News by Britt Burner, Esq.
News by Britt Burner, Esq. on South Shore Press
Fall Estate Planning Review: Beneficiary Designations
Many people think that once they sign a will or a trust, all of their assets will follow those instructions.
Ask Nancy: Medical Directives MOLST & DNR
A living will is another health-related estate planning document you can execute at any time. Living wills provide authorization for your health care proxy agent to withhold or withdraw life-sustaining treatment.
How to incorporate Charitable Giving in your Estate Plan
A: There are several ways one can make a charitable gift as part of their estate plan. First and foremost, you can always give during life. This can be done through a one-time or recurring donation to a charitable organization that qualifies as tax exempt under 501(c)(3) of the Internal Revenue Code. Many charitable organizations have campaigns on Giving Tuesday in which a corporate sponsorship allows for any amounts donated on that day to be matched, providing a more substantial impact for your favorite cause while allowing you to receive the allowable deduction on your annual income tax returns.
What is a "SNT" and can I use it to buy food?
The acronym "SNT" refers to a special needs trust or a supplemental needs trust, a type of trust created for beneficiaries who are utilizing government benefits. SNTs allow for the beneficiary to keep their personal assets below required levels to maintain necessary government benefits while also protecting assets they earned or inherited. The type of SNT that is created depends on who is creating it and who is putting money into it.
The Role of Pooled Income Trusts in Qualifying for Community Medicaid
A: The short answer is "maybe." Medicaid for long-term care for New Yorkers over 65 years old has both income and asset rules for eligibility. To qualify for services, the applicant's countable assets must be under $31,175 in 2024. Tax-deferred retirement accounts, prepaid irrevocable funeral contracts, and various other types of assets are not counted toward this limit.
What Does an Estate Lawyer Do After Death
While it is not required to hire a lawyer to represent the executor of an estate, it is often a good idea to seek representation. We all know that estate planning lawyers assist with how real property, cash, investments, personal property and other assets will be distributed after death. This can be done by creating wills and trusts, through beneficiary designations and joint ownership of property. Depending on the type of assets, value of the assets, and who and how many are named as beneficiaries, it may be prudent to have legal advice as you navigate through.
Back to Basics: What is Probate?
A: The answer is probably yes, but it depends upon the type of assets that your cousin owned at the time of her death and how those assets were titled.
Big Change for SSI Recipients
A: The rule has always been that you cannot use trust funds to pay for food for a recipient of Social Security Income (SSI), without causing a reduction in benefits; but this is changing. Effective September 30, 2024, food will no longer be considered "In-Kind Support and Maintenance" (ISM) for SSI purposes. So yes, you will be able to use the money in the supplemental needs trust to buy food for your beneficiary!
Daily Feed
Stony Brook students blend fitness and ecology in 3K EcoWalk
Stony Brook University students participated in the "Running Wild 3K EcoWalk," a new Earthstock event conducted on April 21 at the Ashley Schiff Preserve.
Luke LaRocca rewrites the record books
This past weekend was a historic one for Sachem football — and for all of Suffolk County — as junior quarterback Luke LaRocca, along with his receivers and offensive linemen, lit up the record books with an unforgettable performance.
Smithtown gymnastics defends their title
The Smithtown varsity gymnastics team are county champions once again. Competing at Hauppauge High School, Smithtown not only captured the county championship this weekend but did so in record-breaking fashion.