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:
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 »
Leave A Legacy Event – Learn About The Theresa Foundation Pooled Income Trust of New York
Leaving A Legacy While Enjoying Chocolate and Wine — Interested in learning more about pooled income trust? Join us for our Leave A Legacy Event! Who: Theresa Foundation, a Long Island based non-profit organization helping children with special needs. What: Theresa Foundation will be holding a “Leaving A Legacy” to raise awareness about the… Read More »
Trusting Trusts: Why You Should Not Transfer Your Assets Outright To Your Children If You Can Avoid It
Many of our clients are legitimately concerned about what will happen to their homes and their assets if they need to go into a nursing home. They have heard of the five-year lookback related to Medicaid. Often, they show up at our office believing they will be advised to transfer their homes and/or their assets… Read More »
Can a Bank or Mortgage Lender Call In the Mortgage if…?
… My spouse died, and I am the surviving tenant by the entirety of our house? … My parent died, and I am the surviving joint tenant of our house? … I inherited a house from a relative and now reside in it, and have been making the monthly mortgage payments? … I transferred my… Read More »
“Per Stirpes”, “By Representation”, “Per Capita”-What Do They Mean?
If you die without a Last Will and Testament or a Trust, the New York State laws of intestacy will govern the disposition of your property to your “distributees”, your closest living blood relatives (in priority order). However, if you execute a Last Will and Testament or a Trust, you can control the disposition of… Read More »
What if I Have a Contract to Reduce My Property Taxes, But I Want to Sell My Home?
A constant concern here on Long Island is the continued increase in Property Taxes and the ever-increasing cost of living. The application for state program real estate tax exemptions (such as Basic STAR, Enhanced STAR or Veterans exemptions) may help to ease the burden, but there are instances where homeowners may not be eligible for… Read More »
Who can help with the sale of my house from my Trust?
When advising clients regarding Medicaid asset protection planning, it is common to recommend the transfer of their residence (and other properties they may own) to a Medicaid Asset Protection Trust (“MAPT”). After five years, the trust assets would not be considered an available resource for purposes of determining Medicaid eligibility. One of the most frequently… Read More »