Your estate plan should go beyond the purely financial part of the equation. Yes, you have to express your final wishes with regard to postmortem asset transfers, but end-of-life issues should be addressed as well. We are going to look at the implications of the Health Insurance Portability and Accountability Act (HIPAA) here, but before … [Read More]
Top 5 Reasons to Use a Living Trust
A lot of people think that estate planning boils down to the creation of a simple will. You can go that route, but there are actually some good reasons to utilize a living trust as the centerpiece of your estate plan. Let’s look at five compelling reasons to use a living trust to facilitate asset … [Read More]
Four Frequently Overlooked Estate Plan Details
Estate planning is sometimes misunderstood. Yes, a will or trust is necessary to facilitate asset transfers, but there are other considerations. With this in mind, let’s look at four estate plan details that are often overlooked. Letter of Last Instructions Stating your intentions in writing is one thing, but you should also consider the situation … [Read More]
Is My Home Part of My Taxable Estate?
We are going to cover the matter of real property as part of your taxable estate in this post. In order to get there, we have to provide a general overview about taxes on inheritances, so we will start there and proceed to the question of property ownership. Income Taxes on Inheritances Generally speaking, inheritances … [Read More]
Can You Give Lifetime Gifts to Avoid Estate Taxes?
Estate taxes can enter the picture when assets are being transferred after you pass away. There is a federal estate tax, and here in Connecticut where we practice, there is a state-level estate tax. Let’s look at the parameters and explore the possibility of giving gifts to avoid estate taxes. Federal Estate Tax Overview The … [Read More]
Don’t Take Chances With Iffy Probate Avoidance Solutions
Probate avoidance is a common goal in estate planning. With this in mind, many people turn to so-called “simple solutions” like payable on death (POD) accounts and joint tenancy. While these methods can bypass probate, they come with significant drawbacks and limitations. This blog will explore these issues and point you toward an estate planning … [Read More]
These Irrevocable Trusts Provide Estate Tax Efficiency
High-net-worth individuals often face significant estate tax challenges. Both federal and state estate taxes can heavily impact estates. Fortunately, there are strategies, including various trusts, that can help mitigate these tax burdens. Here, we’ll explore how different irrevocable trusts can provide estate tax efficiency. Estate Tax Exclusions Estate tax exclusions are a crucial aspect of … [Read More]
Five Key Estate Planning Insights
Estate planning often seems straightforward: write a will and you are done. That’s all there is to it. However, the reality is much more complex. There are various elements to consider to ensure your wishes are honored, and your loved ones are protected. Here, we’ll delve into five key estate planning insights that can help … [Read More]
DIY Estate Planning: What Could Go Wrong?
Many people opt for DIY estate planning to save on costs and time. While this approach can seem straightforward, it comes with several risks. Understanding these potential pitfalls can help you make an informed decision about whether to handle your estate planning alone or seek professional assistance. Lack of Legal Knowledge One of the biggest … [Read More]
Estate Planning for High-Net-Worth Connecticut Residents
Financial success is the name of the game for many people, and it provides significant freedom and long-term peace of mind. At the same time, estate taxes can enter the picture when you have accumulated a good bit of wealth. With this in mind, we will look at estate planning for high-net-worth Connecticut residents in … [Read More]
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