People often resolve to take care of matters that they have been placing on the back burner when a new year comes along. Now that 2023 is underway, a lot of resolutions are being considered. From an estate planning perspective, two out of every three American adults are completely unprepared. This even extends to older people. According to studies, over half of folks that are 55 years of age and older do not have wills or trusts. Most unprepared people that responded to a Caring.com estate … [Read more...] about Make Estate Planning a New Year’s Resolution
Estate Planning
Shape Your Estate Plan to Suit Your Needs
A lot of people wonder why legal counsel is necessary when you are planning your estate. There are a number of different reasons, but there is one that stands above the rest: understanding your options. Asset transfers can be facilitated in different ways, and specific concerns can be addressed on a case-by-case basis. With this in mind, we will look at a few scenarios that can be addressed through the utilization of targeted estate planning approaches. Provide Motivation When you know you … [Read more...] about Shape Your Estate Plan to Suit Your Needs
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?
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?
What Can Good Estate Planning Do for You? (Part 2)
In our last post, we shared some of the things that good estate planning can do for you and your family. Since there are so many of them, we have to follow up with a second installment. Long-Term Care When you get good estate planning information from an attorney, you can avoid costly errors related to long-term care. Let’s look at the details. First, you can have an ideal asset transfer plan in place, but it won’t do much good if there is nothing to pass along to your loved ones. Even if … [Read more...] about What Can Good Estate Planning Do for You? (Part 2)
What Does the Executor of a Will Do?
The executor of a will is the individual that will handle the estate administration tasks. It is not a ceremonial role that you bestow upon someone as a sign of respect, and we will look at the details here. Selecting an Executor If you decide to record your final wishes with regard to asset transfers in a will, you can name an executor when you are drawing up the document. The will is going to be admitted to probate after your passing, which is a court supervised process. This court would … [Read more...] about What Does the Executor of a Will Do?
Guardianship and Conservatorship: Frequently Asked Questions
We find that clients sometimes have questions about guardianship and conservatorship. With this in mind, we will provide some clarity in this post, and this is an important elder law matter. What Is Child Guardianship? Caring.com has been conducting annual surveys to keep track of the estate planning preparedness of American adults. In 2022, two-thirds of respondents did not have estate plans in place. As you might expect, younger people are less prepared than their older counterparts. At … [Read more...] about Guardianship and Conservatorship: Frequently Asked Questions
What Are the Benefits of a Living Trust in CT?
The benefits of a living trust in CT are considerable, and we will take a look at the subject in this post. You may be surprised when you learn about the advantages that this very effective estate planning tool will provide. Total Control One of the misconceptions about trusts in general is the idea that you no longer have control of assets that you conveyed into a trust. To a large extent, this is true as it applies to irrevocable trusts. At the same time, if you create an irrevocable … [Read more...] about What Are the Benefits of a Living Trust in CT?
Overlapping Estate Planning Terms Can Be Confusing
People sometimes make assumptions about estate planning that are based on misunderstandings. There are many reasons for this, and terminology is one of them. Some of the terms that are often used sound similar, but in actuality, they are not synonymous. We will look at some of them in this post. Living Trust and Living Will Everyone knows that a simple will is a document that is used to express your choices with regard to the way your estate will be distributed after your passing. You make … [Read more...] about Overlapping Estate Planning Terms Can Be Confusing
