• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Nirenstein, Horowitz & Associates P.C.

Estate Planning | Making a Difference One Family at a Time

An Estate Planning Law Firm
Making a Difference One Family at a Time

Call Now: (860) 548-1000

Attend a Complimentary Seminar
  • Facebook
  • Instagram
  • LinkedIn
  • Pinterest
  • RSS
  • Twitter
  • YouTube
  • Home
  • Our Firm
    • About Our Firm
    • Careers
    • Client Testimonials
    • Meet Our Team
  • Services
    • Asset Protection & Business Planning
    • Estate And Gift Tax Figures
    • Estate Planning
    • LGBTQ Estate Planning
    • Loss of a Loved One
    • Pet Planning
    • Powers of Attorney
    • SECURE Act
    • Special Needs Planning
    • Trust Administration and Probate
  • Elder Law
    • Alzheimer’s Disease
    • Caregiver Information
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
  • Resources
    • Complimentary Estate Planning Worksheet
    • Complimentary Medicaid/Long-Term Care Calculator
    • DocuBank
    • Elder Law Resources
      • Glastonbury Elder Law Resources
    • Estate Planning Articles
    • Estate Planning Checkup
    • Estate Planning Definitions
    • Estate Planning Presentations
    • Estate Planning Seminars
    • Estate Planning Techniques
    • Frequently Asked Questions
      • Asset Protection and Business Planning
      • Elder Law & Medicaid
      • Estate Administration
      • Estate and Gift Tax
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • Incapacity Planning
      • In-Home Elder Care
      • Irrevocable Trusts
      • LGBTQ Estate Planning
      • Living Trust
      • Medicaid Planning
      • Nursing Home Asset Protection FAQs
      • Probate
      • Probate Avoidance
      • SECURE Act 2.0
      • Trust Administration
      • Wills
    • Newsletters
    • Probate Resources
      • Probate Resources
    • Published Books
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
      • Trust Administration
  • Seminars
  • Communities We Serve
    • Fairfield County
      • Darien
      • Fairfield
      • Stamford
    • Hartford County
      • Avon
      • Hartford
      • Simsbury
      • West Hartford
    • Litchfield County
      • Watertown
    • Middlesex County
      • Middletown
      • Old Saybrook
    • New Haven County
      • Middlebury
      • New Haven
    • New London County
      • Groton
      • Old Lyme
      • Stonington
    • Tolland County
      • Mansfield
    • Windham County
      • Woodstock
  • REVIEW US
  • Blog
  • Contact Us
Home » Estate Planning » Shape Your Estate Plan to Suit Your Needs

Shape Your Estate Plan to Suit Your Needs

December 6, 2022 by Barry D. Horowitz, Estate Planning Attorney

estate plan A lot of people wonder why legal counsel is necessary when you are planning your estate. There are a number of different reasons, but there is one that stands above the rest: understanding your options. Asset transfers can be facilitated in different ways, and specific concerns can be addressed on a case-by-case basis.

With this in mind, we will look at a few scenarios that can be addressed through the utilization of targeted estate planning approaches.

Provide Motivation

When you know you have a significant trust fund from an early age, it could actually do more harm than good in some ways. Yes, there are people that are driven to achieve their full potential regardless of their underlying wealth. Others are not as motivated, and their development may actually be impeded by the dynamic on easy street.

Under the circumstances, you could establish an incentive trust. When you are drawing up the trust, you set terms that apply to the distributions. For example, a college-aged beneficiary can receive distributions for living expenses while they remain a student in good standing.

Tuition would be paid by the trustee as well, and there could be an added monetary incentive to attend graduate school. Subsequently, the trust could match the income that is brought in by the beneficiary when they are working. This is an example, but you can in fact attach strings to an inheritance.

Is it a good idea in all cases? That is something that you have to ask yourself, because resentment could set in. At the same time, this is an option that you have at your disposal.

Government Benefit Preservation

Let’s say that you have someone with a disability on your inheritance list. They are relying on Medicaid for health insurance, and they receive income through the Supplemental Security Income program. These are need-based benefits, so a windfall can cause a loss of eligibility.

As a response, you could make the person in question the beneficiary of a supplemental needs trust. The trustee that you name would be able to use assets in the trust to provide a wide range of goods and services for the beneficiary.

Since the trust would be the owner of the assets, benefit eligibility would not be negatively impacted. After the passing of the beneficiary, a secondary beneficiary that you name in the trust declaration would become the primary beneficiary.

Inheritance Protection

If you have children and you are getting remarried, you may have concerns about the inheritances that you intend to leave your children. How can you be sure that your new spouse will pass along the assets to the children if you die first?

This question is particularly profound if you are a person of means that is marrying someone that is quite a bit younger than you. In a situation like this, you can utilize a device called a qualified terminable interest property (QTIP) trust.

The way that it works is you fund the trust and designate a trustee. You name your spouse as the initial beneficiary, and your children would be the successor beneficiaries of the trust.

When you are choosing a trustee, you should consider the fact your spouse and your children may have competing interests. As a result, the trustee should be capable of handling a potentially delicate situation without the appearance of favoritism.

If you predecease your spouse, the trustee will distribute the trust’s earnings to your surviving spouse throughout their life. They could potentially receive portions of the principal if you include this stipulation in the trust declaration.

In addition, they could benefit from property that is technically owned by the trust. After their passing, your children would become the beneficiaries of the trust.

This can be a logical way to go. However, the vibe can be a bit uncomfortable when people are waiting for you to die to receive their inheritances. With this in mind, you could devise your plan in a way that provides your children with some of their inheritances immediately after your passing.

Let’s Get Started!

Today is the day to end the procrastination if you are going through life without a plan. You can schedule a consultation at our Westport or Glastonbury, CT estate planning offices if you call us at 860-548-1000. There is also a contact form on this site you can use to send us a message and you will receive a prompt response.

  • Author
  • Recent Posts
Barry D. Horowitz, Estate Planning Attorney
Barry D. Horowitz, Estate Planning Attorney
Founding Partner and President at Nirenstein, Horowitz & Associates PC
Barry D. Horowitz is a founding partner and president of the law firm of Nirenstein, Horowitz & Associates, P.C. He received his diploma from the Loomis Chaffee School and his Bachelor of Arts from Bennington College, where he dual majored in philosophy and music.

Mr. Horowitz was awarded his Juris Doctor degree with honors from the University of Connecticut School of Law. While attending law school, Mr. Horowitz received the American Jurisprudence Award in Legal Ethics and the Nathan Burkan Award.

After graduation from law school, Mr. Horowitz continued his legal education at New York University School of Law where he received a Post Doctorate Law Degree in Taxation. He has also recently received a national achievement award.

Mr. Horowitz is admitted to practice before all the state courts in the State of Connecticut and the United States District Court.

Mr. Horowitz was selected for Super Lawyers in 2021.
Barry D. Horowitz, Estate Planning Attorney
Latest posts by Barry D. Horowitz, Estate Planning Attorney (see all)
  • Understanding the Probate Process and How to Avoid It - September 28, 2023
  • Take Precautions to Protect Your Legacy - September 12, 2023
  • Regular Reviews and Updates of Your Estate Plan Are Essential - August 24, 2023
Share our Content:

Filed Under: Estate Planning Tagged With: incentive trust, QTIP trust, supplemental needs trust

Other Articles You May Find Useful

probate avoidance
Understanding the Probate Process and How to Avoid It
estate planning terms
Navigating the Labyrinth: Key Estate Planning Terms
estate planning for divorced women
Navigating Your Estate Plan: A Post-Divorce Guide for Women
legacy planning
Legacy Planning: You Can Make a Real Difference
529 college savings plan
The Gift of Education Can Be Part of Your Estate Plan
estate plan updates
Regular Reviews and Updates of Your Estate Plan Are Essential

Primary Sidebar

Nirenstein, Horowitz & Associates

Upcoming Seminars

Estate Planning Seminar

Date: October 17

Venue: Canton Community Center, 40 Dyer Avenue, Collinsville, CT, 06019, United States

Estate Planning Seminar

Date: October 18

Venue: Cheshire Public Library, 104 Main Street, Cheshire, CT, 06410, United States

See all Seminars

Follow Us

  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

TESTIMONIALS

Blog Subscription

Our blog gives you the most up-to-date estate planning news. Sign up today to receive our regular updates!

  • This field is for validation purposes and should be left unchanged.

WESTPORT OFFICE

8 Wright Street, Suite 107
Westport, CT 06880
Phone: (860) 548-1000
Fax: (860) 761-1070
preserveyourestate_sidbr_map

Somerset Square

200 Glastonbury Boulevard, Suite 202
Glastonbury, CT 06033-4418
Phone: (860) 548-1000
Fax: (860) 761-1070
preserveyourestate_sidbr1_map

Office Hours

Monday8:30 AM - 5:00 PM
Tuesday8:30 AM - 5:00 PM
Wednesday8:30 AM - 5:00 PM
Thursday8:30 AM - 5:00 PM
Friday8:30 AM - 5:00 PM

Footer

footer-logo
  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

The information on this website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. The information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

© 2023 American Academy of Estate Planning Attorneys, Inc.