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
- THE PROBLEM WITH INCOME ONLY TRUSTS IN MEDICAID PLANNING
by Thomas D. Begley, Jr., CELA Purpose Income Only Trusts are a means by which seniors transfer assets to a trust rather than to their children. Seniors tend to view transfers to trusts as protection, while they tend to view transfers to children as gifts. Trusts provide them with a sense of dignity and security. Requirements Income only trusts are permitted by OBRA-93. They must be irrevocable. The trust instrument provides that the grantor or the grantor’s spouse receive all of the income from the trust, but has no access to principal. Design of the Trust In order to [...]
- RETIREMENT ACCOUNT TRUSTS – Part 2
by Thomas D. Begley, Jr., CELA Separate Trust A separate trust designed specifically to control the retirement account is recommended. It is best that the trust not be part of a revocable living trust or any other trust. A “standalone retirement trust” is preferred. Professional Trustee When an IRA is paid to a standalone retirement trust or any other trust, it is important to consider a professional trustee. The rules regarding inherited retirement accounts are complex and family member trustees are often unfamiliar with them. This could cause a loss of important tax benefits. Most family members do not understand [...]
- Barkann Foundation Lunch 2016
Begley Law Group was honored to attend the Barkann Foundation Lunch on April 12, 2016 at the Capital Grille and offer our support to the Barkann Family Healing Hearts Foundation. The Barkann Foundation provides financial aid to families who are in need, due to recent adversity or tragedy. Whether it be the sudden death or illness of a parent, the long term illness of a child, or the loss of a home or property due to fire, flood or disaster, they strive to help families bridge the gap until they can seek long term stability to lessen the financial burdens due to [...]