News by Nancy Burner, Esq
News by Nancy Burner, Esq on South Shore Press
Navigating Trust Tax Returns: What You Need to Know
A: Yes, you should inform your accountant that you created a trust. The type of trust you have determines whether you have to file a separate tax return or report trust income on your personal return.
Remote Witnessing of Health Care Proxies
A: New York State now allows remote witnessing of health care proxies. This innovation is particularly vital for individuals who, due to medical reasons, are unable to safely execute a health care proxy in the direct presence of two witnesses. A health care proxy allows you to appoint an individual you trust to make health care decisions for you if you are unable to make such decisions for yourself. This can be a family member or a close friend who understands your wishes and values.
Revocable and Irrevocable Trusts for Assisting Living
A: No, you cannot use the money in the irrevocable trust to pay for your mother's assisted living. In order for the irrevocable trust to be considered exempt for Medicaid purposes, it must provide that no principal distributions can be made to the grantor (your mother) or on the grantor's behalf. In other words, any distribution made from the irrevocable trust to your mother or directly to the assisted living would violate the terms of the trust. Since the house was transferred to the irrevocable trust over five years ago, the money in the trust is protected in the event your mother requires care in a nursing facility.
Inheritance Rights of a Surviving Spouse
A: Under New York law, a surviving spouse has a "Right of Election" to avoid against being disinherited by their deceased spouses. Whether the decedent spouse leaves nothing for their spouse in their Will or dies without a Will, the surviving spouse is entitled to a portion of the estate.
Irrevocable Trusts and the Grantor Trust Rules
A: For many clients the idea of creating and funding an Irrevocable Trust with an end goal of protecting assets should the need for long term care arise raises questions and concerns about the potential tax implications. Specifically, questions surrounding taxation of the assets that are transferred to the trust and concerns about losing property tax exemptions such as STAR and Enhanced STAR are common in our practice.
How Your Home May Impact Long-Term Medicaid
A: Depending on the type of Medicaid one is applying for, under certain circumstances one's primary residence will be exempt for purposes of determining Medicaid eligibility. However, certain events can cause the home to lose its exempt status, and even if the home is disregarded for eligibility purposes Medicaid still may be able to place a lien on the property to recover the value of services provided.
Hon. Gail Prudenti Joins AHRC Nassau Foundation Board of Directors
Hon. Gail Prudenti Joins AHRC Nassau Foundation Board of Directors
Robert Cannon, Former Managing Attorney and Project Director for the Center for Children, Families and the Law, Joins Burner Prudenti Law, P.C.
Robert Cannon, Former Managing Attorney and Project Director for the Center for Children, Families and the Law, Joins Burner Prudenti Law, P.C.
What are the Steps in a Residential Real Estate Transaction?
What are the Steps in a Residential Real Estate Transaction?
Ensuring your Will Adapts to Life's Changes
Ensuring your Will Adapts to Life's Changes
Estate Planning Update: Adjusting for a Beneficiary's Disability
Estate Planning Update: Adjusting for a Beneficiary's Disability
Federal Estate Tax Exemption will Sunset after 2025… Plan Now!
Federal Estate Tax Exemption will Sunset after 2025… Plan Now!
Daily Feed
South Shore Press is Around the World: Dispatch From New Zealand
South Shore Press reporter Robert Chartuk is halfway around the world, having crossed the Equator to file this report:
Ward Melville's Athletic Trainer Wins Alumni Award
Ward Melville's Athletic Trainer and Science Teacher Claudine Weiner recently was awarded the Outstanding Alumni Award from Stony Brook University.
Coach Desi Honored
This weekend the Suffolk County Baseball Coaches Association honored legendary Coach Al Desiderio.