The accumulation of wealth is a very good thing. However, from an estate planning perspective, it can present some added challenges depending on the extent of your resources. 2023 Connecticut State Estate Tax Exclusion There are 12 states in the union and have state-level estate taxes. As luck would have it, Connecticut is among the unfortunate dozen. That’s the bad news, but there is good news for most residents. This tax is only applicable on the portion of an estate that exceeds the … [Read more...] about Connecticut Estate Tax Exclusion Will Rise Next Year
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DIY Wills and the Many Problems That Ensue
In most cases, there is nothing wrong with doing things for yourself to save money. In addition, a lot of people simply enjoy DIY projects, and the financial part of the equation is irrelevant. However, there are endeavors that are not well suited to the do-it-yourselfers, and estate planning is one of them. Downloads and Worksheets There are many different websites out there that sell downloads and worksheets that can be used to create legal documents, including DIY wills. Is it possible to … [Read more...] about DIY Wills and the Many Problems That Ensue
Estate Planning and Vacation Homes
A vacation home can provide countless family memories over the years. When you start to envision your legacy, vacay property may be a part of it. In this post, we will provide some important information about estate planning and vacation homes. Do Your Children Really Want the Home? The thought of your children and their families enjoying quality time at the vacation home after you are gone may be heartwarming. At the same time, your children may have different ideas. For example, let’s say … [Read more...] about Estate Planning and Vacation Homes
What Are Advance Directives?
A properly constructed estate plan will take a holistic, 360 degree approach. Of course, you have to make sure that assets get into the hands of your loved ones in the appropriate manner. This is the part of the estate planning process that everyone understands in a general sense. At the same time, you should consider issues that you may face toward the end of your life when you may not be able to communicate. This is a difficult subject to consider, but you can maintain some control over the … [Read more...] about What Are Advance Directives?
Blended Families and Estate Planning: 4 Things You Should Know
Estate planning attorneys always give clients a heads up from the beginning. This is not a “one and done” process in most cases if you put a plan in place relatively early on. The only certainty in life is change, and evolving circumstances can trigger the need for estate plan updates. Changes in marital status certainly fit into this category. If you get married, you will have a different dynamic to address. Divorce fits into the same category, and remarriage after you have children is … [Read more...] about Blended Families and Estate Planning: 4 Things You Should Know
What Is the Medicaid Look Back Provision?
As elder law attorneys, we counsel clients that are concerned about legal and financial matters that they may face as seniors. Without question, long-term care is at the top of the list. Medicaid is relevant to this subject, and we will explain the Medicaid look back provision in this post. Long-Term Care and Medicare To understand why Medicaid should be on your radar, you have to digest some background information. It is natural to assume that Medicare would pay for a stay in a nursing home, … [Read more...] about What Is the Medicaid Look Back Provision?
What Documents Are in a Complete Estate Plan?
There is no universal, one-size-fits-all plan. At the same time, some of the documents in a complete estate plan are necessary for everyone. In this post, we will provide clarity that will help you cover all of your bases appropriately. Asset Transfers All estate plans will arrange for postmortem asset transfers. However, there are different documents that can be used to facilitate the distributions. A will is one option, but a trust of some kind will be a better choice for a wide range of … [Read more...] about What Documents Are in a Complete Estate Plan?
What Is a Totten Trust?
There are many different trusts used in the field of estate planning. We endeavor to provide explanations in some of our posts, and we will look at the Totten trust in this one. Payable on Death Account Back in 1904, there was a court case that was decided by the New York Court of Appeals called the Matter of Totten. Up until that time, you could not open up a bank account with a beneficiary that would inherit the account after your death. The court decided that there was no legal ground … [Read more...] about What Is a Totten Trust?
Do Trusts Pay Taxes on Capital Gains?
A lot of people have questions about how taxes can impact estates, including taxes on trusts. In this post, we will provide some clarity, with an emphasis on taxes on capital gains. Main Types of Trusts Trusts essentially fall under three main categories. A simple trust is the most commonly used type of trust, and the structure is the most basic. The income that is generated by assets in the trust is distributed to the beneficiaries, but the principal or corpus remains in the trust. Another … [Read more...] about Do Trusts Pay Taxes on Capital Gains?
How Do I Avoid Medicaid Estate Recovery in Connecticut?
A lot of people have questions about Medicaid estate recovery in Connecticut, and we are going to answer them in this post. When you fully understand the dynamic, you will recognize the need for nursing home asset protection. Long-Term Care In order to grasp the relevance of Medicaid for seniors, you have to digest some facts about living assistance. The United States Department of Health and Human Services tells us that 70 percent of seniors will need long-term care eventually. Over half … [Read more...] about How Do I Avoid Medicaid Estate Recovery in Connecticut?
