Contrary to popular belief, a Will or Last Will and Testament, isn’t always written in stone.
Quite frequently, disputes arise over the contents of a Will and the parties who are at odds must seek outside help to resolve the issues. Because there are often conflicts of interest around such disputes, it’s important for each party Continue reading
If you have custody of your minor child and your spouse is paying child support, chances are your spouse was required by court order to maintain a life insurance policy for the benefit of the child.
So what happens if your spouse dies and your child is the beneficiary of the policy?
Since most policies do not permit a minor to receive the funds, you want to be sure that the proceeds are protected for the children.
Custodial Account
Under the Uniform Transfers to Minor Act, a custodian, usually the surviving parent, can hold the funds for the benefit of the child. The account would be set up in your own name, followed by the words “as custodian for [child] under the Connecticut Uniform Transfers to Minors Act.” Continue reading
If we’re honest, most of us have spent some time in the last few weeks thinking about mortality—our own and that of our loved ones. It’s not surprising given the fact that we’re living through a pandemic that has caused unprecedented disruptions to our daily lives. We’re dealing with a lot of uncertainty, which can be scary.
Being prepared is one of the most effective ways to alleviate anxiety caused by uncertainty.
While none of us can hope to fully control the current situation, there are things each of us can do to help ensure that we have fewer things to worry about in case of dire emergency.
There is no perfect time to talk with your parents about their finances. No matter when you bring it up or how you broach the subject, it’s bound to be awkward for you—the adult child—and your parents. Be that as it may, having “The Money Talk” is a critical part of ensuring that everyone is prepared for whatever may come.
Right now, such conversations may seem almost inappropriate. The entire global population is dealing with the frightening and life-changing experience of living with a pandemic. Our minds are focused on day-to-day needs and the swiftly changing news, not long-term financial planning. On the other hand, the reality of the situation is drawing attention to places where we might want to ensure a little more certainty, including addressing big questions about estate planning and other money matters.
Why this is such an important conversation
We’re all home for the foreseeable future and many of us find we have a little extra time for projects. My sister is cleaning out her closets, my friend is painting her living room, my son is taking online guitar lessons.
If you have the urge to get something accomplished while quarantined, I have a challenge for you: review your estate plan.
Do you know right now, without looking, who your beneficiaries are in your Will, life insurance or 401K?
With good intentions and operating on the best information we have at the time, we make important estate planning decisions about who should receive our wealth when are no longer here.
Things can and will change in our lives, and when they do, make sure you adjust your estate plans and beneficiary designations accordingly. Continue reading
By Linda Raineault
Have you heard the sales pitch?
There are annuities available that contain provisions known as “nursing home income doublers” that can help you pay for the cost of a nursing home stay.
These provisions are found in annuity contracts that guarantee the purchaser an income stream for life by way of an income rider that is attached to the base contract.
The sales pitch sounds fantastic!
Many contracts are sold based on a premium bonus feature and guaranteed high annual interest rates that sound fabulous in today’s low interest rate environment.
Additionally, the owner can elect to start taking the guaranteed income stream for life at any time after the contract is purchased. Continue reading
Because of my practice area, probate and elder law litigation, I oftentimes find myself in either the courtroom or the hallway with a client fielding this all too common question:
“What could we have done to avoid all of this?”
You probably have an estate plan which means you have certainly taken a step in the right direction to protect your assets and ensure that they get distributed as you wish.
But you may be able to do more. Continue reading
If a trust is part of your estate plan, you should pay attention to a new Connecticut law that went into effect January 1st.
Chances are you would not be interested in reading the recently adopted Connecticut Uniform Trust Code (UTC), which is over 100 pages long! But there are provisions in this legislation that we feel you should be aware of.
Some of the changes provide you additional benefits of having a trust, and others may cause you to consider updating the trust you have in place.
The loss of a pet is heartbreaking. But have you thought about what happens to your pet, when you die?
Your pets depend on you, they are loyal to you. They know they can count on you. You can only imagine their sense of loss when you’re no longer in their lives.
The Humane Society estimates that between 100,000 and 500,000 pets end up in shelters
Connecticut Estate Planning Attorneys Blog
