When you are looking ahead toward the future you may start to think about your legacy. Indeed, there are a number of ways that you can proactively endeavor to have an influence even after you are gone. Charitable Giving One of the steps that you can take to preserve your legacy would be to set … [Read More]
When Do I Need a Special Needs Trust?
There are invariably going to be a number of different people on your inheritance list. Each person is in a unique situation. You should take this into account when you are planning your estate, because there is no one-size-fits-all approach. There are various different ways that you can arrange for assets to be transferred to … [Read More]
Should I Use My Unified Exclusion in Hartford Connecticut While I’m Living?
There is an estate tax in the United States, and there is also a gift tax. The two taxes are unified, so there is a unified exclusion. What Is the Unified Exclusion in Hartford Connecticut? The exclusion is also called a credit, and this is the amount of property that you can transfer to others … [Read More]
What Will Happen to My Property If I Die Without a Will or Trust?
Many people do not prioritize estate planning. They are busy with their day-to-day lives and they reason that they will have time to think about estate planning at some point in the future. In fact, surveys consistently find that most American adults don’t have an estate plan in place. This is particularly true among younger … [Read More]
Connecticut Estate Planning: What Is the Marital Deduction?
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]
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