The simple will is the most commonly used estate planning document. However, people sometimes settle for a will when a trust would actually be a better choice. In this post, we are going to share some things you should know about drawing up a will in Connecticut. After that, we’ll look at an alternative asset … [Read More]
Estate Planning: Is It Really Necessary?
Some people don’t understand why estate planning is a necessary process. They assume that everything takes care of itself when the time comes. You get to it when you are old and gray, you draw up a will, and that’s all there is to it. This is an extremely shortsighted perspective that can definitely yield … [Read More]
A Conversation About Small Business Asset Protection
We answer many of the same questions when we speak with clients, so we know what people are curious about. In this post, we will answer some frequently asked questions about small business asset protection from a legacy preservation perspective. Why is asset protection important for honest businesses? If you are starting a business and … [Read More]
Will the Connecticut Estate Tax Impact Your Estate?
Taxation is an important consideration when you are planning your estate, and the Connecticut estate tax is looming. Fortunately, there is a sizable exclusion, and we will provide all the important details in this post. Taxable Threshold The exclusion or credit is a dollar amount that can be transferred tax-free. Any portion of the estate … [Read More]
The Importance of Digital Estate Planning in the AI Age
As technology continues to evolve, the way we manage our personal and financial information has changed dramatically. With the rise of artificial intelligence (AI) and the increased use of digital assets, digital estate planning has become more important than ever. Many individuals have accumulated significant online assets, from cryptocurrency to social media accounts. Without a … [Read More]
Take Action During Estate Planning Awareness Month
October is recognized as Estate Planning Awareness Month. It serves as a reminder that it’s time to evaluate your estate plan or create one if you are unprepared. This observance is an opportunity to ensure that you have the proper arrangements in place to preserve your legacy. Procrastination Is Common Many people put off estate … [Read More]
Asset Protection and Succession Planning for Small Businesses
Estate planning involves the facilitation of postmortem asset transfers, but this is not the only consideration. Asset protection should also be a priority so you can preserve what you have earned. With this in mind, if you own a small business as a sole proprietor, your personal property would not be protected if the business … [Read More]
Millennials: Don’t Put Estate Planning on the Back Burner
The Millennial generation is comprised of people that were born between 1981 and 1996, so they are between 28 and 43 right now. Caring.com has been conducting annual surveys to measure the estate planning preparedness of American adults, and they break it down to age groups. The most recent survey that was released earlier this … [Read More]
5 Living Trust Benefits That Fly Under the Radar
A living trust is a very effective estate planning device that is known as a probate avoidance tool. Probate is a legal process that takes place under the supervision of a court, and it would be necessary if you use a will to transfer assets. Asset transfers that are facilitated through the terms of a … [Read More]
Why Would You Use a QDOT?
There are acronyms in the estate planning field that are used to shorten the names of legal terms, and one of them is “QDOT.” These letters stand for the qualified domestic trust, and we will explain why these trusts are used in this post. Federal Estate Tax In order to understand the reason why people … [Read More]
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