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Medicaid Recertification: Why Legal Guidance Matters
Having an experienced elder law attorney overseeing the Medicaid application and recertification processes can better one鈥檚 chance of achieving and maintaining Medicaid eligibility.聽
Attorney Britt Burner discusses the importance of funding trusts, selling property within trusts and the value of keeping the document in good standing.
All supplemental needs trusts (鈥淪NT鈥�) are created for the sole benefit of a disabled individual. This type of trust is designed to provide support for a beneficiary without jeopardizing their receipt government benefits, namely Medicaid and SSI.
Attorney Britt Burner discusses the anatomy of trusts, the types of trusts used in Estate and Medicaid planning, and how they can benefit you and your loved ones.
Being a Trustee of a trust carries serious responsibilities and trustees are compensated for their time. Section 2309 of the New York Surrogate鈥檚 Court Procedure Act (鈥淪CPA鈥�) sets forth the computation of commissions payable to trustees.
Some of you may be thinking, 鈥淚 signed my trust, now what?鈥澛� Now it is time to fund your trust鈥� you must put something in it!
A trustee manages and distributes assets in a trust. A trustee can be is an individual or a financial institution.
For New Yorkers receiving benefits under the long-term care Medicaid program, a life estate is a strategic estate planning tool. Maintaining a life estate can ensure that your home passes to your intended loved ones after your death.
Whether your trust requires its own EIN depends on the type of trust that you have. An EIN, also known as a federal tax ID number, is a nine-digit number that the Internal Revenue Service (鈥淚RS鈥�) assigns to identify an entity for tax reporting purposes. An EIN functions like a social security number.
The Automated City Register Information System, more commonly referred to as 鈥淎CRIS鈥�, is New York City Department of Finance鈥檚 online portal. The portal allows one to view property records (such as deed filings), calculate property taxes, apply for exemptions, and prepare transfer tax forms.
If you have been named as a trustee of someone鈥檚 trust, you may be wondering what you are supposed to do. It is important that the trustee understand their duties and responsibilities.聽 The most important thing to remember as trustee is that the trust assets are not your assets.
