Begley Law Group Attorney Presenting on Irrevocable Trusts with Pennsylvania Bar Institute
Moorestown, NJ (Law Firm Newswire) August 7, 2013 – New Jersey elder law attorney Thomas D. Begley, Jr., Esq. is speaking as a faculty member in a course co-presented by the Pennsylvania Bar Institute (PBI) on “Irrevocable Trusts: Drafting with the Right Ingredients” on Tuesday, August 27, 2013.
Mr. Begley will be discussing irrevocable trusts as part of a powerful estate planning tool for elder law attorneys to help their clients protect their interests.
“Irrevocable trusts have previously been utilized as a means to transfer wealth between high net-worth family members,” commented elder law attorney Thomas D. Begley, Jr. “But irrevocable trusts can also be quite useful for middle-income clients, as well. Estate and elder law attorneys are using them to help their clients with exorbitant long-term care costs, potential lawsuits, and other concerns.”
There are seven primary purposes to establishing an irrevocable trust: for federal estate tax uses; veterans’ benefits; Medicaid; credit and lawsuit protection; fund management; scams and undue influence protection; and probate avoidance. Covered topics include how to decide what planning choices are appropriate for the client, how the trusts meet the client’s goals, and how the trust operates during the settlor’s lifetime and after. Case studies will be presented, as will the relevant tax provisions, spendthrift clauses, beneficiaries, and the duties of the trustees.
The course is located at CLE Conference Center, Wanamaker Bldg (now Macy’s), 10th Floor, Ste. 1010, Philadelphia, PA, at two scheduled times: Tuesday, August 27 at 12:30 p.m. and again at 3:45 p.m. Co-sponsoring the event is the Pennsylvania Bar Institute and the Pennsylvania Bar Association Elder Law Section and Real Property, Probate & Trust Law Sections. The course is offered for 3 Total CLE credits (no ethics). For more information, call (800) 932-4637, or email email@example.com.
Begley Law Group is a premier law firm with more than 75 years of experience in the New Jersey and Pennsylvania area. Every partner at Begley Law Group is a recipient of the prestigious New Jersey Super Lawyers award. Begley Law Group attorneys are experts at elder and disability law and are at the forefront of the latest legislative developments that are critical for the rights of their clients.
Learn more at www.begleylawgroup.com
Begley Law Group, P.C.
509 S. Lenola Road, Building 7
Moorestown, NJ 08057
- PROTECTING YOUR ASSETS FROM CREDITORS: ARE YOU BULLET-PROOF? PART 3
by Thomas D. Begley, Jr., CELA This is the final article in a series devoted to protecting assets from claims of creditors. (The other articles in the series are here: Part 1 and Part 2.) The main issue in this type of planning is the Fraudulent Transfer Act. Previous articles have discussed insurance, titling of assets, retirement plans, assets used in a profession or business, Domestic Asset Protection Trusts (DAPTs), and Off-Shore Trusts. This article will discuss the Elective Share, the Fraudulent Transfer Act, and whether you are a good candidate for asset protection strategies. DIVORCE Divorce often subjects assets [...]
- 10 THINGS YOU NEED TO KNOW ABOUT ABLE ACCOUNTS
by Thomas D. Begley, Jr., Esquire, CELA On December 16, 2014, Congress enacted and sent to the President for signature an Act known as Achieving a Better Life Experience (ABLE) Act of 2014. This Act is to provide a tax-favored account, similar to a 529 Plan, for individuals with disabilities to pay for qualified expenses. The effective date of this legislation is December 31, 2014. Highlights of this Act are as follows: State Established or Contracted. Each state is authorized to establish and operate an ABLE program. This must be done by each state before these accounts can be opened [...]
- MILLER TRUSTS
by Thomas D. Begley, Jr., Esquire, CELA For purposes of Medicaid long-term care services, New Jersey has always been an income cap state. That means that an individual’s income must not exceed 300% of the Federal Benefit Rate (FBR). Beginning January 1, 2015 that means that an individual’s monthly income cannot exceed $2,199. Historically, individuals in nursing homes were able to qualify for a “Medically Needy” program to spend their income down and qualify for Medicaid. Individuals requiring care in assisted living or at home were not eligible for the Medically Needy program and could not become eligible for Medicaid, [...]