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A common issue that arises during the administration of an estate concerns assets that were transferred close to death. These transfers can be in the form of gifts or the creation of a joint tenancy or a beneficiary designation.

A marital trust is a type of irrevocable trust that allows one spouse to transfer assets to a surviving spouse tax free, using the unlimited marital deduction, while providing benefits not available if transferred outright. When drafting Wills for married couples, we usually include a Marital Trust to provide estate tax planning, spousal care, and Medicaid protection.

Currently, the federal estate tax exemption is $11.7 million and the New York State estate tax exemption is $5.93 million. If no further action is taken by Congress, in 2025 the federal estate tax exemption will revert to the former $5 million, indexed for inflation.

In order to better serve you, the staff of Burner Law Group, P.C. is proud to announce the opening of our fourth location at 300 Pantigo Rd, Suite 115 in East Hampton.

In addition to traditional healthcare advance directives, such as a Healthcare Proxy and Living Will, the MOLST form is another directive one can execute to ensure their end-of-life wishes are followed. MOLST stands for 鈥淢edical Orders for Life-Sustaining Treatment.鈥�

At long last, it鈥檚 here: New York State has amended the laws governing Powers of Attorney (POAs) in our state and the new statute will be in effect after June 13, 2021. This is big news for attorneys, especially those practicing in the areas of estate planning and real estate, and the clients they serve.

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 鈥渞etirement funds鈥� as interpreted by the Bankruptcy Code.

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.

Have you ever heard of the 鈥�5-year lookback鈥� and wondered what people are talking about? If you have, you are not alone.

Learn estate planning techniques such as the Medicaid Asset Protection Trust, spousal refusal, and exempt transfers that can be utilized when one or both spouses need Community or Chronic Medicaid.