Most people have heard of income tax deductions, and there are income tax issues that involve married couples specifically. However, the term “marital deduction” has relevance within the estate planning community. It has nothing to do with income taxes in this context. What this refers to is the ability of a surviving spouse to inherit … [Read More]
Incapacity Planning in Connecticut: What Is a Living Will?
The process of estate planning should extend beyond the distribution of financial assets. Before you expire there may be an interim during which you are incapacitated. You may be unable to make and communicate your own decisions at that time. Is this a pleasant proposition to consider? Of course not, but it is a stark … [Read More]
Choosing a Medical Decision Maker
When you are planning your estate there are obviously financial considerations. You must decide who will be receiving inheritances, how much each individual will be getting, and how you will be getting the money into their hands. You have a number of different options, and the best way to proceed would be to discuss them … [Read More]
Intestate Succession Laws in Hartford: What Happens if I’m Single When I Die?
Many people put off [Read More]
Use Of Trusts Can Reduce Estate Tax Liability
The federal estate tax stands between your loved ones and their inheritances and it is something to take very seriously. There are those who are under the impression that the estate tax is only levied on the rich, but in reality many people who would not consider themselves to be wealthy are in fact exposed … [Read More]
Hartford Connecticut Incapacity Planning: What Is the Nomination of a Guardian?
Incapacity planning is an important part of a comprehensive estate plan. People often equate estate planning to the transfer of financial assets, but there is more to it than that. If you think about it logically, people do not ordinarily pass away while they are still fully capable. A significant percentage of individuals become unable … [Read More]
Trust Administration in Hartford CT: Can Someone Contest a Trust?
When you are drawing up your estate plan you should consider the possibility of someone stepping forward to challenge your wishes after you pass away. This is one of the reasons why you should be very forthcoming with your estate planning lawyer when you are putting a plan in place. If you leave out some … [Read More]
What Are the Alternatives for Managing Property When a Person Becomes Incapacitated?
Incapacity planning is an important part of your overall strategy for aging. If you look at it logically, for the most part people do not suddenly pass away without going through a period of ill health. This can often involve losing the ability to make sound personal, medical, and financial decisions. What are the alternatives … [Read More]
What Are the Differences Between Legacy Wealth Planning and Traditional Estate Planning?
If you are an individual who is in possession of an extraordinary store of wealth, you should look beyond traditional [Read More]
Ruling Handed Down in DOMA Case
In the United States we have a federal estate tax. There is however a $5.25 million lifetime exclusion. Only the portion of your estate that exceeds this figure is subject to the estate tax. This exclusion applies to assets that you pass along to people other than your spouse. We have an unlimited marital deduction. … [Read More]
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