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Is Your Life Insurance Still Fulfilling Its Objective?

Is Your Life Insurance Still Fulfilling Its Objective?

Henry Montag,  CFP, CLTC, is a guest author for the Russo Law Group P.C. blog. 

Do you want to establish a trust? There are many different reasons people do so:

  • Some people do it for the management aspects to make sure their assets will be properly invested and not squandered away by a spendthrift child or spouse. Other people want to make sure that, if sued, their assets are protected from the claims of a creditor – and others do it for tax purposes.
  • A parent or grandparent may establish a life insurance trust to provide an inheritance earmarked for the next generation, or to make certain that their child’s assets are protected in the event of a divorce.
  • Trusts can also be set up to provide for the welfare of a child with or without special needs for a variety of reasons such as providing for their educational fund or giving birthday, graduation or wedding gift even after the grantor has passed away.
  • A trust is also an excellent way to make a charitable bequest to assure your legacy and what is important to you will always be remembered.

While there are many factors for an individual or family to consider the benefits of establishing a trust, it is equally important that grantor’s/parents review the trusts they have chosen and make certain that the trustees are knowledgeable about their duties and are continuously still operating in the beneficiary’s best interest.

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Preparing for the Winter: Legal Documents for Peace of Mind

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…

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Project Lifesaver: Bringing Loved Ones Home

Project Lifesaver: Bringing Loved Ones HomeThe Suffolk County Sheriff’s office has implemented the Project Lifesaver program. Project Lifesaver is a countywide emergency response locator system to help locate someone with cognitive impairments who may have wandered or gotten lost.

The client wears a battery-operated transmitter bracelet that emits a signal every second of every day (24/7). When a caregiver notifies the Sheriff’s office that someone with a Project Lifesaver bracelet is missing, specially trained rescue personnel are immediately dispatched to track the signal and help locate the missing person. The signal can be tracked for up to several miles by air and by land.

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How I Found Love in Elder Law and Estate Planning

Personal Anecdote: Why I Love Elder LawMy first job as an attorney was working for an attorney who concentrated on elder law and estate planning.    

A family member introduced him to me– and now, I cannot imagine doing any other type of law.

I love meeting with families and helping them when they are in difficult situations. It is incredibly rewarding to be able to help someone through a crisis, and come up with solutions that enable them to preserve their dignity and protect their assets.

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