FAQs Archives | Russo Law Group, P.C.

What to know for Medicare Fall Open Enrollment?

It is that time of year again – Fall Open Enrollment for Medicare. Fall Open Enrollment, also referred to as the Annual Coordinated Election Period, runs from October 15 through December 7. During this period you can join a new Medicare Advantage Plan or stand-alone prescription drug plan (Part D) for the following year…. Read More »

The Medicaid Fair Hearing Process – Important Information to Know

If your application for Medicaid has been denied or not acted upon promptly, you have the right to a fair hearing. Here’s what you need to know: Q: What is a fair hearing? A: A fair hearing is a proceeding before an administrative law judge (ALJ). If you feel that the decision made by the… Read More »

Trusts – Do I Need One?

Interested in Learning Trusts? We will be hosting free educational seminars entitled, Trusts—Do I Need One? During these seminars, we will be discussing why someone may need a trust and which trust, irrevocable or revocable, would fit their situation best. Join us: August 10th from 9:30 am – 11:30 am at Russo Law Group Bay Shore Office… Read More »

When Should I Update My Estate Plan?

Many clients will ask the question, “When should I update my estate plan?” The answer is usually, whenever something big happens in your life. All too often, clients will execute a Durable Power of Attorney, a Health Care Proxy, a Living Will, and a Last Will and Testament and believe they no longer need to… 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 »

FAQ1: What is the difference between a First Party Special Needs Trust and Third Party Special Needs Trust?

Frequently Asked Question #1: What is the difference between a First Party Special Needs Trust and Third Party Special Needs Trust? Several factors should be considered when determining whether a First Party Special Needs Trust or a Third Party Special Needs Trust should be utilized when developing the appropriate plan for a beneficiary with special… Read More »

WHAT IS MY TRUST IDENTIFICATION NUMBER AND WHY WOULD I NEED AN EMPLOYER IDENTIFICATION NUMBER (EIN) FOR MY TRUST?

A trust identification number is a number that identifies a trust, like any other legal entity, for tax purposes. You need a trust identification number in order to put assets into your trust. Your trust identification number will always be either 1) the Grantor’s Social Security Number, or 2) a number issued by the IRS,… Read More »

How Long Should I Keep my Tax Returns?

Tax season is fast approaching and many taxpayers are reviewing their paperwork to figure out what documents are necessary and what can be discarded. This can be a daunting experience that leaves many with the question: how long should I keep my tax returns? The length of time you should keep a tax-related document typically… Read More »

Protecting the Residence-FAQ’s

1. Why should I take steps to protect my home? If you suffer a long term illness and you have not taken steps to protect your home, your home may have to be sold to pay for your care. 2. If I put my house into my child(rens) name(s) will I lose my STAR/Veteran’s exemption? Yes,… Read More »

Medicaid- FAQ’s

1. What is the difference between Medicare and Medicaid? Medicare is a government program that provides health care benefits to senior citizens, disabled individuals and individuals with certain chronic illnesses. Medicaid is a need-based government program available to individuals with low income and asset levels. 2. How do I become eligible for Medicaid? Medicaid has… Read More »

Durable Power-of-Attorney – FAQs

1. What is a Durable Power-of-Attorney? This document allows you to appoint an agent to handle your financial affairs if you are unable to handle those affairs yourself (either physically or mentally). 2. Do I have to be declared incompetent for my agent to use my Durable Power-of-Attorney? No, a durable power-of-attorney is effective on… Read More »

Last Wills and Testaments – FAQs

1. What is a Last Will and Testament? A Last Will and Testament is a legal document that allows a person to express their wishes in terms of who is to receive their property/assets when they pass away. 2. What happens if I die without a Last Will and Testament? State law will determine who shall inherit… Read More »