What is a Kinship Proceeding?
In New York, if an individual passes away without a Last Will and Testament, or if the will is determined to be invalid, then the decedent’s assets are subject to the state laws of intestacy. Any assets held in the…
Partnering With Your Spouse or Partner to Plan Your Estate
It is important to discuss your estate plan with your spouse or life partner thoughtfully and carefully. Before meeting with an estate planning attorney, it is best to discuss your ideas to present a united goal. This conversation can be…
Do I Owe Taxes on my Inheritance?
Do I owe taxes on my inheritance? As qualified NY estate planning attorneys, this is a common inquiry from our clients. The short and sweet answer is that inheritances are not generally considered income for federal tax purposes. With that…
Essential Things to Know About Durable Powers of Attorney
A Durable Power of Attorney (DPOA) is a legal document allowing a person (referred to as the principal) to delegate authority related to legal and financial matters to another person or persons (referred to as the agent). Durable powers of attorney are…
Caring for an Elderly Relative
Within the family, caring for elderly relatives comes naturally. The love and care many adult children receive growing up become reciprocal, particularly in the case of their aging parents. But with the advent of longer lives, it is not uncommon…
Advance Directives: Making Your Medical Wishes Known
There is no doubt that contemplating our own death is one of life's greatest challenges. Yet it is crucial to think carefully about the medical treatment we would want at the end of life. Medical technology can now keep us…
Creating a Legacy of Wealth After You Die
In order to leave a legacy for future generations, you may have invested years in developing and protecting your legacy. But have you thought about the impact it will have on family members who are in different stages of life…
Happy New Year: Secure Your Family’s Future with an Updated Will
If you haven't decided on your 2023 New Year's resolutions yet, Russo Law Group has a few suggestions: This year, I am going to update my Last Will and Testament to provide more security for my family. This year, I…
What Makes Estate Planning So Crucial for the LGBTQIA+ Community
Regardless of orientation, anyone can benefit from estate planning because it provides protection for loved ones. In the LGBTQIA+ community, estate planning can legally protect against discrimination even if others are reluctant to recognize your relationship and your desire to…
There Are Several Reasons Why a Will Is Important
An annual survey conducted by Caring.com indicates that the number of Americans who have a will has only increased by 2.5 percent over the previous year. Overall, the percentage of those with a will continues to decline, 33 percent in…