At Team Russo, we are doing our part to Keep our Clients Safe and Protected. 
There is a lot of confusion regarding what happens when inherited assets are sold. Let’s clear up the confusion as to the tax treatment of inherited assets by way of an example. An Example of How Inherited Assets are Taxed in NY Sheila owns her house worth $500,000, a brokerage account worth $300,000, and an… Read More »
Posts Tagged: 401K
What Do I Need to Know About New York State Gift and Estate Taxes?
You have worked hard to accumulate assets so that you may pass your legacy to your family. There is no better time to explore what you need to know about New York State gift and estate taxes. A gift tax is a tax that is levied on assets transferred by a person to a beneficiary… Read More »
Essential COVID-19 Facebook Live Events Hosted by Vincent J. Russo
Russo Law Group wants to do our part to offer resources, guidance, and help to those who need it. Below are some of our weekly activities you can participate in. Daily Check-in with Vincent Please join Vincent every day at 10 a.m. EST on Facebook, Instagram, and LinkedIn for my quick “Daily Check-in with Vincent.”… Read More »
Important Medicare Adjustments for Skilled Nursing Facilities Care
In the current world of uncertainty, the words of Helen Keller ring true, “Alone we can do so little, together we can do so much”. With every day being so unpredictable, it is nice to see that the Centers for Medicare & Medicaid Services (CMS) has been working to try and make this chaos more… Read More »
COVID-19 Pandemic Estate Planning: How Can I Avoid Probate?
The COVID-19 Pandemic is a wake-up call for everyone to implement an estate plan, if you do not already have one, or to review your existing estate plan. As a result of the global health crisis, it is critical for you to be prepared in order to protect yourself and your family. The use of… Read More »
How Do I Have Documents Remotely Notarized and Witnessed?
During this unprecedented time, we often find ourselves looking for ways to adapt and function to continue on with the tasks that still present themselves. In response to the continued need to have important legal documents notarized and witnessed, New York State Governor Andrew M. Cuomo recently issued Executive Orders 202.7 and 202.14 authorizing the… Read More »
COVID-19 Pandemic Estate Planning: Do I Need a Durable Power of Attorney?
The COVID-19 Pandemic is a wake-up call for everyone to implement an estate plan, if you do not already have one, or to review your existing estate plan. As a result of the global health crisis, it is critical for you to be prepared in order to protect yourself and your family. A Durable Power… Read More »
COVID-19 Pandemic Estate Planning: Do I Need a Last Will and Testament?
The COVID-19 Pandemic is a wake-up call for everyone to implement an estate plan, if you do not already have one, or to review your existing estate plan. As a result of the global health crisis, it is critical for you to be prepared in order to protect yourself and your family. A Last Will… Read More »
A Message to the Workers on the Frontline
“If you have been brutally broken but still have the courage to be gentle to others then you deserve a love deeper than the ocean itself” (Nikita Gill) As a Frontline worker in the midst of this global pandemic, we at Russo Law Group recognize that you are putting the needs of your patients and… Read More »
IMPORTANT COVID-19 UPDATE: Changes to Medicaid Application Process during the COVID-19 Pandemic
A recently issued General Information System message (GIS) from the New York State Department of Health (which can be found here: https://www.health.ny.gov/health_care/medicaid/publications/docs/gis/20ma04.pdf) implements new and sweeping changes to the Medicaid application process. According to the GIS, these procedures will be in place “for the duration of the COVID-19 public health emergency”. Here is a brief… Read More »
NYS Community Medicaid will have a financial “look back” starting October 1, 2020
New York State Budget – Medicaid Update: Good News/Bad News On April 3, 2020, Governor Andrew Cuomo signed the approved 2020/2021 budget for New York State. As it often happens in matters of budgets and law-making, what comes out is often a mixture of good news and bad news. This year, the budget does not… Read More »
COVID-19 Facebook Live Events Hosted by Vincent J. Russo
Essential COVID-19 FACEBOOK LIVE Event Hosted by Vincent J. Russo In Case You Missed It: COVID-19: How Can the Paycheck Protection Program (PPP) Help Me? Vincent hosted a Facebook Live Event on Wednesday, April 8th to answer any questions you may have as COVID-19 continues to affect our lives and the lives of our… Read More »
What should I consider before making a gift? – Intention of the gift
Before giving a gift to someone, think about what your intention is for the gift because there may be a better way to ensure your intentions while minimizing or eliminating any gift tax implications. Some transfers are not subject to the gift tax and therefore can be made for any amount. Here are some examples… Read More »
The Paycheck Protection Program: FAQs
The Paycheck Protection Program Frequently Asked Questions By: Vincent J. Russo Russo Law Group, PC (www.vjrussolaw.com) Dated: April 6, 2020 (update) There are so many small businesses desperately seeking information on how they can get assistance from the Federal Government. Please be aware that the federal government is still in the process of implementing… Read More »
COVID-19 Facebook Live Events Hosted by Vincent J. Russo
Essential COVID-19 FACEBOOK LIVE Event Hosted by Vincent J. Russo COVID-19: What You Need to Know and Do to Protect Your Family Vincent hosted a Facebook Live Event on Tuesday, March 31st to answer any questions you may have as COVID-19 continues to affect our lives and the lives of our loved ones. During… Read More »
