Crucial Conversations to Have During the Holidays
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.
Retirement Trusts: Protecting Your Beneficiaries
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 Importance of Federal Law in Nursing Home Care
Many nursing home facilities in the United States receive funding from Medicaid and/or Medicare. Those facilities which do receive federal funds are regulated by federal law. These laws are the basis for all nursing home residents’ quality of care, rights,…
TPAG: Analyzing Trump’s Policies for Older Americans
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…
The Role of a Trustee in a Special Needs Trust
Being the trustee of a special needs trust is a very important role as it serves to protect the interests of a beneficiary with special needs. Often, a special needs trust is established so that the beneficiary can have the…
What Will Happen to My Business if I Die? Part 2
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.
What Will Happen to My Business if I Die? Part 1
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.
Can a Healthcare Agent Decide Who Visits a Patient?
If you are an agent under a healthcare proxy for a loved one, you may be faced with some difficult questions and issues from time-to-time.
Avoid Probate: Secure Your Estate for Your Loved Ones
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…
What Happens to Nursing Home Residents During a Natural Disaster?
As the fourth anniversary of Hurricane Sandy approaches, it is important to remember the loss of life and brutal destruction that was left in the wake of its path—in order to be more prepared for the future.
Before the next devastating storm hits our shores, it is crucial to make sure we are ready to provide the appropriate relief to all residents, especially those within our most vulnerable populations, such as residents of nursing homes and assisted living facilities.
Recently, the Centers for Medicare & Medicaid Services (CMS) finalized a new rule establishing emergency preparedness requirements for healthcare providers participating in Medicare and Medicaid. The new rule is aimed at increasing patient safety during emergencies and establishing a more coordinated response to natural and man-made disasters.