Nancy Burner

If you're a trustee of a Medicaid Asset Protection Trust (MAPT) established by a loved one—such as a parent—you might wonder about the tax implications of this role, especially as Tax Day approaches. It's crucial to understand the nuances of tax reporting for these trusts to ensure compliance and avoid potential penalties.

Besides the trust creator, the trustee(s) and the beneficiaries are entitled to a copy of a trust. Upon creation of the trust, the trustees must have a copy of the trust to carry out their role as custodian and distributor of the assets. In New York State, a trustee has no obligation to provide a copy of the trust to beneficiaries unless asked to do so.

The Connelly vs. IRS ruling has significant implications for buy-sell agreements and corporate redemptions.

Many believe estate taxes are unavoidable upon death, but this isn't usually the case. In 2024, New York State has an exemption of up to $6,940,000, while the federal government's exemption is $13,610,000. Estates valued below these thresholds are not subject to estate tax.

In an era where convenience and safety are paramount, New York State has taken a significant step forward by allowing the remote witnessing of health care proxies. This change is particularly beneficial for individuals who, for medical reasons, cannot safely execute a health care proxy in the presence of two witnesses.

In an era where convenience and safety are paramount, New York State has taken a significant step forward by allowing the remote witnessing of health care proxies. This change is particularly beneficial for individuals who, for medical reasons, cannot safely execute a health care proxy in the presence of two witnesses.

Creating a will provides a semblance of control over the unknown and reassures us that our loved ones will be taken care of. If you executed your Wills in the 1990s, they would generally still hold validity today. Nevertheless, a lot can transpire over three decades – beneficiaries might pass away, new family members may be born, or the tax landscape may undergo significant shifts.

When you’ve taken the crucial step of drafting a Will, it’s equally vital to prepare your chosen executor for what lies ahead. Informing them ahead of time ensures a smoother process during what can be a challenging period. Here’s a guide you can use to brief your executor on their responsibilities and the nuances of probate, along with a mention of other estate planning tools that are worth considering.

When diving into the world of trusts, a frequently asked question revolves around the tax implications: “Does my trust need to file a tax return?” The answer isn’t always straightforward and hinges on several factors related to the structure of the trust.

The legalities surrounding a Last Will and Testament stem from Roman times, when six witnesses affixed their personal seals to a Will. The Will was later validated by examining these seals to make sure they remained intact. Today, we use staples instead of seals, but because the Probate process remains so formal, many misconceptions exist. Visit our latest blog post to discuss some of the more prevalent myths surrounding probate that we encounter.

Pursuant to New York State law, you cannot completely disinherit a spouse. A surviving spouse at the time of a decedent’s death has a statutory right to inherit an “elective share” of the deceased spouse’s assets. Learn more about the rights of a surviving spouse in our latest blog post.

Spring is here and so is tax season. The income tax filing deadline this year is April 18, 2022. You have likely been gathering your documents or filing an extension. Since you are already working on putting your affairs in order, this is the perfect time to finally check estate planning off your to-do list.

With a well-drafted trust and proper legal guidance, a trust is an excellent estate planning vehicle. Not only does a trust avoid the surrogate court process at death, it is can be endlessly tailored to a particular family’s circumstance. All too often, a trust is drafted but the next step of funding the trust is forgotten or ignored. This is a fatal mistake to achieving the goals of creating the trust in the first place.

We often get questions about the difference between an ABLE Account and a Supplemental Needs Trust and whether one is better than the other for a disabled child. There are several planning techniques that you can take advantage of to protect assets on behalf of your child with special needs. Head over to our latest blog post to find out which technique might work best for you and your loved ones.

If you created a 529 plan for a disabled child who is unlikely to use the funds, there are options other than enduring a hefty tax and penalty hit. Visit our blog to learn more about these options.