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Blog Posts
Remembering Parkland
On February 14, 2018 a lone gunman entered Marjory Stoneman Douglas High School in Parkland, Florida, where he killed seventeen people and injured 15 more in a mass shooting. A year later, the world is still mourning those we lost. They will not be forgotten as many inspired a movement of activism in school safety and sensible gun control. On a special two-part episode… Read More »
Who can help with the sale of my house from my Trust?
When advising clients regarding Medicaid asset protection planning, it is common to recommend the transfer of their residence (and other properties they may own) to a Medicaid Asset Protection Trust (“MAPT”). After five years, the trust assets would not be considered an available resource for purposes of determining Medicaid eligibility. One of the most frequently… Read More »
The Right of Election of a Surviving Spouse
The Right of Election of a surviving spouse of a New York decedent has been in existence since September 1, 1930. Prior to the enactment of New York’s Right of Election law, a surviving spouse possessed dower and curtesy rights. Today, if a surviving spouse inherits less than one-third of the net estate, the surviving… Read More »
Tune in to the 2019 CFN Telethon!
Catch Co-Host and Creator of the Three-Time Telly Award Winning Show, Family Comes First™, Vincent J. Russo on Catholic Faith Network’s Telethon this Weekend! Vincent J. Russo Will Be on CFN’s Telethon (Cablevision Channels 29 & 137; Verizon FiOS TV Channel 296; or Charter Spectrum Channels 162 & 471) Saturday, February 9th from 6:30 pm – 7:30… Read More »
What to Expect this Tax Season
This tax season will be the first which incorporates the significant tax rule changes implemented under the Tax Cuts and Jobs Act passed in late 2017 (“TCJA”). One of the goals of the TCJA was to simplify tax filings, however despite the rhetoric, the TCJA added significant complexity that may change a process you thought… Read More »
2019 Medicare Figures
This update provides new Medicare figures for 2019. Medicare Part A: Hospital Services Inpatient hospital deductible $1,364/illness Daily co-insurance $0/day 1-60 $341/day 61-90 $682/day 91-150 Skilled Nursing Facility (SNF) Daily co-insurance amount $0/day 1 – 20 $170.50/day 21 – 100 Part A Premiums for those not otherwise entitled to Part A benefits who purchase Medicare… Read More »
New York State Estate Tax: Add-Back, No-More
New York state has not had a gift tax since it was repealed in 2000. However, even absent a gift tax, New York historically required decedents to include in their New York taxable estate all gifts made within three years of death if made between April 1, 2014 and January 1, 2019 while the decedent… Read More »
Monthly Staff Update
The State of the Union address: An annual message delivered to Congress by the president of the United States, in which he describes the condition of the country, outlines the nation’s most serious problems, and proposes his annual program of legislation. Each January, Russo Law Group adopts this practice to help us look back on the past year… Read More »
Your Guide to Fiduciary Income Tax Returns (Form 1041)
The IRS recently issued Revenue Procedure 2018-57 providing a glimpse at the tax brackets and rates to be used for 2019 tax returns (which would generally be filed in April 2020), including the tax rate tables for trusts and estates. The 2018 and 2019 tax brackets for are compared below: Trusts and Estates Percent Tax… Read More »
New VA Pension Rules
Check out Kim N. Christian, Esq.’s Article on the New VA Pension Rules in the Latest Issue of The Nassau Lawyer! “As of October 18, 2018, the Department of Veterans Affairs (VA) Pension Rules have changed in a significant way. There are several areas of the rules that were affected, including financial net worth, asset transfers and medical expense… Read More »
Tax Questions Answered: Do I Need to File a Tax Return for my Trust?
Question: I created an Irrevocable Medicaid Asset Protection Trust. Do I need to file a tax return for the trust? Answer: Appropriately named, a Medicaid Asset Protection Trust (“MAPT”) is a trust created to shield assets from Medicaid in order to preserve them for your family and generations to come. If properly drafted and funded,… Read More »
2019 Medicaid Update
Commencing January 1, 2019, there are new Medicaid amounts reflecting Medicaid eligibility. 2019 Asset and Income Allowances One Person Two People Income Level *including $20 unearned income disregard $ 879 $ 1,287 Medicaid Resource Level $ 15,450 $ 22,800 2019 Medicaid Transfer Rates for Nursing Home Care Monthly Rates Nassau and Suffolk Counties $ 13,407 New… Read More »
FAQ: #2 – Medicaid: What is the 5 year look back and how does the penalty period get calculated?
Frequently Asked Question #2: Medicaid: What is the 5 year look back and how does the penalty period get calculated? It is not uncommon for me to canvas a group of people and find out that the majority of the group has heard of the 5 year look back when it comes to applying for… Read More »
Theresa’s Fun Day Bowling Fundraiser!
Theresa’s Fun Day Bowling Fundraiser! Saturday, January 19, 2019 Pre-Registration is required Register HERE today! $20 per bowler | $10 for non-bowlers INCLUDES: Two Games of Bowling, a Slice of Pizza, Soda and Bowling Shoes. * Everyone gets to spin the Wheel of Fortune for a chance to win a prize. * Bake Sale and a… Read More »