Incapacity planning is an important part of any comprehensive estate plan. Advance directives are frequently used as part of an incapacity plan. If you executed a Living Will as part of your incapacity plan, it might be time to update it. Toward that end, a Westport estate planning attorney at Nirenstein, Horowitz & Associates, P.C. explains when you should consider updating your Living Will. What Is an Advance Directive? An advance directive is a legal document that allow you … [Read more...] about When to Update Your Living Will
Wills and Trusts
A trust is often used in lieu of, or in addition to, a Last Will and Testament to distribute assets to beneficiaries within an estate plan. If you are a beneficiary of a trust, you are dependent on the Trustee to administer the trust properly in accordance with the terms as set forth in the trust agreement. Most of the time, the beneficiaries of a trust receive their distributions as planned without any serious problems; however, it is possible for problems to occur during the administration of … [Read more...] about I Am a Trust Beneficiary. Do I Have Rights?
When you became a parent, the need for a more complex and inclusive estate plan undoubtedly became clear. If you became the parent of a child with special needs, estate planning should have taken on an even higher level of importance. One of the most common tools that parents of special needs children use when planning for the future is a Special Needs Trust. If you are contemplating the addition of a SNT in your estate plan, you need to know what you can, and cannot purchase using the trust … [Read more...] about Can a Home Be Purchased with a Special Needs Trust?
Creating a successful estate plan requires you to do more than just decide how your estate will be divided after you are gone. It also requires you to contemplate ways to protect your estate assets wile you are alive so they are available to be passed on after your death. One potential threat that all taxpayers should be aware of is the potential impact that federal gift and estate taxes might have on their estate. A Hartford trust attorney at Nirenstein, Horowitz & Associates, P.C. explains … [Read more...] about Is a Grantor Retained Income Trust Right for Your Estate Plan?
For most people, a Last Will and Testament serves as the foundation of their estate plan. It is typically the first estate planning document to be created and may be the only document within an estate plan for many years. One of the primary reasons for executing a Will is to ensure that your estate assets are distributed pursuant to your wishes when you are gone. A Will contest, however, could threaten those wishes. The Glastonbury estate planning attorneys at Nirenstein, Horowitz & … [Read more...] about Steps You Can Take to Help Prevent a Will Contest
When a loved one passes away, it can be difficult to accept the loss. Sometimes, the grieving process is made even more difficult as a result of concerns surrounding the decedent’s state of mind at the time he/she executed a Last Will and Testament. When that happens, it adds uncertainty and confusion to your already heightened emotions. If you are worried, how do you prove that your loved one did not have the requisite testamentary capacity to execute his/her Will? You will need to contest the … [Read more...] about How Do I Prove Lack of Testamentary Capacity in a Will Contest?
While a Last Will and Testament remains the most commonly used estate planning tool, a trust is not far behind in terms of popularity. Trusts are frequently included in a comprehensive estate plan for a wide variety of reasons, including the fact that a trust can help your estate avoid probate. Can a trust help avoid challenges to your estate though? The Westport trust attorneys at Nirenstein, Horowitz & Associates, P.C. discuss the possibility of contesting a trust. Trust Basics A trust … [Read more...] about Can a Trust Be Contested?
To create a successful estate plan, you must first consider your unique needs and goals. For example, if you are part of a blended family, your needs and goals will likely not be the same as they were during your first marriage. Now, you may be trying to provide for your current spouse while simultaneously protecting assets that are meant for your children from a previous marriage. One common estate planning tool that is used to accomplish both of those goals is a specialized type of trust known … [Read more...] about What Is the Purpose of a QTIP Trust?
Finding out that someone appointed you to be the Trustee of a trust can be an overwhelming experience – particularly if you have never before served as a Trustee. The creator of trust had enough faith in you to appoint you to the position of Trustee. To help ensure that you live up to those expectations, the Glastonbury trust attorneys at Nirenstein, Horowitz & Associates, P.C. offer some tips for the first-time Trustee. What a Trustee Needs to Know about Trusts Before discussing your role … [Read more...] about Tips for the First-Time Trustee
You probably already know that a Last Will and Testament is typically the first estate planning document people execute when creating an estate plan. You also likely have a fairly good idea what a Will is and what purpose it serves within your estate plan. What you may not know, however, is that not all Wills are the same. In fact, there are several different types of Wills from which to choose when creating your estate plan. Knowing which one is right for you is the key to getting your estate … [Read more...] about What Type of Will Do I Need?