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Tag Archives: Irrevocable Trust

You Did Medicaid Planning, You Created An Irrevocable Trust. Now, Make Sure The Trustee Files A Tax Return (Or Not)

Most irrevocable trusts created for the purpose of protecting assets from the costs of long term care (i.e., the nursing home) must file a Form 1041 (for IRS Federal filing purposes) and a Form IT-205 (for New York State filing purposes) only once — for the year of creation. This is not unusual. There are…

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Helping another family from Smithtown protect their assets

Futterman & Lanza, LLP finalized estate planning documents for a lovely couple living in Smithtown, NY. They executed their last wills, health care proxies, living wills, and powers of attorney with statutory gifts rider. They also executed a Medicaid asset protection trust to protect their home in the event they ever needed to enter a…

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