Wills are legally bound directives that state who will receive your property upon your death and are an essential component of a comprehensive estate plan. If you die without one (intestate), the state will distribute your assets and property via…
Prior to the SECURE Act, it was always important to ensure that a qualifying beneficiary designation was made to IRAs and other qualified retirement accounts. This could be an individual or a trust with the appropriate provisions that would allow the…
As Elder Law attorneys in New York, we constantly recommend our clients execute a durable power of attorney (DPOA) in case of incapacitation due to accident, illness, or declining health with age. The question that usually follows this recommendation is, “what happens…
Before giving a gift to someone, think about what your intention is for the gift because there may be a better way to ensure your intentions while minimizing or eliminating any federal gift tax implications. Some transfers come with financial…
In honor of Women’s History Month, Russo Law Group wanted to take you back to the 1800s… Belva Lockwood was an American lawyer and women's rights advocate who made history by becoming the first female lawyer to practice before the…
The special needs planning attorneys at Russo Law Group, P.C. have fulfilled the complex role of trustee for many of our clients. We take protecting assets for the benefit of their loved ones very seriously. It requires understanding the terms…
One of the most common questions we hear as New York elder law attorneys and estate planners is, “How much can I give in gifts without owing any taxes?” The Quick Answer The annual exclusion from federal gift taxes in…
Gain peace of mind by organizing and preparing your financial information for when you can no longer manage your affairs. You'll relieve your loved ones from having to gather documents and figure out how to access accounts in the future…
Watch “In The Legal Know” with Vincent J. Russo on CFN Live! Vincent appeared on CFN Live on March 2nd, 2023 to discuss“Life Insurance Settlements - Seller Beware" https://www.youtube.com/watch?v=Bp7mLDSeHM0&feature=youtu.be Vincent J. Russo discusses life insurance settlements, the pros and cons…
This originally aired on the Catholic Faith Network’s show CFN Live: https://youtu.be/Bp7mLDSeHM0 Focusing on the advantages and disadvantages of life insurance settlements is an important topic to discuss today. We see the many tv commercials espousing the benefits of selling…