Estate Planning

If There is No Last Will and Testament, Who Will Inherit Your Estate?

Last Will and Testament - If There is No Last Will and Testament, Who Will Inherit an Estate?When it is said that a person has died intestate, it means that they died without leaving a Last Will and Testament. A Last Will and Testament is among the documents we call, “the four must-have legal planning documents.” The other three documents include: Durable Power of Attorney, Health Care Proxy, and Living Will.

The purpose of a Last Will and Testament is to express your wishes and identify who is to receive your property and assets upon your passing. It is imperative to complete a Last Will and Testament if you want to have a say on who receives your assets when you are no longer with us.

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Benefits of the IRA Trust aka “Retirement Trust”

Russo Law Group, P.C. is pleased to share this article on behalf of guest author Michael Gilfix. 

Benefits of the IRA Trust aka “Retirement Trust”The IRA Trust is the preferred method to give the beneficiaries of your retirement account protections that are otherwise not available to them.

Why use the IRA trust? Rather than simply naming beneficiaries for your IRA accounts, we strongly recommend that we instead prepare one or more IRA trusts to protect your beneficiaries, who are perhaps your children and grandchildren.  There are four good reasons why this makes sense.

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The Trump Policy Analysis Group (TPAG) – Focusing on Older Americans and those with Special Needs

The Trump Policy Analysis Group (TPAG) [1]  has convened to consider probable changes in law that will affect older Americans and those with special needs. Initial TPAG focus is on entitlements, public benefits, tax, special needs planning, and veterans’ benefits. We…

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What Will Happen to My Business if I Die? Part 2

Succession Plan - What Will Happen to My Business if I Die? Part 2In our last article, we discussed the ramifications of not having a succession plan in place for a business. In this article, we will discuss the role of a fiduciary of an estate, and how an individual in that role can ensure the business continues to operate if the owner passes away.

In order to continue running the business of a deceased person, someone must be appointed as the fiduciary. This is all dependent on whether there is an estate plan in place, namely if the owner has a Last Will and Testament that must be probated with the local Surrogate’s Court.

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What Will Happen to My Business if I Die? Part 1

What Will Happen to My Business if I Die? Part 1 - Business Succession Planning - VJ Russo LawWhen someone owns a business and they pass away, the business does not just stop automatically—even if they are the top partner or sole proprietor. There are still employees who need to be paid, products that need to be sold, orders that need to be fulfilled, and vendors and other obligations that must be paid as well.

There is always a lot of turbulence when someone passes away, but if they own a business, it is almost exponentially disruptive and difficult. It is very important for someone who owns a business to think about business succession planning and estate planning for themselves. This is not only for their immediate family, but for their employees and the people they do business with on a regular basis. Otherwise, it can be incredibly time-consuming, expensive, and difficult for actions to be taken properly to continue the business.

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What is the Difference Between Revocable and Irrevocable Trusts?

What is the Difference Between Revocable and Irrevocable Trusts?A trust is established by people looking to maintain control of their assets while avoiding the probate process, which is the process by which a family takes the decedent’s will to court. As part of probate, the court reviews the estate and then gives authority to distribute the decedent’s assets.

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