August 2012 - Law Firm of Jeffrey Burr

Endangered Species: Grantor Trusts?

Posted on August 29, 2012 by Law Firm of Jeffrey Burr

A favorite estate planning transaction used by many sophisticated estate planning attorneys across the country involves the use of an “intentionally defective grantor trust” (IDGT). The “grantor trust” rules of the Internal Revenue Code instruct that a grantor trust is not taxed as an entity separate from the grantor (the person creating the trust) and that […]

AFR’s for September Announced

Posted on August 21, 2012 by Law Firm of Jeffrey Burr

Annual Semi-annual Quarterly Monthly The AFRs are as follows Short-term 0.21% 0.21% 0.21% 0.21% Mid-term 0.84% 0.84% 0.84% 0.84% Long-term 2.18% 2.17% 2.16% 2.16%

What are the Differences Between a Last Will, a Living Trust and a Living Will?

Posted on August 17, 2012 by Law Firm of Jeffrey Burr

People are often confused about the differences between a Last Will, a Living Trust and a Living Will. Although these things may sound alike, they all serve different purposes. A Last Will lets you dictate who receives your property, provides instruction for the handling of your remains upon death, and if you are a parent of […]

Determining Residency for California Income Taxes

Posted on August 8, 2012 by Law Firm of Jeffrey Burr

Many of our clients have residences in or spend a significant amount of time in both Nevada and California. Although the state of Nevada has no income tax, the state of California taxes non-residents on any California taxable income and California residents on all income. If individuals are not careful, they may be considered residents of California and therefore subject to […]

2012 Medicaid and Medicare Amounts

Posted on August 1, 2012 by Law Firm of Jeffrey Burr

Medicare and Medicaid Spousal Impoverishment Figures Maximum Community Spouse Resource Allowance $113,640.00 Minimum Community Spouse Resource Allowance $22,728.00 Maximum Monthly Maintenance Needs Allowance $2,841.00 Minimum Monthly Maintenance Needs Allowance $1,891.25 Medicaid Institutional Income Cap $2,094.00 Medicare Part A Hospital Deductible (Days 1-60) $1,156.00 Hospital Co-Insurance per day (Days 61-90) $289.00/day Hospital Co-Insurance per day […]