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
- Lien Resolution In Personal Injury Cases
This is the third in a series of articles dealing with lien resolution in personal injury cases. Welfare Liens In New Jersey, there is a lien against real and personal property of a person who has been assisted by or received support from any municipality or county. This is true whether a person has been in a county facility or at home.1 Mental Health Liens In New Jersey. a person with a mental illness who is over age 18 and is being treated in a state psychiatric hospital shall be liable for the full cost of his treatment. maintenance. and all necessary related expenses.2 [...]
- ALTERNATIVES TO A THIRD PARTY SPECIAL NEEDS TRUST
by Thomas D. Begley, Jr., CELA There are a number of alternatives to a Third Party Special Needs Trusts. These include the following: Disinherit a Child. The problem with this strategy is that one cannot be certain that public benefits, as we know them today, will continue forever. Many public benefits have been cut back in recent years and there is no guarantee that current benefits will not be reduced as well. Many parents who have severely disabled children, whose needs are covered by public benefits, will consider disinheriting the children, but they should be made aware that current public [...]
- ABLE ACCOUNT, THIRD PARTY SPECIAL NEEDS TRUST AND POOLED TRUST: COMPARE
by Thomas D. Begley, Jr., CELA Below is a chart comparing an ABLE Account with a Third-Party Special Needs Trust. ABLE ACCOUNT THIRD PARTY SPECIAL NEEDS TRUST OR POOLED TRUST Onset of Disability Qualifying disability exists prior to age 26 No requirement Age of Beneficiary No requirement No requirement Who May Establish Beneficiary, parent, guardian, agent Anyone except beneficiary Number of Accounts One per beneficiary Unlimited Fees Financial institution fees Attorney and trustee fees Contribution Limits $14,000 per year (federal gift tax limit); total capped at state limit for 529 college savings accounts; SSI payments suspended when assets total $100K Unlimited Investment Options Investment strategies may be changed [...]