If you are wise, you will establish a will or trust when you are a relatively young adult. The plan will be tucked away somewhere for safekeeping, and it is out of sight and out of mind. Along the way, you may take certain actions without considering the implications in light of your existing plan. … [Read More]
Out of State Estate Taxes Can Impact Your Estate
There are 12 states in the union that have state-level estate taxes. In all of these states, there is a certain amount that can be transferred tax free. This is represented by the credit or exclusion, and the remainder would potentially be subject to taxation. Connecticut is one of these 12 states, but there is … [Read More]
When Will You Put an Estate Plan in Place?
As you go through life and the years pass, you may start to think about your legacy. This is a start, but at some point, you have to actually act on the matter. Of course, it will seem like you have time to put a plan in place later on, but when will that time … [Read More]
What Is Estate Planning?
When you plan your estate, you make conscious decisions about the way that your monetary assets will be transferred after you are gone. A lot of people think that estate planning boils down to the creation of a will, but there are other ways to transfer assets. Personalized Planning There are different approaches that can … [Read More]
An Overview of the Probate Process
The most common estate planning document is the simple will. If you express your final wishes in a will, the executor that you name would admit the document to probate after your death. This is a court supervised proceeding. During probate, creditors are notified about the decedent’s passing, and final debts are paid. The assets … [Read More]
2022 Caring.com Estate Planning Survey Yields Interesting Results
We have been following the annual Caring.com estate planning surveys that keep a finger on the pulse of preparedness. The 2022 survey has been completed, and the results have been released, so we will provide a rundown in this post. Consistent Percentages In 2021, there was a surge in the number of young adults between … [Read More]
Don’t Forget to Update Your Estate Plan
As soon as you have people relying on you, estate planning becomes an absolute must. Marriage is the first event that will enter the picture, and when you have children, you have to take your estate planning efforts to another level. Once your family is established and your plan reflects the dynamic, you may feel … [Read More]
Living Trust Administration Basics
A lot of people do not consider the possibility of using a trust because they make assumptions about the complexity level. In this post, we will share some basic information about living trust administration to demystify the process so you can make informed decisions. Ongoing Control While You Are Living One commonly held misconception about … [Read More]
Postmortem Asset Transfers: Explore Your Options
You should work with a licensed estate planning attorney to help you prepare your plan for a number of different reasons. One of them is the simple fact that there are many different ways to go about it, and the right choice will depend upon the circumstances. If you are not aware of all the … [Read More]
Will Medicare Cover Hospice Care?
When you are 65 years of age, you will qualify for Medicare coverage if you have sufficient retirement credits. You can earn a maximum of four credits each year when you are working and paying taxes, and you become eligible after you have 40 credits. If you are married and you do not have the … [Read More]
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