Britt Burner

I joined Bobby Steinbach and Andrew Nasrinpay on the Hot Docket podcast to talk about my journey at **Burner Prudenti Law**, a women-led law firm specializing in Elder Law and Estate Planning. It’s been an incredible 10-year journey growing our team to 11 lawyers, and I’m so proud of what we’ve built. In this episode, we cover: ✅ The pros and cons of working with family members ✅ Navigating the challenges of running a women-led law firm ✅ Strategies for creating a supportive work environment ✅ How elder law and estate planning compare to other areas of law ✅ Underrated growth strategies: seminars, webinars, community-building, and more Plus, stick around to hear me attempt to “Name the Famous Woman” in a fun (and nerve-wracking) game at the end! 🎉😅

A SLAT is an irrevocable trust created by one spouse for the benefit of the other that can help reduce estate tax liability at the time of death.

While it may be tempting to gift your house now, there are tax consequences in doing so.

Both SNTs and ABLE accounts allow people with disabilities to save money without affecting their eligibility for public benefits such as SSI.

Understanding the rules of the irrevocable trust and who can access the trust can be complicated. Here are some rules to keep in mind.

There are several factors in determining if a cash gift is a taxable event for the gift-giver.

The amount of income and resources an individual is allowed to have when applying for Community Medicaid has changed.

If a property left to you through a bequest in a last will and testament, the will must be probated before the property passes to you. Depending on where you live and what other family members are involved, probate may be a lengthy process and create delays in your ability to sell.

It is a common misconception that having a well drafted will avoids the process of probate. Many individuals engage in estate planning techniques to avoid the probate process. Creating a trust during life and executing a new deed transferring the property to the trust accomplishes this goal.

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.

Everyone knows the statistics – almost 50% of marriages in the United States end in divorce. Second and third marriages fail at an even higher rate. Our clients are rightly concerned about passing down wealth to their children that may end up in the hands of an ex-husband or wife. Some clients’ initial thoughts are to disinherit a child just to avoid inherited assets going to a spouse. There are more efficient, less dramatic techniques to ensure an inheritance stays in the bloodline.

For the charitably inclined, there is always a question of how to be most efficiently leave money to charities in your estate plan. No matter the option, there are potential income tax and estate tax implications to consider. With proper planning, you can ensure your gifts go as far as possible to benefit the charities that you hold dear.

Portability is one of the strongest tools in the planner’s toolbox to reduce or eliminate federal estate taxes after the deaths of a married couple. Visit our blog to learn how portability can affect your estate planning.

Change is coming! The New York State Fiscal Year 2023 budget expands the ability for New Yorkers to qualify for Medicaid if they are 65+ years old, blind or disabled. Effective January 1, 2023, the allowable amounts for income and assets are increasing. These changes are not so dramatic that seniors, blind and disabled individuals can dispense with proper planning. There are planning opportunities that allow for services even if your assets and income are above these levels.  Learn how to start planning by visiting our latest blog post.

Many Americans have spent their working lives contributing to tax-deferred plans with the idea that it will give them a stream of income in retirement, and pass on to their beneficiaries as a stream of income. While the SECURE Act may not alter the plan for some, the impact of the SECURE Act should be considered by all. Head over to our latest blog post to learn more about the SECURE Act and how it can impact your retirement and estate planning.

Medicaid provides long term care coverage to eligible individuals who meet certain asset and income requirements. Many people do not realize that they can become eligible for Medicaid and preserve assets – even when their assets and income seem too high. There are ways to retain all your income if receiving Community Medicaid. If married, there are ways to keep a portion of your income when receiving Chronic Medicaid. Head over to our blog to learn how to protect your assets while still qualifying for Medicaid.

For New Yorkers receiving benefits under the long-term care Medicaid program, a life estate is a strategic estate planning tool. Although, using a life estate deed to transfer real property is a cost-effective estate planning tool, a trust is the better solution. Find out why in our latest blog post.

Wills and revocable trusts often refer to the terms “per stirpes” and “per capita”. When you create a last will and testament, or a revocable trust, you choose specific beneficiaries to inherit your estate at your death. But what if the predecease you? These Latin terms set forth different ways your property is to be distributed when a beneficiary dies before you. Visit our latest blog post to learn more about these estate planning strategies.

Without a doubt, SECURE changed the landscape for retirement assets, the way they are used during life and how we leave them behind at death. Educating yourself and beneficiaries about how these changes impact your own situation is imperative to creating the most efficient estate plan. Head over to our latest blog post to learn more about the SECURE Act and how it can affect your estate planning.

Have you ever heard of the “5-year lookback” and wondered what people are talking about? If you have, you are not alone. The lookback concept is one that governs the conversation surrounding Chronic Medicaid, the New York State program that covers long term care services in a nursing facility. To financially qualify for Chronic Medicaid, an individual must show they have countable resources of less than $15,900 (2021 figure that changes annually). When applying for Chronic Medicaid, the applicant and spouse must show that they did not gift or transfer assets within the 5 years prior to needing Medicaid to cover the cost of the facility. Any such transfers result in a “penalty period.” If you or a loved one find yourself in a position where you have resources in excess of that amount, planning will be necessary in order to protect any of your assets. There are certain assets that are not considered a resource for the purposes of eligibility. Additionally, certain transfers are exempt and do not result in the imposition of the penalty. But, for those that have assets that do not fall within these exempt categories, promissory note planning can come into play. First of all, do not try this at home.

Important changes to the Community Medicaid program in New York State were enacted in 2020. Not all of the changes have been immediate and the fate of others remains uncertain. For the time being, the program is being administered in a similar way to how it has been done in the past – but change is on the horizon. Head to our latest blog post to learn about these upcoming Medicaid changes.

Meeting with your estate planning attorney and having that attorney coordinate with your matrimonial attorney can prepare you for the most positive outcome. With input of both attorneys, you will be able to understand what changes you can make and at what point in the process you can and should make the changes.

Estate planning is just as vital for the single person as it is for a married couple. For many single clients, choosing who to give certain responsibilities to can be an extra challenge. For older clients, putting together a “team” of friends, family and professionals allows designated individuals to step in and meet their needs in a well-coordinated manner.