Articles Posted in Estate Planning

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Who Blue cubes. Part of a series.

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 trust:

1. SSI, SSDI, Medicare, Medicaid… sound confusing? It can feel like alphabet soup to the uninitiated. Does the prospective trustee understand the differences between these public benefit programs and the rules that govern them? A trustee with limited understanding could unwittingly jeopardize a beneficiary’s eligibility.

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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 federal government’s gift tax works, you will understand the Connecticut gift tax, but just in case you don’t, the following is a brief overview.

What is a gift? 

A gift occurs whenever you transfer something to another person or certain trusts for less than the item’s fair market value. Continue reading

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AdobeStock_82245763-copy-300x200When 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?

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AdobeStock_13026636-3-300x205As 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 and creating a solution for a lasting legacy.

The truth is, developing good money management skills can take an entire lifetime.

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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 those things. Making things easier for your loved ones, is another. Take some time in the coming weeks to make sure your estate plan is done and that it’s current. Make it a point to get it done!

Why?

You may think once you’ve had it drafted that, like the old infomercial tagline, you can just “set it, and forget it.”

Wrong!

Even a plan that is only a few years old can be seriously outdated. Continue reading

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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 owners with an estate planning tool to plan for our pets’ care at our death or incapacity.

Since 2009, Connecticut has allowed pet owners to establish trusts for the sole purpose of caring for their pets. In layman’s terms, we call them Pet Trusts. Continue reading

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The words Power of Sharing on a white billboard, banner or outdoor sign to encourage you to give, share, donate or volunteer to help provide relief or assistance others in need
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 planned giving that defines specific gifts in your Will. But, you need to be diligent about how you structure a bequest if you want to ensure that your money and other gifts are used according to your wishes.

Types of bequests

• A bequest can be general (providing funds to help an organization with its general purposes) or specific (providing funds that are earmarked for a clearly defined use).

• They can be simple – the donation of a designated amount Continue reading

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SocialSecurityIf 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 you’ve never been married and you’ve accumulated at least 40 quarters working in jobs where federal employment tax (FICA) was deducted from your paycheck. When you reach your “full retirement age” (FRA) you will receive a benefit based upon the amount you paid into the system. If you begin receiving benefits before your FRA, you will permanently reduce your benefit.

But, for every year (starting with your FRA year) that you postpone the start of Social Security, you will Continue reading

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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 a cabin in the woods, a chalet on the mountain, or a cottage by the sea, a family vacation home is the getaway that brings everyone together – a place to make memories.

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“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 is to protect assets against the cost of long-term care.

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