What is “Divorce Monday”?
The first working Monday of the New Year is the day many couples decide it’s time to call it quits. January has become for divorce attorneys what April is to tax attorneys – the busiest month of the year.
By some reports, the volume of business for divorce attorneys increases by 25% practically over night beginning in January.
So why is January such a popular time to file for divorce?
Imagine yourself in this situation: As a favor, you agree to help your spouse’s parent get settled into a nursing home.
If you’re like most people, you’d be emotionally stressed and feeling a bit guilty. Not exactly the best mindset for absorbing complex information nor for making legally-binding decisions.
But that’s exactly what some nursing home admission coordinators encourage people to do when they ask them to sign an admissions agreement while they’re at the nursing home for the first time.
This often ends up being a painful mistake. If you don’t completely understand Continue reading
By Paul T. Czepiga
Connecticut residents are exposed to both a federal estate tax and a Connecticut estate tax if their net worth at death exceed a certain level.
Unfortunately, the net worth level at which these taxes apply, and how they apply, is different for the federal estate tax and for the Connecticut estate tax. (Watch Paul spell it out in this video.)
Here is a quick walk through of how these taxes work and the tension that is created by having two different thresholds:
The federal estate tax threshold is $11.18 million (it is indexed for inflation and will likely increase each year). This means that Continue reading
You did well financially, and when the time came to move to assisted living you never considered the possibility that you might run out of money.
But you didn’t expect to live this long! And now that you need more help, it’s even more expensive to live.
What do you do?
The State of Connecticut created the Private Assisted Living Pilot Program – available for up to 125 qualifying individuals in Connecticut who have spent down their assets as a result of living in private assisted living facilities. Continue reading
This is the first in a two-part series about the realities of and remedies for sibling rivalry over family inheritance. The 2nd part in the series “How to Keep the Kids from Fighting Over Their Inheritance” provides tips on how to avoid these kinds of conflicts.
“Mom always liked you best,” Tommy Smothers used to say. Those five words make up one of the most recognizable catch phrases of the inimitable Smothers Brothers. Coined in the early 1960s, it captures — in a humorous way — the rivalry that is an almost ubiquitous part of growing up with siblings.
Most of the time, such rivalries fade over the years, becoming fodder for family ribbing around the holiday table. But when the passing of a parent drives siblings into the unfamiliar territory of dealing with an inheritance, those rivalries can rear their ugly heads in unexpected and sometimes heartbreaking ways.
What happens to your spouse’s Social Security benefits if they die? Are you entitled to them as the surviving spouse?
In general, yes.
If your spouse who has passed had paid into Social Security long enough, you may be eligible to collect their benefits. These are known as Survivor Benefits.
Independent Living. Assisted Living. Nursing Home. What do these terms mean? How are they different from each other? And which one is right for you? Take a look here to learn what each one is all about.
Independent Living
Maybe you’re starting to think that a little more help would make life easier. You’re still living in the two-story house you raised your kids in. Maybe your spouse is gone, or maybe not, living is just getting to be too much.
Your daughter wonders aloud if you’d be happier in a retirement community where everything is Continue reading
It may seem odd to ask young parents to think about estate planning, but starting a family is actually the perfect reason to address some really important questions. After all, becoming a parent isn’t just about choosing names and picking out nursery colors. It’s about being wholly responsible for someone else—a child—for life.
While it’s difficult to even contemplate the unthinkable, it’s imperative that new parents plan for every possibility to ensure that their children are protected, cared for, and financially secure.
Since it may be a while since you traveled this road, here is an overview of the estate planning details young parents should address.
This is the second installment of a two-part series about the realities of and remedies for sibling rivalry over family inheritance. For more about what causes and complicates sibling rivalry, read Inheritance: The #1 Cause of Adult Sibling Rivalry.
In part one of this series, we learned just how prevalent and problematic sibling rivalry can be when it comes to dealing with issues of inheritance. Luckily, the secrets to avoiding these kinds of conflicts can be universally applied.
The Ameriprise research that indicated 70% of sibling conflicts arise over these kinds of issues also showed that — happily — 61% of siblings will attempt to talk through the issues. Unfortunately, Continue reading
Assets count when it comes to qualifying for Medicaid, but some assets related to your funeral expenses are excluded, and prepaying them is an acceptable way to spend down your assets to qualify for Medicaid, or Title XIX.
Specifically, here’s what the State of Connecticut allows:
You can prepay up to $10,000 for an irrevocable funeral trust, also called an irrevocable funeral contract. This covers basic service charges, funeral services, preparation of remains, vehicles, etc. Keep in mind that this type of contract cannot be canceled or cashed in. It can only be transferred to another licensed funeral home. Continue reading
Connecticut Estate Planning Attorneys Blog