There are three types of guardianship proceedings in New York State: Article 17 – Guardianship of minors. Article 17A – Guardianship of adult individuals with intellectual or developmental disabilities. Article 81 – A mental hygiene proceeding for adults who had capacity at one point but have lost a certain level of capacity.
Recently, I was helping a couple with planning. Unfortunately, the husband passed away about two weeks ago. After he died, the family realized that he had one bank account that was in his name alone, with about $3,000 in it. They did not realize this before he passed, otherwise they would have taken care of… Read More »
Although legal planning documents such as a health care proxy, power of attorney, last will & testament, etc. are an important part of any estate plan, if you are the parent of a child with special needs, these standard estate planning documents may not be adequate. If your child will not be able to live… Read More »
In order to avoid probate, you may decide to either place your home in a revocable trust or place someone you trust on the deed, creating joint ownership. Each of these options have their own pros and cons, but which is a better safeguard?
Today (March 6, 2017) marks the last day a fiduciary of a trust or estate can make a distribution from the trust or estate, and still take the 65-day election on the fiduciary income tax return. The general rule is, if the fiduciary of a trust and/or estate makes distributions to residuary beneficiaries prior to… Read More »
On Long Island, a tax break affecting 35,000 Nassau County seniors was not renewed this year. Recently, Nassau County let a long-standing property tax abatement expire without any notice to the recipients of the abatement. Approximately 35,000 seniors, all earning less than $86,000 a year in income, were receiving approximately $200 a year in tax… Read More »
Reporting the sale of real property could be either really complicated or relatively simple, depending on the facts and circumstances. The type of property will also impact the manner and type of taxes that need to be paid. There may also be different tax ramifications depending on who you are selling the real property to… Read More »
For those who currently have taxable estates, the burning question is, “What planning should or should not be implemented in light of an expected federal estate tax repeal?”
If you loved watching the inspirational and resourceful two-time Telly Award winning show, Family Comes First™ this past season, you’ll be glad to know you can now watch your favorite episodes at your leisure. Vincent J. Russo and Victoria Roberts Drogin are proud to announce that Season 9 episodes of Family Comes First™ can now be viewed… Read More »
Frank L. Buquicchio, a partner at Russo Law Group, P.C., has been appointed to the board of the Alzheimer’s Disease Resource Center (ADRC), a non-profit organization which raises money through various events and provides valuable service for Long Island families who are facing the challenges of Alzheimer’s Disease. The mission of the ADRC is “to… Read More »
Assisted living facilities can often be an excellent option for a person who is interested in residing in a place where he or she can receive supervision or assistance with Activities of Daily Living, and where the resident is monitored to help assure his or her well being. Traditionally, assisted living facilities were funded or… Read More »
This past season of Family Comes First™ has been inspirational and filled with stories that are heartwarming and moving. On this week’s show, The Best of Season 9, we will look back on the families and resources that moved us during this season.
The power of attorney is a crucial estate planning document—it allows a third party to step in and make important financial decisions for you, if you are no longer able to make those decisions for yourself. Having a properly executed comprehensive durable power of attorney can preclude the need for guardianship when it comes to your… Read More »
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… Read More »
Over the past nine seasons of Family Comes First™, we have been blessed to meet amazing individuals and families with extraordinary stories. Often on our show, we like to follow up with a former guest to update our viewers as to where they are now. On this brand new episode of Family Comes First™, “Operation Babylift,” we… Read More »