Trusts

Trusts and Chronic Medicaid

By Burner Law Group, P.C. / July 8, 2016 / 0 Comments

Question:   My father is about to enter a nursing facility.  He may have to spenddown some of his money in order to qualify for Medicaid.  I was told that he could pre-pay his own funeral and he may be able to pay for his children’s funeral as well.  Is this true? Answer:    Yes, a pre-need […]

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Descendants Trusts

By Burner Law Group, P.C. / June 15, 2016 / 0 Comments

With tax planning becoming less of an issue for the average client, the focus in estate planning has shifted to asset protection for intended beneficiaries. As attorneys, we often hear our clients tell us that they plan to leave everything equally to their children, but that they are concerned that one (or more than one!) […]

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Revocable Trusts v. Irrevocable Trusts

By Burner Law Group, P.C. / May 20, 2016 / 0 Comments

Question: My wife and I recently executed a Revocable Trust and re-titled our home and some bank accounts into the name of the trust, thinking that we had taken the first steps toward protecting our assets should one or both of us need Nursing Home care in the future.  I just heard from a friend […]

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Tax Consequences of Creating a Medicaid Trust

By Burner Law Group, P.C. / April 6, 2016 / 0 Comments

The typical Medicaid trust is a grantor trust for income and estate tax purposes. The grantor trust rules came about after high earners tried to lower their income tax consequence by scattering their income to various trusts over which they maintained control. By spreading their income out, the earners were subject to the lower tax […]

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Grantor Trust Rules

By Burner Law Group, P.C. / March 18, 2016 / 0 Comments

The grantor trust rules came about after high earners tried to lower their income tax consequence by scattering their income to various trusts over which they maintained control. By spreading their income out, the earners were subject to the lower tax brackets since each trust was considered a separate entity, rather than all the income […]

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Supplemental Need Trusts and Supplemental Security Income

By Burner Law Group, P.C. / January 1, 2016 / 0 Comments

Question: My son has developmental disabilities and, as a result, is unable to make enough money to support himself. He only has a savings account with $25,000 in it; is there any government assistance available for him to receive some income? Answer: With the proper planning, your son will be able to qualify for Supplemental […]

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Revocable Living Trusts

By Burner Law Group, P.C. / December 18, 2015 / 0 Comments

Question: My friend just created a Revocable Living Trust and I am not sure if I should be considering creating one as well.  I am in my sixties and have an estate worth approximately $800,000.00.  My current Last Will and Testament disinherits my estranged son.  Is a Revocable Trust something I should consider? Answer: A […]

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Revocable Trusts

By Burner Law Group, P.C. / May 29, 2015 / 0 Comments

Question: My mom has her house in a Revocable Living Trust.  Will the Revocable Trust protect the house if she needs long term care in a nursing facility? Answer: No, a Revocable Living Trust offers no asset protection with respect to Medicaid eligibility.  A Revocable Living Trust is a trust that you create during your lifetime, it […]

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Revocable Trusts

By Burner Law Group, P.C. / October 15, 2014 / 0 Comments

Question:  My friend just created a Revocable Living Trust and I am not sure if I should be considering creating one as well.  I am in my sixties and have an estate worth approximately $800,000.00.  My current Last Will and Testament disinherits my estranged son.  Is a Revocable Trust something I should consider? Answer:  A […]

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Decendants Trusts

By Burner Law Group, P.C. / February 19, 2014 / 0 Comments

As an Elder Law attorney, many clients consult with me with regard to trust planning to protect assets from the cost of long term care. However, many clients do not realize trusts can also be used to protect assets for your children. These types of trusts are known as Descendants’ Trusts and can be incorporated […]

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