For most people setting up a revocable living trust in Connecticut, serving as your own trustee is the standard approach, not the exception. You create the trust, transfer your assets into it, and continue managing everything exactly as you did before. The trust holds legal title to your property; you remain in control of every … [Read More]
What Are UGMA and UTMA Accounts?
UGMA and UTMA accounts are two types of custodial accounts that parents or grandparents can open for their children or grandchildren. These accounts allow for asset transfers to children while still retaining control over the account until the child reaches a certain age. However, there are some key differences between UGMA and UTMA accounts that … [Read More]
Beyond the Simple Will: Strategic Asset Transfer Methods for Complex Estates
Many people start their estate plan with a simple will. That makes sense. A will feels familiar, direct, and easy to understand. However, as your assets grow or your family situation becomes more layered, a basic will often stops being enough. At that point, the real question is not whether you have a will, but … [Read More]
Do I Report an Inheritance to the IRS?
When you receive an inheritance, you might wonder about your obligations to the IRS. Taxes can be confusing, and understanding your responsibilities ensures you stay compliant. Below, we’ll explore what you need to know about reporting an inheritance. Understanding How Inheritances Are Taxed An inheritance itself is not considered taxable income by the IRS. If … [Read More]
Can a Trustee Change the Terms of a Trust?
If you’ve been named a trustee, you may be wondering how much authority you actually have. Managing assets, making distributions, filing tax returns — those responsibilities come with the role. But what about the trust document itself? Can a trustee change the terms of a trust if circumstances shift, if a beneficiary’s needs evolve, or … [Read More]
Can I Still Live in My House If It’s in a Trust?
You may hesitate to place your home into a trust because you worry about losing control. The question is simple and reasonable: Can I still live in my house if it’s in a trust? In most estate planning situations, the answer is yes. You can continue living in your home even after it is transferred … [Read More]
Medicaid Planning Myths In Connecticut That Cost Families Money
Medicaid planning in Connecticut is full of half-truths, outdated advice, and well-meaning recommendations from people who are absolutely confident and only occasionally correct. The result is that families wait too long, make avoidable mistakes, or assume Medicaid will work like a simple application when it is actually a rules-based eligibility system with serious financial consequences. … [Read More]
Life Insurance and Trusts: Building a Safety Net for Children
When you have young children, one of your greatest responsibilities is making sure they are cared for if you are no longer here. Estate planning may not be at the top of your list, but it should be. A key part of that plan is creating a financial safety net for your children. Life insurance … [Read More]
How Does a Special Needs Trust Work?
Families who support a loved one with a disability often face difficult questions about the future. They want to provide financial security, but they also want to protect access to important public benefits. A special needs trust is one of the most effective tools for meeting both goals. It allows you to set aside money … [Read More]
5 Things You Need to Know About Creating a Will in Connecticut
Most people think estate planning equals creating a will. If you are not extremely wealthy, that assumption feels reasonable. Creating a will in Connecticut sounds like the responsible, common-sense step that covers the basics. The problem is that a will is only one method of transferring assets, and it comes with built-in limitations that are … [Read More]
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