My House Is Owned By A Trust, Can I Still Take Advantage Of The Capital Gains Exclusion?

Recently I received a telephone call from a client looking to sell their home.  The home had been transferred to a trust years earlier and they wanted to know if they would qualify for the $250,000 (per resident owner) capital gains exclusion on the sale of their home. Generally speaking, the Internal Revenue Code provides,… 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 »

Are Gifts Made During My Lifetime Includible In My Estate For Estate Tax Purposes?

The answer to the question “Are gifts made during my lifetime includible in my estate for estate tax purposes?” depends on several factors.   Federal For purposes of the Federal Estate Tax, yes, any taxable gifts you make during your lifetime are includible in your estate. However, this does not necessarily mean that those gifts… Read More »

Reverse Mortgage: It May Not Be All It’s Cracked Up To Be

A reverse mortgage is a mortgage loan, usually secured over residential real property, which enables the borrower to access the equity value of the property.  Specifically, it is a financial agreement in which a homeowner relinquishes equity in their home in exchange for regular payments or a lump sum of money based largely on the… Read More »

Leave A Legacy Event – Learn About The Theresa Foundation Pooled Income Trust of New York

Leaving A Legacy While Enjoying Chocolate and Wine — Interested in learning more about pooled income trust? Join us for our Leave A Legacy Event! Who: Theresa Foundation, a Long Island based non-profit organization helping children with special needs.   What: Theresa Foundation will be holding a “Leaving A Legacy” to raise awareness about the… Read More »

Trusting Trusts: Why You Should Not Transfer Your Assets Outright To Your Children If You Can Avoid It

Many of our clients are legitimately concerned about what will happen to their homes and their assets if they need to go into a nursing home. They have heard of the five-year lookback related to Medicaid. Often, they show up at our office believing they will be advised to transfer their homes and/or their assets… Read More »

“Per Stirpes”, “By Representation”, “Per Capita”-What Do They Mean?

If you die without a Last Will and Testament or a Trust, the New York State laws of intestacy will govern the disposition of your property to your “distributees”, your closest living blood relatives (in priority order). However, if you execute a Last Will and Testament or a Trust, you can control the disposition of… Read More »

What if I Have a Contract to Reduce My Property Taxes, But I Want to Sell My Home?

A constant concern here on Long Island is the continued increase in Property Taxes and the ever-increasing cost of living.  The application for state program real estate tax exemptions (such as Basic STAR, Enhanced STAR or Veterans exemptions) may help to ease the burden, but there are instances where homeowners may not be eligible for… 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 »