your death, while also providing estate tax planning […]

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