My House Is Owned By A Trust, Can I Still Take Advantage Of The Capital Gains Exclusion?

Recently I received a telephone call from a client looking to sell their home.  The home had been transferred to a trust years earlier and they wanted to know if they would qualify for the $250,000 (per resident owner) capital gains exclusion on the sale of their home. Generally speaking, the Internal Revenue Code provides,… Read More »

Trusts – Do I Need One?

Interested in Learning Trusts? We will be hosting free educational seminars entitled, Trusts—Do I Need One? During these seminars, we will be discussing why someone may need a trust and which trust, irrevocable or revocable, would fit their situation best. Join us: August 10th from 9:30 am – 11:30 am at Russo Law Group Bay Shore Office… Read More »

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 »