A new estate tax proposal would lower the amount passing free from tax to $3.5 million and increase the rates of taxation. It would also eliminate some tried and true strategies for reducing estate taxation. Read on to learn more about this proposal and its prospects.New Estate Tax Proposal … [Read more...]
ABLE Accounts
An ABLE account is a great strategy for someone who became disabled by age 26. An ABLE account may be income tax-free. It has other unique benefits for a disabled person. Read on to learn more about the ABLE account and how it can help.ABLE Accounts … [Read more...]
What Are 529 Plans and What Are Their Advantages?
What are 529 plans? Can they be held in trusts? Read on to learn more about these plans and why to consider them.What Are 529 Plans and What Are Their Advantages? … [Read more...]
What are UGMA and UTMA Accounts?
What are UTMA and UGMA accounts? Are there better alternatives? Read on to learn more about these accounts, their drawbacks, and better alternatives.What are UGMA and UTMA Accounts? … [Read more...]
Why Should I Create an Advance Directive?
Over the course of a single day, you make hundreds of minor and major decisions relating to your own life. You are also accustomed to making health care related decisions for yourself and you probably assume you will always be able to make those decisions. The time may come, however, when you become incapacitated and are unable to make healthcare decisions for yourself. How can you ensure that your wishes will be honored if that happens? The Hartford estate planning attorneys at Nirenstein, … [Read more...]
Can I Be the Trustee of My Own Revocable Trust?
As your estate plan grows and expands, you will incorporate a variety of estate planning tools and strategies into that plan. One of the most common of those is a trust. If you do decide to add a trust to your estate plan, you will need to appoint a Trustee for that trust. Can you appoint yourself to be the Trustee of your Westport revocable trust? What You Need to Know about Trusts A trust is a fiduciary arrangement that allows a third party, referred to as a Trustee, to hold assets on behalf … [Read more...]
Estate Planning Advice for LGBT Couples
Every adult should have at least a basic estate plan in place. For members of the LGBT community, both the need for comprehensive estate planning, and the benefits derived from that plan, are increased. Understanding why estate planning is so important for LGBT couples may help encourage you to get started on your plan or schedule a review if you already have a basic plan in place. The Road to Equality The road to equality has certainly been a long and bumpy one for LGBT couples. Not long … [Read more...]
Do You Need to Go Through Probate If There Is a Will?
If someone close to you recently passed away, you are undoubtedly going through the grieving process that follows a loss. The last thing you may want to focus on is the need to administer the decedent’s estate. If it appears that you are the logical person to do so, however, you will need to devote some of your time and energy to the process. If the decedent died intestate, or without a Last Will and Testament, you may be wondering if the estate is required to go through probate. As you will … [Read more...]
State Income Taxation
States are all over the board in their taxation of income. Some tax at a low rate, some tax at a high rate, and some don’t tax at all. Read on to learn more about state income taxation and how you could avoid it.State Income Taxation … [Read more...]
State Income Taxation of Nongrantor Trusts
States are all over the board in their taxation of income. This is doubly true when it comes to the taxation of nongrantor trusts. By using nongrantor trusts, you could avoid the state income taxation of property in that trust. Read on to learn more.State Income Taxation of Nongrantor Trusts … [Read more...]
