Are Gifts Made During My Lifetime Includible In My Estate For Estate Tax Purposes?

The answer to the question “Are gifts made during my lifetime includible in my estate for estate tax purposes?” depends on several factors.   Federal For purposes of the Federal Estate Tax, yes, any taxable gifts you make during your lifetime are includible in your estate. However, this does not necessarily mean that those gifts… Read More »

What are Letters Testamentary?

Sometimes when a loved one passes away, an individual who believes he or she inherited assets from the decedent will be told at a bank or financial institution that they will need “Letters Testamentary” in order to collect those assets. The question most people have at that point is “What are Letters Testamentary?”   Letters… Read More »

Reverse Mortgage: It May Not Be All It’s Cracked Up To Be

A reverse mortgage is a mortgage loan, usually secured over residential real property, which enables the borrower to access the equity value of the property.  Specifically, it is a financial agreement in which a homeowner relinquishes equity in their home in exchange for regular payments or a lump sum of money based largely on the… Read More »

Tenancies – A Brief Explanation on the Three Types & Effects on Estate Planning

Just a few words on a deed may seem inconsequential, but where two or more individuals own title to real property, it is important to understand the multiple forms of ownership that are available, and unavailable, to property owners.  Whether it is residential real property, a condominium, or a cooperative apartment, the form of ownership,… Read More »

Family Plan

Here at Russo Law Group, you are not just a client, you are family! Did you know that as a client of our firm you can give an immediate family member a “Family Plan” Coupon? We truly consider our client’s family, and our goal is to forge a bond with you and your entire family. … Read More »

Applying for Community Medicaid – Part 1: What You’ll Need to Do

As the population ages and people are living longer than ever before, an increasing number of people find they need help at home.   Because the cost of paying for home care privately can be impossibly burdensome, many families choose instead to apply for Community  Medicaid (i.e. home care) to cover the cost. In order to… Read More »