There are many ways a trustee of a special needs trust could cause harm to a beneficiary, however unintentionally. This is why many people choose to have a disability planning attorney take on this critical role. Here are 10 things to consider when deciding who should administer a special needs…
Do you have to pay tax on all gifts that you give? For the majority of Americans, the answer is a resounding NO! So, we all know that the federal government imposes a gift tax, but did you know that only Connecticut imposes a gift tax? Luckily, if you understand how the…
When you create a revocable trust, also known as a living trust, one major benefit is probate avoidance, meaning assets in your revocable trust can be distributed to your beneficiaries without going through probate. But, this begs a question we are often asked: What assets belong in a trust? Assets…
As parents, we all want what’s best for our children, but we also realize that they don’t always know what’s best for them. When considering how your financial assets will be distributed upon your death, assessing your children’s level of financial responsibility is a critical component of making effective choices…
Yes, 2020 was a year unlike any other. So many challenges. So much negativity. But if we slow down and really think about it, hopefully we can identify some good things learned. Hopefully, we can place a renewed focus on what’s truly important. Preparing for your future is one of…
Have you ever considered what happens to your pets if they outlive you? The Humane Society estimates that between 100,000 and 500,000 pets end up in shelters every year after their owners die or become incapacitated. Our pets provide us a lifetime of companionship, and Connecticut law provides us as pet…
It may be true what they say about not being able to “take it with you.” It’s also true that – with the right planning – your assets can continue to support the organizations and causes you care about. Charitable bequests help you extend the reach of your legacy through…
If you make the wrong choices about filing for Social Security, you may reduce your income for the rest of your life. Did you think that at a certain age, you just automatically file and receive a certain amount? That’s not always the case. Social Security is pretty straightforward if…
If you haven’t yet given thought to what will happen to your vacation home (or other real estate) once you’re gone, please read this! Mere ownership of real property can trigger not-so-pleasant things such as creditor claims, unnecessary probate, additional tax, and most importantly – ugly family disputes. Whether it’s…
“My friend put her house in her childrens’ names” … “my neighbor says I should put my son on my bank accounts.” “Should I?” That’s a question we are often asked. So often in fact that we can usually tell within minutes whether the main motivation is mere convenience, or…