At Team Russo, we are doing our part to Keep our Clients Safe and Protected. 
There is a lot of confusion regarding what happens when inherited assets are sold. Let’s clear up the confusion as to the tax treatment of inherited assets by way of an example. An Example of How Inherited Assets are Taxed in NY Sheila owns her house worth $500,000, a brokerage account worth $300,000, and an… Read More »
Posts Categorized: Probate, Estates & Trusts
COVID-19 Pandemic Estate Planning: How Can I Avoid Probate?
The COVID-19 Pandemic is a wake-up call for everyone to implement an estate plan, if you do not already have one, or to review your existing estate plan. As a result of the global health crisis, it is critical for you to be prepared in order to protect yourself and your family. The use of… Read More »
Burial Place Wishes
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… Read More »
Can a Holographic Will be Admitted to Probate?
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… Read More »
How Can I Locate Life Insurance Policies and Annuity Contracts Owned by My Deceased Loved One?
If you have diligently searched through your deceased loved one’s financial records, tax returns, personal possessions, and safe deposit boxes, and you still cannot identify and locate your decease loved ones’ life insurance policies and annuity contracts, the National Association of Insurance Commissioners (NAIC) may be able to assist you. Search Request Form As a… Read More »
On Air with Marie Elena Puma
The Probate Process – What You Need To Know Marie Elena Puma joined Hilary Topper on her talk show, Hilary Topper on Air. During this show, Marie Elena discusses Frequently Asked Questions on Probate. Here are some of the questions she addresses during the show: What is Probate? When is Probate required? How to select an… Read More »
Multiple Executors – Who Gets the Commission?
In New York, an executor is entitled to commissions for the services that he or she provided on behalf of the estate. It is important to review the terms of the decedent’s Will to see if there are any provisions regarding how the executor should be compensated. If there are no provisions regarding the executor’s… Read More »
UTMA (Unified Gift to Minors Act) Custodian Accounts – Protect Your Children From Their Money
A child’s very first account is likely a custodial account established at a bank, brokerage firm or with a mutual fund company. The goal is to provide for life milestones of the minor such as college or homeownership. Although the Unified Transfer to Minors Act (“UTMA”) provides an inexpensive and expedient arrangement for accumulating wealth… Read More »
Trouble with Digital Assets
Today, many assets exist only in an electronic form. These digital assets can result in more complexity when settling a loved one’s estate. The Role of An Executor or Administrator The ordinary role of an executor or administrator is to collect the assets of the Decedent and distribute the assets to the beneficiaries of the… Read More »
What is Ancillary Probate?
If at the time of your death, you owned real property solely in your name and in more than one state, your Executor may be required to commence more than one probate proceeding. Ancillary probate may be required in order to transfer your out of state real property to your beneficiaries in accordance with the… Read More »
Help! Please Don’t Take My House
In my experience, one of the biggest concerns for clients, especially seniors, is that they do not want to lose their home to long-term care costs. An Example Recently I met with Sal. He has two children and always thought that when he passed his children would inherit the home that he and his wife… Read More »
What is a Kinship Proceeding?
In New York, if an individual passes away without a Last Will and Testament, or if the Last Will and Testament is determined to be invalid, then the decedent’s assets will be subject to the laws of intestacy. Any assets held in the decedent’s name alone, without any beneficiary designations, joint owners with rights of… Read More »
On Air with Frank L. Buquicchio
Trusts – Do You Need One? Frank L. Buquicchio joined Hilary Topper on her talk show, Hilary Topper on Air. During this podcast, Frank discusses how a Living Trust can be an invaluable planning tool. Trusts can be utilized for a myriad of reasons including avoiding probate and protecting assets from the cost of long term… Read More »
How Can I Keep My Loved One At-Home? A Look at Pooled Income Trusts
As elder law attorneys, we frequently meet with family members frustrated by the cost of long-term health care. Many of our clients wish to remain at home but are misinformed as to their options. A Pooled Income Trust A Pooled Income Trust is a great vehicle to facilitate the goals of applying for Community (home… Read More »
Probate – FAQs
Losing a loved one is incredibly difficult. Emotions are high and the last thing you want to do is handle your loved one’s estate. Unfortunately, sometimes the probate can’t be avoided. So, what do you need to know about a probate proceeding? FAQs Q: What is a probate proceeding? A: Probate is the legal process… Read More »
