We are going to address a question that is on the minds of some people that have a good grasp on federal transfer taxes. Before we drill down to it, we will provide some background information for those that do not fully understand taxes on inheritances. The Good News There is some surprisingly good news … [Read More]
The Simple Will: What You Need to Know
The simple will is the most commonly used estate planning document, but many people settle for wills unnecessarily. In this post, we will provide the basics in an effort to raise awareness so you can make informed decisions. Core Requirements A simple will can be executed by any adult that is of sound mind. In … [Read More]
Blended Family Estate Planning: Food for Thought
There are specialized approaches that can be taken to account for different estate planning circumstances that can present themselves. As estate planning attorneys, we have seen every possible scenario unfold, so we are aware of the mistakes that people make. We also know the best way to address any and all situations, and with this … [Read More]
Connecticut Estate Tax Exclusion Has Been Increased for 2021
For the most part, the news is good when it comes to taxes on inheritances. You do not have to claim a direct inheritance on your regular income tax returns, and this includes insurance policy proceeds. Inherited appreciated assets get a stepped-up basis. The person inheriting the asset is not responsible for gains that accumulated … [Read More]
Joint Tenancy: A Simple Solution That Can Go Awry
You sometimes hear bits and pieces of estate planning “advice” that is passed along by people that have good intentions, but they may not see the complete picture. This dynamic will often apply to probate and probate avoidance strategies. If you use a will to express your final wishes with regard to postmortem asset transfers, … [Read More]
A Trust Can Be Used to Satisfy These Three Objectives (Part 2)
In our last post, we looked at three different scenarios that can be addressed through the utilization of some type of trust, and we promised to provide a follow-up. Let’s look at three more objectives that a trust can effectively satisfy. Special Needs Planning A significant percentage of people with disabilities qualify for Medicaid and … [Read More]
A Trust Can Be Used to Satisfy These Three Objectives
There is a popular misconception that is embraced about trusts. A lot of people think that you would never consider using a trust unless you are a multimillionaire with a complex financial empire. In reality, there are a number of different types of trusts, and many of them are perfectly useful for people that do … [Read More]
Four Things You Should Know About Probate
A lot of people assume that a will is the simplest estate planning document, and assets get into the hands of the inheritors quickly when a will is utilized. In reality, this is simply not the case. If you create a will, you name an executor in the document to act as the administrator. This … [Read More]
Can I Get My Estate Plan Online?
We are conditioned to think that we can do just about anything on our own with some type of tool that we obtain online. This mentality extends into the estate planning realm, because there are websites that sell generic legal documents of all kinds, including simple wills and trusts. Why would people rely on these … [Read More]
Deceased Former Zappos CEO Tony Hsieh Had No Estate Plan
Tony Hsieh was staying in a house that was owned by a friend in New London when it caught fire on November 18. He suffered from smoke inhalation and burn injuries, and he passed away nine days later. He had a remarkable run as a businessman that started when he cofounded LinkExchange in 1996 when … [Read More]
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