Estate Planning and Elder Law Blog

Inherited IRAs Are Not Protected from Bankruptcy

In June 2014, the United States Supreme Court unanimously found that IRAs that are inherited, are not protected from creditors in a bankruptcy proceeding because they are not considered “retirement funds” as interpreted by the Bankruptcy Code. In the case, CLARK V. RAMEKER, an individual inherited an IRA from her mother and later filed for…

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Inheriting a House with a Medicaid Lien

A Medicaid lien on a home must eventually be satisfied. Typically, a Medicaid lien is placed on real property when an individual is receiving benefits through the Medicaid program during his or her lifetime and still owns a primary residence. Even when the home is exempt, it can become subject to a lien when the Medicaid…

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How are Promissory Notes Used in Medicaid Planning?

Have you ever heard of the “5-year lookback” and wondered what people are talking about?  If you have, you are not alone.  The lookback concept is one that governs the conversation surrounding Chronic Medicaid, the New York State program that covers long term care services in a nursing facility.  To financially qualify for Chronic Medicaid,…

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Steps in a Real Estate Closing

The closing is the final step in a real estate sale where the buyer obtains title to the property. The time between an offer’s acceptance and the closing date—evidenced by a deed from the seller or stock certificate for a cooperative apartment –is filled with activity. In New York, most buyers and sellers hire an…

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When is a Family Tree Affidavit Necessary?

A family tree affidavit is an affidavit executed by a disinterested person to prove who a decedent’s distributees are. To be considered disinterested, the person must have no financial interest in the decedent’s estate. A distributee is a legal heir that would inherit from an estate, by law, if the decedent did not have a…

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Burner Law Group, P.C. Featured in East End Beacon

Last month, Burner Law Group, P.C. had the pleasure of participating in the Alzheimer’s Association Long Island Chapter’s  two-day online conference for caregivers called “Thriving at Home on the East End” to provide information about the growing number of resources for people living with Alzheimer’s disease in the East End. Click here to learn more…

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What is a Honeymooner’s Will?

There is no such thing as a honeymooner’s will, but maybe there should be. Once the honeymoon is over, the dress put away, and every conceivable photograph posted to social media, it is time to start considering the legal implications of getting married. There may be a name change, joint bank accounts, IRA beneficiary change…

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Time to Spring Clean Your Estate Plan

Not unlike our homes and yards, our estate plans may be in need of a spring cleanup too! If it has been a few years since you have visited with your estate planning attorney, now is the perfect time to review your plan to ensure that your documents are up to date. 1.) Have you…

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Should My Parents Give Away their Home to Me?

Giving assets away during one’s lifetime is usually done for two reasons.  The first is to reduce the value of one’s estate to avoid estate taxes at death.  The second is to protect assets in the event one needs long-term care covered by Medicaid. The 2021 federal estate tax exemption is $11.7 million.  This means…

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Fixing an Old Trust

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,…

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