Suffolk County NY Estate Planning Elder Attorneys: Burner Law Group, P.C.
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Burner Law Group

Estate Planning

Estate Planning for Building Owners

Estate Planning for Building Owners

If you are the sole owner of an income producing property, you should consider placing that property in a Revocable Trust. There are several benefits in executing a trust to hold the real property, rather than bequeathing the property in a will, including avoiding the costs of probate and protecting privacy. The need for continuity is a prime consideration.  For example, if you own a multifamily apartment building in your sole name, you can create a will that leaves the property to your...more »

Power of Attorney for Married Couples

Power of Attorney for Married Couples

Married couples often share everything. They can have joint assets including real estate, checking and savings accounts, and brokerage accounts. However, there are assets that cannot be held in joint names. While a retirement account or life insurance policy can name the spouse as beneficiary, the owner is usually just one person. Therefore, if the non-owner spouse needs to contact the institution that holds the policy or account on behalf of their spouse, they will run into a roadblock if they...more »

Online Wills

Online Wills

Q: Do I need to seek legal advice for my will or can I make my own using an online service? What things do I need to consider when making up my will? Are online wills valid? A: If drafting your Will online may seems “too good to be true”-- the answer is… it is! The end result can be costly and detrimental to your estate planning goals.  There is a reason that lawyers draft Wills. It is always best to seek legal advice before creating any legal document, including your...more »

ABLE Account and Supplemental Needs Trusts

ABLE Account and Supplemental Needs Trusts

Question: I have a disabled daughter. I recently heard about an ABLE account that could be set up for her benefit. Is this something that I should explore? Answer:  As the parent of a child with special needs, there are several planning techniques that you can take advantage of to protect assets on behalf of your child. The establishment and use of an ABLE account is a relatively new vehicle that can be utilized. Before we explore the ABLE account, it is important to understand the...more »

Power of Attorney as a Married Person

Power of Attorney as a Married Person

Question: My mother passed away about six months ago. My father recently executed estate planning documents with an Elder Law Attorney. He told me that he named me as his agent under a Power of Attorney. Since I am married, is it necessary for me to have a Power of Attorney or can my wife handle everything if needed? Answer: You need a Power of Attorney. A spouse cannot access financial information or transfer assets without a Durable Power of Attorney. A validly executed Power of Attorney will...more »

Removal of a Fiduciary, It’s Not as Easy as You May Think

Removal of a Fiduciary, It’s Not as Easy as You May Think

If you are the beneficiary of an estate or trust and you think that the fiduciary or person in charge is not meeting their obligations, there are procedures in which they can be removed. Surrogate’s Court Procedure Act “SCPA” § 719 lists several grounds upon which a fiduciary can be removed. The grounds are straightforward and include where the fiduciary refused to obey a Court order; the fiduciary is a convicted felon; the fiduciary declared an incapacitated person; or...more »

Estate Planning Basics

Estate Planning Basics

Question: I am single and have no estate planning documents in place. Do I need to consult an attorney now or is it too early? Answer: The best time to execute your estate planning documents is before you need those documents. Any person over the age of eighteen should have certain documents in place. You want to ensure that those you give authority to make your health care decisions or to manage your financial affairs are individuals you trust to carry out your wishes and that they will make...more »

What Will You Leave as Your Digital Legacy?

What Will You Leave as Your Digital Legacy?

Sixty-Eight percent of Americans use some form of social media. What happens to our photographs, conversation, and videos when we die? Some thought should be given to the digital footprint we leave behind. If you take a look at most wills and trusts drafted in the past few years, you should notice a section giving your Executor or Trustee the right to access, modify, control, archive, transfer, and delete your digital assets. This is a broad power that allows someone you trust to access and...more »

Disqualification of Nominated Executor

Disqualification of Nominated Executor

Q: My father recently passed away. I have one brother and one sister. The will divides the assets equally among the three of us. My father’s will has nominated my sister as Executor. She declared bankruptcy several years ago and I do not think that she should serve as Executor. Do you have any advice? A: The person selected to act as the Executor can be anyone that the testator wants to conduct the administration of the estate. There is no requirement that the Executor have any experience...more »

Estate Planning and 529 Plans

Estate Planning and 529 Plans

Question: I have three grandchildren and want to start saving for their college education. Is opening a 529 Plan advisable? What are the implications with respect to my grandchild’s financial aid eligibility and my own estate plan? Answer: When it comes to college financial aid and estate planning considerations, there is never a single right answer. Obviously contributing to your grandchild’s educational future is important and you do not want to put them or yourself in a worse...more »

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