Receiving an inheritance might sound like a financial windfall, but it is not always welcome. You might feel uncomfortable accepting certain assets, or you may worry that taking the inheritance could cause financial or personal complications. In Connecticut, you have the legal right to refuse an inheritance if you choose. This process is known as … [Read More]
What Are Contingent Beneficiaries and Why Do I Need Them?
When you name a beneficiary, you’re making a deliberate choice. You’ve thought about who matters to you, and you’ve put that in writing. What most people don’t think about is the follow-up question: what happens to that gift if your beneficiary dies before you do? The answer depends on whether you planned for it. If … [Read More]
What Is Estate Tax Exclusion Portability?
Estate tax exclusion portability is a provision in federal tax law. It allows a surviving spouse to inherit any unused portion of their deceased spouse’s federal estate tax exclusion. This feature provides significant benefits for married couples, offering flexibility and substantial tax savings when transferring wealth. However, understanding the details and limitations, especially in states … [Read More]
The Roman Blum Case: Why You Need to Know About Escheat Laws
Imagine building tens of millions of dollars in wealth and leaving no instructions about who should inherit it. That’s exactly what happened in the case of Roman Blum, a Holocaust survivor and successful real estate developer from New York. When Blum passed away in 2012, he left behind an estate worth approximately $40 million. Surprisingly, … [Read More]
What Are the Drawbacks of Probate?
Probate is the legal process through which a deceased person’s estate is settled. While it serves a purpose, probate comes with significant drawbacks that can create challenges for your loved ones. This blog will explore the drawbacks of probate and explain how creating a living trust can help you sidestep these complications. The Key Drawbacks … [Read More]
What Is a Testamentary Trust and When Does It Make Sense?
A testamentary trust is a trust you establish through your will, one that does not take effect until after you die. It is not the most sophisticated estate planning tool available, and for many families a funded revocable living trust is the better choice. For a specific group of people, however, a testamentary trust is … [Read More]
Digital Estate Planning in the AI Age: Key Considerations
Most people think of estate planning as a process that accounts for houses, bank accounts, retirement funds, and personal property. The financial and legal picture has always been more complicated than that, but it has never been more complicated than it is right now. Artificial intelligence tools, cloud-based accounts, cryptocurrency, and monetized digital content have … [Read More]
How to Avoid Adult Guardianship Through Proper Planning
No one expects to lose the ability to make decisions for themselves. But illness, injury, and cognitive decline can happen at any age. When they do, and no plan is in place, a court may step in to appoint a guardian to manage your affairs. Understanding how to avoid adult guardianship is one of the … [Read More]
$500 Million and No Will: Zappos Founder Tony Hsieh’s Estate Battle Resumes
Tony Hsieh built one of the most celebrated companies in American business history. He sold Zappos to Amazon for $1.2 billion. He poured $350 million of his own money into revitalizing downtown Las Vegas. He was, by any measure, a man who thought big. He never wrote a will. When Hsieh died in November 2020 … [Read More]
Will My Children Pay Capital Gains Taxes on Their Inheritances?
You may be wondering whether your children will owe capital gains taxes on the assets they inherit. The good news is that most inherited assets receive a step-up in basis, which will typically eliminate liability. However, other tax considerations may still come into play. Understanding how taxes affect inheritances can help you structure your estate … [Read More]
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