If you inherit a traditional IRA after the enactment of the SECURE Act, or expect to inherit an IRA in the future, you should consider having a plan in place for withdrawals to avoid a big tax bill. Tax Liability…
Vincent J. Russo joined Hilary Topper to address common questions from her community on her New York Lifestyle Bog. Vincent addressed topics such as; What documents should you have in place if you have an elderly parent?, What is the…
The Setting Every Community Up for Retirement Enhancement Act (more commonly referred to as the SECURE Act) has received a lot of buzz in the estate and retirement planning communities lately thanks to the significant changes it has made to…
Have You Heard Of The Secure Act? Find Out How It Affects Your Ira! Vincent J. Russo joined Hilary Topper on her talk show, Hilary Topper on Air. During this podcast, Vincent shared the pros and cons of the new…
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…
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…
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…
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…
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 the entire process a lot more stress-free and simple for the spouse.
If something happens to me, my spouse will inherit everything I have anyway, so why do I need to make an estate plan?
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 recommend that we instead prepare one or more IRA trusts to protect your beneficiaries, who are perhaps your children and grandchildren. There are four good reasons why this makes sense.