• 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 » A Conversation With an Estate Planning Lawyer

A Conversation With an Estate Planning Lawyer

March 25, 2021 by Jeffrey A. Nirenstein, Estate Planning Attorney

estate planning attorneyIf you were to have an informal conversation with an estate planning lawyer, you would learn a lot in a short period of time. With this in mind, we are going to share a hypothetical conversation between a curious layperson and an estate planning attorney.

When should you start to think about developing an estate plan?

A lot of people think you can wait until you are a senior citizen for a couple of different reasons. One of them is the simple fact that they don’t like to think about their mortality.

The other reason is more practical. When you are at or near retirement age, you will probably have a better idea of exactly what you will have to pass along to your children.

This is a reasonable line of thinking, but in fact, you should have an estate plan in place as soon as you are a self-supporting adult. It becomes especially important when you have a partner that is depending on you, and it is an absolute must for parents.

You should recognize the fact that the estate plan will require updates along the way as your life situation changes. Your initial plan is just a first prudent step to make sure that you have all of your bases covered for the time being.

A simple will is all you need unless you are very wealthy, correct?

This is actually a commonly held misconception that stems from a kernel of truth. Yes, there are trusts that are used by high net worth individuals that have estate tax concerns.

At the same time, there are other types of trusts that can be very useful for a wide range of different people that are not extraordinarily wealthy.

What are some of the reasons why you might use a trust instead of a will?

If you use a will, it would be admitted to probate, and the probate court would supervise during the administration process. No inheritances are distributed until the estate has been probated by the court, and it will usually eight months or more for probate to run its course.

Probate expenses consume a relatively significant portion of the estate, and anyone that wants to access probate records can find out what transpired.

These hassles can be avoided if you use a revocable living trust instead of a will. If you go this route, the trustee that you name in the document would distribute assets to the beneficiaries outside of probate.

A living trust can be used to protect assets from the beneficiary’s creditors if this is a source of concern. You would also have the ability to spread out the distributions over time to make sure that the beneficiary does not spend their inheritance too quickly.

These are a few of the reasons why a trust can be a better choice than a will, but there are many others.

Would assets in a revocable living trust count if you apply for Medicaid?

The answer is yes, because you would retain the ability to revoke the trust, and you would act as the trustee while you are living. Since you would have total control, the assets would count if you apply for Medicaid.

They would also be part of your estate for estate tax purposes, and they would not be protected from creditors or other litigants seeking redress.

In addition to revocable trusts, there are also trusts that cannot be revoked. These are the trusts that are used by people that want to qualify for Medicaid or reduce their estate tax exposure.

Are there any steps that should be taken that fly under the radar?

A well-constructed estate plan will account for incapacity, and advance directives for health care are part of this equation. You can state your life support preferences in a living will, and you can add your organ and tissue donation choices.

The plan should include a durable power of attorney for health care as well. This document is used to name a representative that would make medical decisions on your behalf if it ever becomes necessary. These would be matters that are not specifically related to life support.

A HIPAA release is a document that you should sign to give the agent the ability to speak freely with your physicians. If this release is not in place, the Health Insurance Portability and Accountability Act would prevent doctors from sharing information about your condition.

Schedule a Consultation Today!

If you are ready to have a real life conversation with an estate planning attorney, we are here to help. You can send us a message to request a consultation appointment, we can be reached by phone at 860-548-1000.

  • Author
  • Recent Posts
Jeffrey A. Nirenstein, Estate Planning Attorney
Jeffrey A. Nirenstein, Estate Planning Attorney
Founding Partner and Vice President at Nirenstein, Horowitz & Associates PC
Jeffrey A. Nirenstein is a founding partner and vice president of the law firm of Nirenstein, Horowitz & Associates, P.C. He received his bachelor of arts degree in government from Clark University and his law degree from New York Law School.

Mr. Nirenstein is licensed to practice before the courts of the State of Connecticut and the United States District Court. He is a member of the Connecticut and Hartford County Bar Associations, and the Estate and Probate, Elder Law, Business Law and Real Estate Sections of the Connecticut Bar Association.
Jeffrey A. Nirenstein, Estate Planning Attorney
Latest posts by Jeffrey A. Nirenstein, Estate Planning Attorney (see all)
  • Exploring the Tax Benefits of Charitable Trusts - September 14, 2023
  • The Ripple Effect of Dying Without a Will or Trust - August 29, 2023
  • Will an Unwitnessed Handwritten Will Hold Up in Court? - August 10, 2023
Share our Content:

Filed Under: Estate Planning Tagged With: advance directives, Estate Planning Lawyers, trust, wills

Other Articles You May Find Useful

estate planning for single seniors
Tackling Unique Estate Planning Challenges for Single Seniors
letter of last instructions
The Last Note: Crafting a Comprehensive Letter of Final Instructions
charitable trusts
Exploring the Tax Benefits of Charitable Trusts
incentive trust
A Trust Can Provide Incentives
estate planning tips
Estate Planning Tips to Help You Protect Your Family
estate planning myths
Debunking 5 Common Estate Planning Myths: Protecting Your Future with Facts

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.