Are you thinking about giving a gift from your estate? If so, the deadline to give your gift is quickly approaching!
Taxpayers are allowed an annual exclusion amount of $14,000 from gift taxes. If you are considering making a gift as a way of getting assets out of your estate, time is of the essence.
Getting the whole family to come together in one room is not an easy feat. That is why many people choose to discuss important issues with their families during the holiday season.
Russo Law Group, P.C. is pleased to share this article on behalf of guest author Michael Gilfix. The IRA Trust is the preferred method to give the beneficiaries of your retirement account protections that are otherwise not available to them. Why…
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…
In 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.
When 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.
As we age, we are taught that it is important to have a will. Some of us recognize the value of having a Durable Power of Attorney, Health Care Proxy, Living Will, and Living Trusts. What happens beyond those items?…
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…
A frequent question I get from clients who are considering putting their house into a Medicaid Asset Protection Trust is,“If my house is in the trust, can I sell it if I so choose in the future?” First, let’s look at…
When a person dies, his or her estate may need to go through probate. If the decedent leaves a will directing how his or her property should be distributed after death, the will must be submitted to the probate court…