Unless you have a crystal ball, it’s impossible to predict what the future holds. Should you become unable to make your own decisions, it is imperative to appoint someone to take care of your affairs and make healthcare decisions on your behalf. Additionally, in order to ensure that your assets are passed on to your… Read More »
Posts Categorized: Retirement Planning
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 »
What is the IRA Charitable Rollover and how does it work? The Individual Retirement Account (“IRA”) Charitable Rollover is a “Qualified Charitable Distribution” which allows the IRA owner, who is 70 ½ or older, to make tax free gifts of up to $100,000, directly from the financial institution holding the IRA to qualified public charitable… Read More »
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 »
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 »
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 »
In our last article, we discussed the ramifications of not having a succession plan in place for a business. In this article, we will discuss the role of a fiduciary of an estate, and how an individual in that role can ensure the business continues to operate if the owner passes away. In order to… Read More »
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 »
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.
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 »
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 »
There are some events in life that we can’t emotionally prepare for. They can come on suddenly and unexpectedly. But an estate planning attorney can help legally prepare for some of them. There are some life events that can be considered very stressful.
No matter how much we try to focus on taking things day by day, the uncertainty of the future always seems to linger in the back of our minds. We worry about things like: If I get hurt and can no longer work, how much will I receive in Social Security Disability? Once I decide to… Read More »
The Department of Health, overseer of the Medicaid program in New York, recently issued GIS 16 MA/010 updating the actuarial life expectancy table. “So what,” you say?
For most seniors, obtaining Medicaid to pay for nursing home care is a must. Very few people can afford to pay privately for extended long-term care, which is not covered by Medicare. The nursing home may provide you with a list of attorneys to assist with the filing of a Medicaid application. It is suggested… Read More »
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 »