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]
What Is HIPAA?
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]
( By appointment only )