Articles Posted in Estate Planning

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A virtual touchscreen with probate option buttons.Imagine this…

After your death, your daughter is having serious financial struggles and the money you’ve bequeathed to her would pull her out of financial misery. It would help her to pay your funeral and other outstanding expenses.

But, because by law your estate must pass through probate, it will take several months before your daughter can receive the money you have left her.

In the meantime, a disgruntled step-son from a prior marriage decides to pursue a Will contest, claiming that the Will is not valid and that he deserves some money, too. He knows the amount of the estate because the probate process is a matter of public record.

You can imagine how the rest of the story goes and how, although you had an estate plan and the best intentions Continue reading

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Flintlock Pistols.I inherited what from Uncle George? What if I don’t want it?

You barely knew your uncle. When he dies, you learn that he named you his sole beneficiary in his Will and your children as his contingent beneficiaries. Sounds like good news, right?

Yes and no. Some of the things you stand to inherit you’d rather not have.

For example, Uncle George was a gun fancier. He had a large and valuable collection of hunting rifles that he used to hunt deer on his 200-acre farm in the Litchfield Hills. Hunting was never your thing.

Could you keep the farm and the rest of the estate and say “no thanks” to the guns? Or could you say no to everything?

The answer to both is yes. Continue reading

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Patience. Inspirational quote typed on an old typewriter.

By Linda Raineault

We keep hearing about delaying Social Security benefits. But we’ve waited years to tap into this pot!

Well, if you can be patient, you may discover that patience is more than just a virtue.

The good news is that medical science is extending our life expectancy in remarkable ways.  Today women who reach the age of 65 can expect to live to age 86 and men to age 84, according to the Social Security Administration. Continue reading

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what-next-1-924436-mWhen we get to a certain age, we sometimes experience what is jokingly referred to as a “senior moment.” We forget a name, miss an appointment or overlook a bill.

But if forgetfulness or confusion starts to seriously interfere with daily life, it’s time seek medical help. The symptoms could point to Alzheimer’s or another form of dementia.

What are the warning signs?

How can you tell if someone in your life is more than just a little forgetful and needs a medical evaluation? The Alzheimer’s Association lists these 10 early signs and symptoms of Alzheimer’s: Continue reading

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iStock_000013872578SmallSo someone, in his or her estate plan, has asked you to be their trustee. What does this mean? What are the responsibilities of a trustee?

A large part of the word “Trustee” is TRUST. If someone trusted you enough to choose you as the trustee of his or her property, it’s quite an honor. It’s also a big responsibility. What does a trustee do?

Maybe this is the first time you’ve ever been asked to administer a trust and you’re not sure what’s involved. If it’s a simple trust, your job could be finished in about six months, once the trust assets have been distributed to the beneficiaries. Continue reading

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Grunge Stempel rot PREPAIDYou have probably heard the phrase “spend down” – something you could do to reduce your assets which would help to qualify you for Medicaid.

A prepaid funeral contract is one of those items that are considered exempt. In other words, its value won’t be counted when the Department of Social Services is reviewing your total assets.

The standard amount allowed by the the state of Connecticut for a prepaid irrevocable funeral service contract is $10,000.

Continue reading

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iStock_000016746886Small-300x300Gifting money is a nice thing to do for a friend or family member, but—as the saying goes—no good deed goes unpunished. If you’re not careful, your gift could turn out to be subject to the federal gift tax of up to 40%.

In part one of this series, we covered the annual and lifetime exclusions as well as lifetime exclusion on the first $12.06 million of your estate. We also talked briefly about the Connecticut state gift tax—the only one in the country—and which kinds of gifts are exempt from the tax.

In this second part of the series, we’re going to look at which kinds of gifts are subject to the gift tax, including gifts to minors.

Continue reading

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By Carmine Perri

Litigator_cartoonIf you or your loved one is in a nursing home, you need to know your rights! Once you understand what they are, you can better stand up for them.

Just as you are protected in your own home by a set of laws, residents of nursing homes are protected by a Code of Federal Regulations. The “Code” ensures that residents’ right are promoted and protected.

Unfortunately, there are times when this does not happen. And when this is the case, you need to make your voice heard.

But first, you must know your rights. Take a look below at some key resident rights that are often challenged. And let us know if you think they are being violated, we can help you. Continue reading

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FeetArrowWhen you got married you hoped for the best, but unfortunately, things didn’t turn out the way you expected. Whether your divorce in Connecticut is final or you’re just beginning the process, it’s a good idea to take a hard look at your estate planning documents. Make sure they reflect your current wishes.

For example, in better times, you may have named your spouse as your power of attorney, Continue reading

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marlenes-front-porch-19562-mWhat is a waiver program, and what exactly is being waived?

Connecticut provides supports to eligible individuals in community-based settings through special programs called Connecticut Medicaid waivers. What’s being waived is institutional care in a nursing home, which most individuals and families would prefer to avoid.

Fortunately for Connecticut residents, there are 10 different waiver programs in the state, administered by the Department of Social Services. These programs provide a wide range of supports for seniors and individuals with disabilities. Continue reading

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