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 protected]
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
- INCOME TAX CONSIDERATIONS INVOLVING LONG-TERM CARE
by Thomas D. Begley, Jr., CELA Medical Deduction – Client The IRS permits an income tax deduction for medical expenses. Medical expenses include qualified long-term care services. A taxpayer can claim an itemized deduction for unreimbursed medical expenses to the extent such expenses exceed 10% of adjusted gross income. For individual age 65 and older, the threshold is 7.5% until December 31, 2016. If an individual is institutionalized, an issue may arise as to whether room and board is deductible for medical expenses. The question frequently arises if an individual has resided in an assisted living facility. The answer is [...]
- Estate Planning: 5 Things You Should Consider
by Thomas D. Begley, Jr., CELA Grandchildren Many grandparents would like to leave something to their grandchildren. Frequently, the grandparents have not thought of this idea, but are enthusiastic when it is presented to them. One way to remember the grandchildren in a Will is to leave a flat sum of money, i.e., $10,000 per grandchild, another is to leave the grandchildren a separate share. For example, grandparents with three children may want to divide their estate into four shares, one for each of the children and one to be divided equally among the grandchildren. Some grandparents want to establish [...]
- WRAPPING A MEDICARE SET-ASIDE ARRANGEMENT INSIDE A SPECIAL NEEDS TRUST
by Thomas D. Begley, Jr., Esquire, CELA In any recovery involving a personal injury case, the interest of Medicare must be considered. The idea is that because Medicare is a secondary payer, a beneficiary should not be permitted to receive a recovery for future medical care, pocket the money, and then bill Medicare for that future medical care. Are MSAs Appropriate in TPL Cases? A Medicare Set-Aside Arrangement (MSA) is never required. In the context of Workers’ Compensation (WC) settlements it is a safe harbor. It should be a safe harbor in the context of Third Party Liability (TPL) settlements [...]