Vincent J. Russo & Associates

Restorative Tax Exemptions for New York Property Owners

When you own a piece of real property in New York State, your circumstance dictates whether or not you are entitled to certain tax exemptions.

What does this mean? Your personal residence may qualify for a number of exemptions based on factors such as whether you are a senior citizen, have financial difficulty, or are a veteran. In addition, if you and your spouse earn under $500,000 per year, then you could file for the STAR exemption for your personal residence.

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The Special Needs Trust Act and Self-Created Trusts

United States Senate Unanimously Passes the Special Needs Trust Fairness Act

On Wednesday, September 9, The Special Needs Trust Act was passed! The passage of this legislation establishes liberties for persons with disabilities which had been previously denied to them.

Prior to passing the Act, only a parent, grandparent, legal guardian of the disabled individual, or a court could establish a special needs trust on behalf of the disabled individual.

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Estate Planning and Ironman: What’s the Connection?

Estate Planning -- Like an Ironman! by Deanna M. Eble

Estate Planning and an Ironman event…what does one have to do with the other you ask? EVERYTHING!

As a proud wife of a first-time Ironman and an elder law attorney, I can explain.

Step 1: Hire a Coach

  • Most first-time Ironmen striving to cross that finish line after 140.6 miles of swimming, biking and running need direction on how to build up their endurance for such a long race.
  • Most people doing estate planning for the first time need a plan to protect their assets. Elder law attorneys know what needs to be done to protect your assets from your future long-term care costs.
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Why You Need Legal Advice for Elder Law and Estate Planning

Everyone has their niche.

Financial advisors have a certain field of expertise, and most are very good at what they do. However, when it comes to elder law, Medicaid and estate planning, there is no substitute for sound legal advice.

Case study:

A retiree originally made an appointment with a law firm specializing in estate planning and elder law – but, a family friend was a financial advisor. He decided to work with his friend and canceled his appointment with the law firm.

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The Complexities of Whitney Houston’s Estate and Trust

The tragic death of Bobbi Kristina, Whitney Houston’s only child, has left her estate in limbo.

Houston’s will left the entirety of her estate, including jewelry, clothing, cars, record profits and music royalties, in a spendthrift trust to the sole heir, Bobbi Kristina.

The provisions of this trust stated that Bobbi Kristina would receive the distributions in three installments: 1/10 at age 21, 1/6 to be received at age 25, and the remainder of the estate upon her turning 30. Based on these provisions, Bobbi Kristina was only entitled to 1/10 of the estate when she died since she was only 22 years old at the time of her passing.

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Should You Have a Living Trust? Exploring the Benefits

Is a Trust Right for you?Many clients frequently come to me and ask if they should have a trust. Sometimes they are not even sure what a trust is and, more often than not, they do not understand how a trust works.

Although my mother always told me to never answer a question with a question (sorry mom!), my initial response is a question – what are you looking to accomplish by having a trust?

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The Benefits of Reverse Mortgage for Long Island Seniors

Looking Forward with a Reverse Mortgage

Reverse mortgages have become more popular in recent years. For many of Long Island’s seniors, the ever-increasing cost of living on a fixed income is a daily challenge. Often seniors look to the equity in their homes to relieve some of their financial pressure.

A reverse mortgage is a secured loan on your home. It allows you to convert a portion of the equity in your home into cash. It is called a reverse mortgage because instead of making monthly payments to a lender, as with a traditional mortgage, the lender makes payments to the borrower. The payout may be received as cash, an income stream, a credit line, or any combination of the three.

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