Unless you have a crystal ball, it’s impossible to predict what the future holds. Should you become unable to make your own decisions, it is imperative to appoint someone to take care of your affairs and make healthcare decisions on your behalf. Additionally, in order to ensure that your assets are passed on to your… Read More »
Posts Categorized: Probate, Estates & Trusts
Featured Post:
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 »
Power of Attorney versus Guardianship
Have you ever been concerned about an aging parent who seems to be making “bad” decisions? Or, have you thought about who will look after you should something tragic happen and you become incapacitated? These are difficult scenarios to think about, but Power of Attorney and Guardianship proceedings can offer peace of mind. In a… Read More »
How Does a Pooled Income Trust Work?
Does your parent need home care, but you just don’t know how you’re going to afford it? Many options exist and determining which financial strategy is best for your loved ones can be hard to decipher. However, one option that can provide you with peace of mind is a pooled income trust. For example, with… Read More »
Why Do I Need a Trust?
No one likes to think about his or her end of life, but you can’t avoid the inevitable. Planning financially for you and your family’s future can help put your mind at ease. Having a solid plan in place can ensure your family is well taken care of after you are gone. As such, a… Read More »
My House Is Owned By A Trust, Can I Still Take Advantage Of The Capital Gains Exclusion?
Recently I received a telephone call from a client looking to sell their home. The home had been transferred to a trust years earlier and they wanted to know if they would qualify for the $250,000 (per resident owner) capital gains exclusion on the sale of their home. Generally speaking, the Internal Revenue Code provides,… Read More »
Make Sure That You Have The Right Supplemental Needs Trust!
Recently I received a call from a long-time client in a complete panic. She had been talking to her friend about the planning that they each implemented and the friend insisted that the client established the wrong trust for her niece. The niece is on government benefits and the friend had her convinced that if… Read More »
Trusts – Do I Need One?
Interested in Learning Trusts? We will be hosting free educational seminars entitled, Trusts—Do I Need One? During these seminars, we will be discussing why someone may need a trust and which trust, irrevocable or revocable, would fit their situation best. Join us: August 10th from 9:30 am – 11:30 am at Russo Law Group Bay Shore Office… Read More »
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 »
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 »