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 »

What are Letters Testamentary?

Sometimes when a loved one passes away, an individual who believes he or she inherited assets from the decedent will be told at a bank or financial institution that they will need “Letters Testamentary” in order to collect those assets. The question most people have at that point is “What are Letters Testamentary?”   Letters… Read More »

Does Medicaid Pay for Assisted Living?

Generally, the answer to this question is “No”. However, Medicaid does have a program, aptly named the “Assisted Living Program” (or “ALP”) that does provide Medicaid coverage for an assisted living.  There are a number of facilities in New York, and about a half-dozen or so on Long Island, in the ALP program. Most assisted… Read More »

June is Men’s Health Month

With Father’s Day quickly approaching, I am reminded (not that I need to be) that although I will be celebrating as the proud father of four great kids, my own father is no longer with us.  It’s hard to believe that this will be my 6th Father’s Day without my dad. June not only contains… 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 »

Casual For The Cause

Russo Law Group’s staff is proud to support Casual For The Cause Long Island’s Biggest Dress-Down Day Is Happening Wednesday, May 22, 2019 HR Executives of Long Island: Long Island Cares needs your help to raise $50,000 in one day for Long Islanders in need!  All you have to do is get your favorite pair of shorts out of the… Read More »