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A trustee manages and distributes assets in a trust. A trustee can be is an individual or a financial institution.

The Build Back Better Act was passed by the House of Representatives on November 5, 2021 and is headed for the Senate. None of the major provisions that would have affected estate planning were included in the House version.

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.

An executor is the individual appointed to administer someone鈥檚 Last Will and Testament. An executor of a New York estate is not expected to administer a decedent鈥檚 estate for free.

Couples who are both U.S. citizens receive the benefit of the unlimited marital deduction on federal estate and gift taxes. The idea is that the surviving spouse pays any estate tax at their death. In contrast, transfers from a U.S. citizen to a noncitizen spouse do not enjoy this benefit.

A contingent beneficiary is the person or entity designated to receive proceeds from a life insurance policy, retirement account or transfer on death account if the primary beneficiary predeceases the account owner or otherwise is unable or unwilling to accept the inheritance.

At Burner Law Group, P.C., we hold many important causes near and dear to our hearts.

Article 81 of New York鈥檚 Mental Hygiene Law allows a court to聽appoint a guardian聽to manage the personal and/or financial affairs of an individual deemed incapacitated. The court must find that the alleged incapacitated person (鈥淎IP鈥�) cannot appreciate the nature and consequences of their inability to handle such matters and that the AIP is likely to suffer harm if a guardian is not appointed.

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.