There are some overlapping terms used in the field of estate planning, and this can lead to misconceptions. With this in mind, we are going to look at the difference between a living will and a living trust in this post. Wills and Trusts for Asset Transfers Most people are aware of the fact that … [Read More]
College Savings Accounts Demystified
If you want to set aside assets for the college education of your child or grandchild, you have to navigate a maze of numbers and acronyms. It can be quite confusing, but we will demystify the subject in this post. Uniform Gifts to Minors Act (UGMA) Accounts The uniform Gifts to Minors Act is a … [Read More]
These Trusts Can Provide Estate Tax Efficiency
The estates of high-net-worth individuals can be heavily impacted by estate taxes. We are using the plural because there is a federal estate tax, and there is also a Connecticut state-level estate tax. Fortunately, there are steps that you can take to mitigate damage if your estate is exposed. Estate Tax Exclusions There is a … [Read More]
Will My Estate Go Through Probate?
The process of probate can be a factor when an estate is being administered. It serves a purpose, but it is time consuming, and the beneficiaries do not receive inheritances while the estate is being probated by the contact form on this site you can use if you would prefer to send us a message. [Read More]
Four Defined Steps You Can Take to Shape Your Estate Plan
Many people that do not have estate plans in place say that they know they should act, but they don’t know where to start. This is understandable when you are entering territory that is unfamiliar to you, and in this post, we will share four simple steps you can take to get started. Assess Your … [Read More]
What Is the 2022 Connecticut Estate Tax Exclusion?
The accumulation of wealth can give you a lot of freedom, and it is a satisfying feeling to accomplish your goals. Of course, taxation can be a source of concern if you are a high net worth individual. There are heavy taxes to pay during your lifetime, and it does not stop there. 2022 Connecticut … [Read More]
When Is a Trust Better Than a Will?
Far too many people assume that estate planning can be reduced to the creation of a simple will. Indeed, a will can facilitate asset transfers after you pass away, but in many cases, a trust of some kind will be a better choice. Estate Administration If you use a will to serve as an asset … [Read More]
Is Remarriage Raising Estate Plan Questions?
Divorce rates have been going down over the last few decades, but there are still plenty of marriages that do not withstand the test of time. Many of these folks get remarried, and Psychology Today has stated that the majority of second and third marriages do not succeed. This is the reality, and even though … [Read More]
Federal Estate Tax Exclusion Increased in 2022
When you are planning your estate, you have to be mindful of its value relative to the federal estate tax exclusion. This is an amount that can be transferred tax-free, and the remainder would be subject to the tax and it is 40 percent top rate. Each year, there are inflation adjustments, and they are … [Read More]
Answers to These Questions Will Shape Your Estate Plan
A lot of people that are fully aware of the importance of estate planning are unprepared because they don’t have a starting point. With this in mind, we will share some questions here. When you think about the answers, your estate plan will start to take shape. Are family members relying on your income? Even … [Read More]
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