exclamation alert At Team Russo, we are doing our part to Keep our Clients Safe and Protected. Click here for more details.

Russo Law Group wants to do our part to offer resources, guidance, and help to those who need it. Below are some of our weekly activities you can participate in.

Daily Check-in with Vincent

Please join Vincent every day at 10 a.m. EST on Facebook, Instagram, and LinkedIn for my quick “Daily Check-in with Vincent.”

During these  “check-in” Vincent will provide relevant information to help keep people up-to-date as it pertains to our areas of expertise: elder law, estate planning, and special needs planning during this pandemic.

Vincent will also provide you with my tip of the day and even a short clip of a relevant rock song (likely the Beatles).

Facebook Live

As we continue our dedication of providing peace of mind to you and your family in these uncertain and stressful times, Vincent will also host a weekly Facebook Live on Tuesdays, at 1 p.m. EST to answer any questions you may have as COVID-19 continues to affect our lives and the lives of our loved ones.

During the session, Vincent will keep you informed about what you need to know including topics such as:

  • How to make healthcare decisions for a loved one
  • How to navigate through this time of financial crisis
  • How to use trusts and LLCs to protect your assets
  • Know what benefits you are entitled to if you lose your job
  • Coping with financial and legal matters while successfully surviving the pandemic and more.

We also want to let you know that we are now offering “virtual appointments” and have staff available for the supervision and execution of legal documents.

The statistics we read about daily are staggering and can feel daunting, but if we are all prepared, we can take comfort in knowing that our loved ones are taken care of well after we are gone. This is an uncertain time, but if we band together, we will persevere and come through stronger than ever before.

 

Essential COVID-19 FACEBOOK LIVE Event

Hosted by Vincent J. Russo

In Case You Missed It:
COVID-19: How Can the Paycheck Protection Program (PPP) Help Me?

Vincent hosted a Facebook Live Event on Wednesday, April 8th to answer any questions you may have as COVID-19 continues to affect our lives and the lives of our loved ones.
During the session, Vincent discussed how the PPP Loan provides cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. The loan amount is basically 2.5 times the monthly payroll subject to certain qualifications and limitations.
If employers maintain their payroll, the loans would be forgiven, which would help workers remain employed, as well as help affected small businesses and our economy snap-back quicker after the crisis. The small business had to be in operation on February 15, 2020 and have less than 500 employees for whom it paid salaries and payroll taxes. The Loans are available through June 30, 2020.
Do you have any questions?
Submit any further questions to Ashley in our office at [email protected].

Join Us at Our Next FACEBOOK LIVE Event:

COVID-19: How to Access Medicaid Home Care

Hosted by Vincent J. Russo

Tuesday, April 14th at 1:00 PM

Topics we will discuss:
  • Covid-19 Medicaid Alert
  • 7 Step Process to Medicaid Home Care
  • Comprehensive Planning

Daily Check-in with Vincent

Please join Vincent every day at 9:30 a.m. EST on Facebook, Instagram, and LinkedIn for my quick “Daily Check-in with Vincent.”
During this “check-in” he will provide relevant information on navigating the legal issues that may be confronted with during this pandemic.
He will also provide you with my tip of the day and even a short clip of a relevant rock song (likely the Beatles).

We Are Open for Essential Matters

We are Open for Appointments for Essential Matters at our three locations: Garden City, Lido Beach and Islandia.
We are also offering “virtual appointments by video conference or telephone” and “home visits”
Get the Help You Need –
Contact Us 1-800-680-1717

While visiting our Facebook page be sure to click “Like”

 

 

Essential COVID-19 FACEBOOK LIVE Event

Hosted by Vincent J. Russo

COVID-19: What You Need to Know

and Do to Protect Your Family

Vincent hosted a Facebook Live Event on Tuesday, March 31st to answer any questions you may have as COVID-19 continues to affect our lives and the lives of our loved ones.
During the session, Vincent discussed what you need to know including topics such as:
  • How to make healthcare decisions for a loved one
  • How to navigate through this time of financial crisis
  • How to use trusts and LLCs to protect your assets
  • Know what benefits you are entitled to if you lose your job
  • Coping with financial and legal matters while successfully surviving the pandemic and more.
Do you have any questions?
Submit any further questions to Ashley in our office at [email protected].

Join Us at Our Next FACEBOOK LIVE Event:

COVID-19: Why Estate Planning is Important

Hosted by Vincent J. Russo

Tuesday, April 7th at 1:00 PM

Topics we will discuss:
  • Advanced directives
  • Health care proxy
  • Living Will
  • Will
  • Trusts: Revocable and Asset Protection
Sign up to join on the Facebook event page: https://www.facebook.com/events/1487277371442052/

Daily Check-in with Vincent

Please join Vincent every day at 9:30 a.m. EST on Facebook, Instagram, and LinkedIn for my quick “Daily Check-in with Vincent.”
During this “check-in” he will provide relevant information on navigating the legal issues that may be confronted with during this pandemic.
He will also provide you with my tip of the day and even a short clip of a relevant rock song (likely the Beatles).

We Are Open for Essential Matters

We are Open for Appointments for Essential Matters at our three locations: Garden City, Lido Beach and Islandia.
We are also offering “virtual appointments by video conference or telephone” and “home visits”
Get the Help You Need –
Contact Us 1-800-680-181717

While visiting our Facebook page be sure to click “Like”

 

We hope you and your loved ones continue to be safe and healthy during this medical crisis.

Recently (3/20/2020) the U.S. Treasury Department and Internal Revenue Service (IRS) issued updated guidance extending the due date to file a federal income tax return from April 15, 2020 to July 15, 2020 for any individual, trust, estate, partnership, association, company or corporation with a Federal income tax payment or Federal income tax return due April 15, 2020.

The updated guidance restates the extended time non-corporate tax filers have to pay up to $1 million of federal income tax (including self-employment tax), and corporate taxpayers have to pay up to $10 million of federal income tax liability from April 15, 2020 to July 15, 2020 without penalties or interest.

In addition, this relief includes extending the time to make Federal estimated income tax payments (including payments of tax on self-employment income) from April 15, 2020 to July 15, 2020.

There is no need to file an Application for Automatic Extension of Time to File U.S. Individual Income Tax Return (IRS Form 4868) or an Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns (IRS form 7004) to take advantage of the extended time.

No interest, penalties, or addition to tax for failure to file the Federal income tax returns or to pay the Federal income taxes will be incurred as a result of the postponement of the due date for filing Federal income tax returns and making Federal income tax payments from April 15, 2020 to July 15, 2020.

Please note that no extension is provided at this time for the payment or deposit of any other type of Federal tax, or for the filing of any Federal information return.

New York State also extended the deadline to file income tax returns and pay income tax liability to be in alignment with the Federal government, however, no official guidance has been provided.

We will continue to monitor these issues and will provide updates once additional information becomes available.

If you have any questions or concerns, please do not hesitate to contact our office.

Please note that this information is not legal advice and should not be construed to be legal advice.

Elder Care On The Air

Listen and learn from the Elder Care On The Air radio show, including special guests in the elder care and special needs fields as they discuss important concerns and solutions when caring for your loved one.
This week Vincent Russo will be joining host Michael Amoruso to discuss the Theresa Foundation and the Theresa Pooled Trusts.
The Theresa Foundation honors the memory of Theresa Alessandra Russo by touching the lives of children with special needs and their families. The Foundation fosters each child’s unique abilities through direct support and programs focusing on Art, Music, Dance and Recreation. LEARN MORE
The Theresa Foundation Pooled Trust of New York is a special type of trust that allows a beneficiary of any age to become financially eligible for public assistance benefits, such as Medicaid home care, while preserving their monthly income in trust for living expenses and supplemental needs. The Center for Special Needs Trust Administration, Inc. (The Center) is the trustee that administers The Theresa Pooled Trust (Trust). LEARN MORE
Vincent
Special Guest: Vincent J. Russo, Esq.
You are invited to listen to this informative radio show with special guest Vincent J. Russo, Nationally recognized as a leader in the Elder Law, Estate Planning & Special Needs Planning fields.

Listen on The Peak, 107.1 FM

Sunday, March 22, 2020

7:30 AM

The show is also available for download on Amoruso Law’s website at http://www.amorusolaw.com/Radio-Show.php
Russo Law Group, P.C.
Garden City | Lido Beach | Islandia | Bay Shore | Manhattan

An update regarding Coronavirus (COVID-19)

Dear Clients and Friends,
As a valued member of the Russo Law Group family, I appreciate the trust you place in our law firm.
We are closely monitoring the outbreak developments and CDC recommendations regarding the Coronavirus (COVID-19). That’s why I want to personally update you on the steps we are taking to ensure the health and safety of our clients and staff.
At Russo Law Group we take the health and safety of our clients and staff very seriously. Our employees are taking proper precautions as determined by the CDC regarding stopping the spread of the Coronavirus.
This includes:
  • vigorous hand washing procedures for at least 20 seconds with antibacterial soap,
  • practicing social distancing, which includes the elimination of handshaking, hugging or touching
  • disinfecting of all conference rooms after each appointment, and
  • the placement of hand sanitizer for client and staff use. We are encouraging all visitors to apply generous amounts upon entering our office space.
We have arranged for the following options to ensure continuity of our services and to make sure you get the help you need right away.
The first option is to come into our office for a meeting. As I stated above, our law firm has taken steps to keep our offices as safe as possible for our clients and staff.
Another option would be to arrange a virtual meeting (via computer, laptop or tablet or smartphone), or a telephone conference with one of our experienced attorneys.
A third option would be for one of our attorneys to come to your home. We typically charge for travel time, but we are waiving this charge as a courtesy to our clients.
If you would like to make an appointment with our office, or have any questions, please contact us at 516.683.1717
For the most updated information regarding the Coronavirus please visit the CDC webpage,
Additionally, you can contact the New York State Department of Health at:
Coronavirus Hotline: 1-888-364-3065
100 Quentin Roosevelt Blvd. | Suite 102 | Garden City, NY 11530
PHONE 516-683-1717 | FAX 516-683-9393
Garden City | Lido Beach | Islandia | Bay Shore | Manhattan

 

Have You Heard Of The Secure Act? Find Out How It Affects Your Ira!

Vincent J. Russo joined Hilary Topper on her talk show, Hilary Topper on Air.  During this podcast, Vincent shared the pros and cons of the new Setting Every Community Up for Retirement Enhancement (SECURE) Act. He will discuss the new minimum distributions, contributions, employers match, annuities, and withdrawals.

Vincent will also hold an in-person seminar on March 19th at 10 am in the Garden City office. Call 516-683-1717 to sign for this free seminar. Or, you can sign up here.

Vincent is a wealth of information and was able to direct listeners on how to best inform themselves of upcoming changes in law.  If you missed this timely and topical podcast, it can be replayed here.

Russo Law Group is Proud to Sponsor: “Making Memories at the Movies”


Making Memories at the Movies is a unique series of programs designed for people living with memory loss and their care partners. The Plaza Cinema and Media Arts Center are proud to join a growing number of community-supported theaters ensuring the accessibility of film to people of all ages and abilities.


LOCATION, LOCATION: TRAVEL TO PARTS FAMILIAR AND FANCIFUL!

Date: Tuesday, February 25th, 2020
Time: 11:00am (program runs approximately 75 min)
Location: Plaza Cinema & Media Arts Center
20 Terry Street, Suite 121, Patchogue NY 11772
Participants will enjoy clips from classic films such as Oklahoma!, Brigadoon, An American In Paris, and Mr. Smith Goes To Washington followed by guided conversation and reminiscence.

Popcorn and light refreshments are provided at no cost. RSVP is required to participate, please click the button below to sign up.

RSVP NOW

Russo Law Group

2020 PENSION BENEFIT FIGURES WARTIME VETERAN


REVISED JANUARY 1, 2020

TYPE OF BENEFITMaximum Annual Pension Rate
(Income Limit)
Monthly Maximum Annual Pension Rate
(Income Limit)
Service Pension$13,752$1,146
One dependent$18,008$1,501
Housebound$16,805$1,400
One dependent$21,063$1,755
Aid and Attendance$22,939$1,912
One dependent$27,195$2,266
Each add’l dependent child$2,351+$196

2020 PENSION BENEFIT FIGURES – SURVIVING SPOUSE

TYPE OF BENEFITMaximum Annual Pension Rate
(Income Limit)
Monthly Maximum Annual Pension Rate
(Income Limit)
Death Pension$9,224$769
One dependent$12,072$1,006
Housebound$11,273$939
One dependent$14,116$1,176
Aid and Attendance$14,742$1,229
One dependent$17,586$1,466
Each add’l dependent child$2,351+$196

For more info on Veterans Pension Rates go to, https://www.benefits.va.gov/pension/current_rates_veteran_pen.asp
For more info on Surviving Spouse Pension Rates go to, https://www.benefits.va.gov/pension/current_rates_survivor_pen.asp

100 Quentin Roosevelt Blvd. | Suite 102 | Garden City, NY 11530
PHONE 516-683-1717 | FAX 516-683-9393

Garden City | Lido Beach | Islandia | Bay Shore | Manhattan

vjrussolaw.com

Russo Law Group

MEDICAID 2020 UPDATE


COMMENCING JANUARY 1ST, THERE ARE NEW MEDICAID
AMOUNTS AFFECTING MEDICAID ELIGIBILITY.

2020 ASSET AND INCOME ALLOWANCESOne PersonTwo Person
Income Level *including $20 unearned income disregard$895$1,304
Medicaid Resource Level$15,750$23,100
2020 Medicaid Transfer Rates for Nursing Home CareMonthly Rates
Nassau and Suffolk Counties$13,407
New York City$12,844
Northern Metropolitan Area$12,805
2020 Community Spouse AllowancesCommunity Spouse
Maximum Monthly Maintenance Needs Allowance – MMMNA$3,216
Maximum Community Spouse Resource Allowance – CSRA
*greater of: $74,820 or ½ of the married couple’s resources, not to exceed $128,640 (excluding residence)
$128,640
2020 New York Homestead Exemption$893,000

For more information on Medicaid you can visit us at www.vjrussolaw.com.
Additionally, we also have information and resources on Medicare Social Security, Veterans Benefits, Elder Law, Special Needs Planning and Estate Planning. Please do not hesitate to contact us with any questions or comments.

100 Quentin Roosevelt Blvd. | Suite 102 | Garden City, NY 11530
PHONE 516-683-1717 | FAX 516-683-9393

Garden City | Lido Beach | Islandia | Bay Shore | Manhattan

vjrussolaw.com

Archbishop Sheen was known for his evangelism, radio broadcasts, and television show “Life is Worth Living”, which aired nationwide in the 1950s. For the last several years, Catholic dioceses have been at odds as to where his mortal remains should be interred. His remains have been interred in a crypt in Saint Patrick’s Cathedral since his passing in 1979.

His Last Will and Testament

New York’s archdiocese and Saint Patrick’s Cathedral argued that Archbishop Sheen desired to be buried in New York City as indicated in his Last Will and Testament executed five days before his passing in 1979. However, Archbishop Sheen’s niece, Joan Cunningham, believed that he should be interred at St. Mary’s Cathedral in Peoria, Illinois, where he was ordained in 1919, especially if it increases his chances of gaining sainthood. Since 2002, the Diocese of Peoria has been working on Archbishop Sheen’s Cause for Canonization as a saint and they plan to continue that quest.

The Court Ruling

In June, the New York Court of Appeals ruled that Archbishop Sheen’s remains shall be transferred to St. Mary’s Cathedral in Peoria, Illinois. The Court reasoned that, based on the record, had the Archbishop, a devout Catholic with a lifelong devotion to the Catholic Church, been given the choice of sainthood or to have his remains interred in New York City, he would likely choose .

Appointment of Agent to Control Disposition of Remains

As indicated above, when your wishes regarding a burial place are not clearly delineated in a written declaration, it can cause a lot of issues for your heirs. This can be avoided if the decedent executed a document called the Appointment of Agent to Control Disposition of Remains. Pursuant to New York’s Public Health Law § 4201(2), an individual may, in writing, designate a person to control the disposition of his or her remains. This document permits an individual to designate an agent to control the disposition of his or her remains as well as indicate specific instructions for his or her funeral or cremation. Not only does the document ensure that you reach the resting place of your choosing, but it also helps your family during one of the most difficult times of their lives – the loss of you.

As always, consult with an experienced elder law attorney to ensure your burial place wishes are met.

Russo Law Group

SOCIAL SECURITY 2020 UPDATE

SSI FOR NYS RESIDENTS
Individual$870/month
Couple$1,279/month
MAXIMUM TAXABLE EARNINGS
Social Security (OASDI only)$137,700
QUARTER OF COVERAGE
Earnings Required$1,410/quarter
SOCIAL SECURITY DISABILITY THRESHOLD
Substantial Gainful Activity (SGA) 
Non-Blind$1,260
Blind$2,110
Trial Work Period (TWP)$910/month
COST-OF-LIVNG ADJUSTMENT (COLA)
For December (payable in January 2020)1.6%
MAXIMUM SOCIAL SECURITY BENEFIT
Workers Retiring at Full Retirement Age*$3,011/month
RETIREMENT EARNINGS TEST EXEMPT AMOUNTS
Under Full Retirement Age**$18,240/year
The Year an Individual Reaches Full Retirement Age***$48,600/year
Full Retirement Age and OverNo Limit
 

* For retirees born in 1938, full retirement age is age 65 and 2 months. Full retirement age will gradually increase to age 67 for those born after 1959. For those born in 1942, full retirement age is 65 years, 10 months. For those born between 1943 and 1954, full retirement age is 66 years. Those born on January 1st should refer to the previous year.

 

** $1 in benefits will be withheld for every $3 in earnings above the limit.

 

*** Applies to earnings for months prior to full retirement age: $1 in benefits will be withheld for every $3 in earnings above the limit.

 

For more information on Social Security you can visit us at www.vjrussolaw.com. Additionally, we also have information and resources on Medicaid, Medicare, Veterans Benefits, Elder Law, Special Needs Planning and Estate Planning. Please do not hesitate to contact us with any questions or comments.

100 Quentin Roosevelt Blvd. | Suite 102 | Garden City, NY 11530
PHONE 516-683-1717 | FAX 516-683-9393

Garden City | Lido Beach | Islandia | Bay Shore | Manhattan

vjrussolaw.com

Russo Law Group

MEDICARE 2020 FIGURES

MEDICARE PART A: HOSPITAL SERVICES
Inpatient hospital deductible$1,408/illness
Daily co-insurance$0/day 1-60 $352/day 61-90 $704/day 91-150
Skilled Nursing Facility (SNF) Daily co-insurance amount$0/day 1 – 20 $176/day 21 – 100
Part A Premiums For those not otherwise entitled to Part A Benefits who purchase Medicare coverageMedicare Covered Employment – – Less than 30 quarters: $458/month – 30 to 39 quarters: $252/month (if you pay a late enrollment fee – the premium could be higher)
MEDICARE PART B: PHYSICIAN SERVICES
Deductible$198 per year
Co-Insurance20% of approved charge
Balance Billing15% of approved charge
MEDICARE PART B PREMIUMS: YOU PAYIF YOUR YEARLY INCOME IS
SINGLEMARRIED COUPLE
$144.60$87,000 OR LESS$174,000 OR LESS
$202.40$87,001-109,000$174,001-218,000
$289.20$109,001-136,000$218,001-272,000
$376.00$136,001-163,000$272,001-326,000
$462.70$163,001-500,000$326,001-750,000
$491.60$500,000 OR ABOVE$750,000 OR ABOVE

For more information on Medicare you can visit us at www.vjrussolaw.com. Additionally, we also have information and resources on Medicaid, Social Security, Veterans Benefits, Elder Law, Special Needs Planning and Estate Planning. Please do not hesitate to contact us with any questions or comments.

100 Quentin Roosevelt Blvd. | Suite 102 | Garden City, NY 11530 PHONE 516-683-1717 | FAX 516-683-9393

Garden City | Lido Beach | Islandia | Bay Shore | Manhattan

vjrussolaw.com

When the “Queen of Soul”, Aretha Franklin, passed away in August 2018, her four sons filed paperwork with the Oakland County Probate Court in Michigan indicating that she passed away without a will. Ms. Franklin’s sons nominated her niece to serve as the fiduciary of her estate.

Passing Away Without a Will

When a person passes away without a Will, state law determines how the decedent’s assets will be distributed. At the time of her death, Ms. Franklin was unmarried and had four sons. Under Michigan’s intestacy laws, Ms. Franklin’s estate was to be distributed to her children.

Handwritten Documents

Recently, three handwritten documents (two dated in 2010 and the third dated in 2014) were found in Ms. Franklin’s home. Her estate representative is asking the probate court to determine if any of these documents are valid Wills under Michigan Law. The documents are hard to read, but they generally distribute Ms. Franklin’s assets to her family and one even names Ms. Franklin’s son as the fiduciary of her estate. This is at odds with the current fiduciary since Ms. Franklin’s niece is currently serving as the fiduciary of the estate. In addition, two of her sons are allegedly contesting the documents.

A Holographic Will

A holographic will is one that is written in the testator’s handwriting and is not witnessed. Michigan recognizes and accepts holographic wills provided it meets certain requirements.

New York State

However, unlike Michigan, New York only accepts holographic wills under limited circumstances. Pursuant to New York’s Estates, Powers, and Trusts Law § 3-2.2, New York only recognizes and accepts a holographic will if it is made by:
  1. A member of the United States armed forces while in actual military or naval service during a war, declared or undeclared, or other armed conflict in which members of the armed forces are engaged; or
  2. A person who serves with or accompanies an armed force engaged in actual military or naval service during such war or other armed conflict; or
  3. A mariner while at sea.

Reasons a Holographic Will May Become Invalid

These holographic wills may become invalid under the following circumstances:
  1. If made by a member of the armed forces, after one year following his or her discharge; or
  2. If made by a person who serves with or accompanies an armed force engaged in actual military or naval service, after one year from the time he or she stopped serving with or accompanying such armed force; or
  3. If made by a mariner while at sea, after three years from the time the holographic will was made.

Accordingly, had Ms. Franklin passed away domiciled in New York, these handwritten documents would not be considered valid Wills under New York law.