Surviving the SECURE Act – Beneficiary designations

Prior to the SECURE Act, it was always important to ensure that a qualifying beneficiary designation was made to IRAs and other qualified retirement accounts. This could be an individual or a trust with the appropriate provisions that would allow the qualified retirement account to extend the tax-deferred benefits of the retirement account (commonly referred… Read More »

Q & A with Vincent J. Russo On Hilary’s New York Lifestyle Blog

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 difference between Medicaid and Medicare?, and What is the difference between Assisted Living and Indepentd… 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 »

Why a “Retirement Trust” is So Important

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 the future. However, many of our clients are concerned about how their retirement accounts are… Read More »

Does Your Spouse Share Your Goals for Retirement?

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 when you’ll both retire can cause serious financial and marital problems. In a 2015 fidelity… Read More »

Benefits of the IRA Trust aka “Retirement Trust”

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… Read More »

What Will Happen to My Business if I Die? Part 1

When someone owns a business and they pass away, the business does not just stop automatically—even if they are the top partner or sole proprietor. There are still employees who need to be paid, products that need to be sold, orders that need to be fulfilled, and vendors and other obligations that must be paid… Read More »

What is the Difference Between Revocable and Irrevocable Trusts?

A trust is established by people looking to maintain control of their assets while avoiding the probate process, which is the process by which a family takes the decedent’s will to court. As part of probate, the court reviews the estate and then gives authority to distribute the decedent’s assets.