Probate, Estates & Trusts Archives | Russo Law Group, P.C.

I am Getting a Settlement…What do I need to know if I am on other benefits?

It is so very important to understand the benefits that you are receiving prior to actually collecting the funds that you may be entitled to from a settlement. Benefits The following is a sample of some of the benefits that you may be receiving: Supplemental Security Income (SSI) Social Security Disability Income (SSDI) Medicaid market… Read More »

Surviving the SECURE Act – Charitable Remainder Trusts

A Charitable Remainder Trust (CRT) is an irrevocable trust that allows a person to donate money to a charity while generating an income for either the donor or other beneficiaries with the remainder of the donated assets going to a charity or charities upon the death of the beneficiary(ies) or end of a stated term…. Read More »

Changes to New York’s Small Estates Law

The Senate Bill S4951A effectively amended Surrogate’s Court Procedure Act (SCPA) § 1301 to increase the gross value of a “small estate” to $50,000. This change applies to actions and proceedings commenced on or after November 25, 2019, regardless of when the decedent passed away. SCPA § 1301 Prior to this change, SCPA § 1301… Read More »

How Do I Protect My House from the Nursing Home?

Yesterday I spoke to Jill, whose mom and dad have been talking to their friends. They have mentioned to Jill that they are getting nervous that they need to do some Estate Planning. They know that many of their friends have established a “trust”, but do they really need to do that since all they… Read More »

How Do I Leave Assets to My Children in a Protective Way?

Very often I hear from parents that they worked really hard for their assets and they would like to leave those assets to their children. Unfortunately, they tend to believe that the best way to transfer those assets to children is through their Last Will and Testament. Last Will and Testament A Last Will and… Read More »

Five Reasons to Avoid an Online Will

Oftentimes people are drawn to the ease of creating an online Will versus seeking the guidance of a qualified elder law attorney. But, before you go online, consider these five reasons why online Wills aren’t your best option. Proper Execution Wills are formal documents and the execution of a Will is a serious and formal… Read More »

Why Is Funding Your Trust So Important?

Funding your Trust is critical to having a successful outcome to your estate plan. Goals of a Trust When an individual implements their estate plan, they usually have one or more goals they are looking to accomplish. For example, a common goal for establishing a Revocable Trust is to avoiding probate. This can be for… Read More »

How Are Inherited Assets Taxed When Sold?

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 »

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 »

Burial Place Wishes

Archbishop Sheen was known for his evangelism, radio broadcasts, and television show “Life is Worth Living”, which aired nationwide in the 1950s. For the last several years, Catholic dioceses have been at odds as to where his mortal remains should be interred. His remains have been interred in a crypt in Saint Patrick’s Cathedral since… Read More »

Can a Holographic Will be Admitted to Probate?

When the “Queen of Soul”, Aretha Franklin, passed away in August 2018, her four sons filed paperwork with the Oakland County Probate Court in Michigan indicating that she passed away without a will. Ms. Franklin’s sons nominated her niece to serve as the fiduciary of her estate. Passing Away Without a Will When a person… Read More »

How Can I Locate Life Insurance Policies and Annuity Contracts Owned by My Deceased Loved One?

If you have diligently searched through your deceased loved one’s financial records, tax returns, personal possessions, and safe deposit boxes, and you still cannot identify and locate your decease loved ones’ life insurance policies and annuity contracts, the National Association of Insurance Commissioners (NAIC) may be able to assist you. Search Request Form As a… Read More »

On Air with Marie Elena Puma

The Probate Process – What You Need To Know Marie Elena Puma joined Hilary Topper on her talk show, Hilary Topper on Air. During this show, Marie Elena discusses Frequently Asked Questions on Probate. Here are some of the questions she addresses during the show: What is Probate? When is Probate required? How to select an… Read More »

Multiple Executors – Who Gets the Commission?

In New York, an executor is entitled to commissions for the services that he or she provided on behalf of the estate. It is important to review the terms of the decedent’s Will to see if there are any provisions regarding how the executor should be compensated. If there are no provisions regarding the executor’s… Read More »

UTMA (Unified Gift to Minors Act) Custodian Accounts – Protect Your Children From Their Money

A child’s very first account is likely a custodial account established at a bank, brokerage firm or with a mutual fund company. The goal is to provide for life milestones of the minor such as college or homeownership. Although the Unified Transfer to Minors Act (“UTMA”) provides an inexpensive and expedient arrangement for accumulating wealth… Read More »

Posts Categorized: Probate, Estates & Trusts