Why a “Retirement Trust” is So Important

Retirement accounts are commonly one of our clients’ largest assets. These retirement accounts represent the fruit of a lifetime of labor, years of tax-deferred appreciation, and what many hope will be a lasting legacy that will help their children/beneficiaries in the future. However, many of our clients are concerned about how their retirement accounts are… Read More »

Does Your Spouse Share Your Goals for Retirement?

Couples in their 60s may be found discussing upcoming vacations, their children and potential home improvements.  However, there is one vital subject that is often ignored: their future retirement.  Failing to discuss important details of retirement such as, where and when you’ll both retire can cause serious financial and marital problems. In a 2015 fidelity… Read More »

Benefits of the IRA Trust aka “Retirement Trust”

Russo Law Group, P.C. is pleased to share this article on behalf of guest author Michael Gilfix.  The IRA Trust is the preferred method to give the beneficiaries of your retirement account protections that are otherwise not available to them. Why use the IRA trust? Rather than simply naming beneficiaries for your IRA accounts, we strongly… Read More »

What Will Happen to My Business if I Die? Part 1

When someone owns a business and they pass away, the business does not just stop automatically—even if they are the top partner or sole proprietor. There are still employees who need to be paid, products that need to be sold, orders that need to be fulfilled, and vendors and other obligations that must be paid… Read More »

What is the Difference Between Revocable and Irrevocable Trusts?

A trust is established by people looking to maintain control of their assets while avoiding the probate process, which is the process by which a family takes the decedent’s will to court. As part of probate, the court reviews the estate and then gives authority to distribute the decedent’s assets.

Organizational Apps That Help You Move & More!

Our practice produces many important documents for elderly clients. Clients may forget where these documents are located within their home, lose track of the documents’ location over the course of a move, or may pass on without sharing the actual documents (or their location) with their children, executor, or guardian. There are a few smartphone… Read More »

Should I Trust My Financial Advisor With My Retirement Savings?

The U.S. Department of Labor (DOL) released its final fiduciary rule on April 6, greatly expanding the definition of fiduciary investment advice under the Employee Retirement Income Security Act of 1974 (ERISA), and creating new fiduciary standards for financial advisors regarding retirement investments. This new rule is very significant for everyone with a retirement savings… Read More »

Are You Ready for Tax Season? Tips for 2016

We’re heading into the 2016 tax season. By the beginning or middle of February, you should have received all your tax statements, which might include: A W-2 from an employer; A 1099 statement from a bank or brokerage account; An SSA-1099 from the Social Security Administration; A 1099-R from a retirement investment; and A schedule… Read More »