What is the IRA Charitable Rollover and how does it work? The Individual Retirement Account (“IRA”) Charitable Rollover is a “Qualified Charitable Distribution” which allows the IRA owner, who is 70 ½ or older, to make tax free gifts of…
Couples in their 60s may be found discussing upcoming vacations, their children and potential home improvements. However, there is one vital subject that is often ignored: their future retirement. Failing to discuss important details of retirement such as, where and…
People often say that you only need an estate plan if you have a lot of money and/or a lot of assets. That statement is not necessarily true.
Reason 1: An estate plan is also important for medical and simple financial decisions, especially for a spouse in the event of disability or incapacity. It makes the entire process a lot more stress-free and simple for the spouse.
If something happens to me, my spouse will inherit everything I have anyway, so why do I need to make an estate plan?
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…
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.
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…
Our practice produces many important documents for elderly clients. Clients may forget where these documents are located within their home, lose track of the documents’ location over the course of a move, or may pass on without sharing the actual documents (or their location) with their children, executor, or guardian.
There are a few smartphone apps that can assist individuals and families to keep track of important documents such as wills or advanced directives (healthcare proxy, etc.). This tool works in conjunction with the app’s ability to catalog the contents of entire homes. This umbrella function helps with ongoing organizational efforts as well as moving assistance.
The U.S. Department of Labor (DOL) released its final fiduciary rule on April 6, greatly expanding the definition of fiduciary investment advice under the Employee Retirement Income Security Act of 1974 (ERISA), and creating new fiduciary standards for financial advisors…
There are some events in life that we can’t emotionally prepare for. They can come on suddenly and unexpectedly. But an estate planning attorney can help legally prepare for some of them. Here are some life events that can be…