A testamentary trust is a legal arrangement established through a person’s last will and testament. It allows a trustee to manage assets on behalf of beneficiaries after the person passes away. Unlike trusts set up during one’s lifetime, a testamentary trust comes into existence only after death. In this type of trust, the grantor outlines … [Read More]
Can You Decline an Inheritance?
An inheritance might seem like a windfall, but not everyone wants to accept it. Surprisingly, you have the option to decline an inheritance. But why would someone make that choice, and how does the process work? Let’s explore the reasons and the steps involved in declining an inheritance. Reasons for Refusing an Inheritance Several factors … [Read More]
Revocable vs. Irrevocable Trusts: What You Should Know
When it comes to planning for your future, protecting your assets, and ensuring your wishes are followed, trusts are an essential tool in estate planning. Among the different types of trusts, revocable and irrevocable trusts are commonly used for distinct purposes. Knowing the differences between these two types of trusts can empower you to make … [Read More]
How Can an Estate Planning Lawyer Save You Money?
Estate planning might seem like a task you can handle on your own. However, you may actually be surprised to hear that engaging an estate planning lawyer can actually save you money in the long run. These professionals have the expertise to navigate complex laws and ensure your assets are protected. Let’s explore how an … [Read More]
Estate Planning for Newly Single Women
Becoming newly single brings many changes. Amid the emotional and logistical adjustments, estate planning might not be top of mind. However, it’s important to address your estate plan during this transitional phase. Updating or creating an estate plan ensures your assets are protected and your wishes are honored. Assess Your Current Financial Situation The first … [Read More]
Inheritance Planning: Simplified Tips to Get You Started
Many people put inheritance planning on the back burner because they feel overwhelmed by the complexity of the process. However, with a few foundational tips, you can gain a clearer understanding and take those first steps with confidence. Estate Taxes May Not Enter the Picture One of the most common misconceptions about estate planning involves … [Read More]
Four Important Facts About Drawing Up a Will in Connecticut
The simple will is the most commonly used estate planning document. However, people sometimes settle for a will when a trust would actually be a better choice. In this post, we are going to share some things you should know about drawing up a will in Connecticut. After that, we’ll look at an alternative asset … [Read More]
Estate Planning: Is It Really Necessary?
Some people don’t understand why estate planning is a necessary process. They assume that everything takes care of itself when the time comes. You get to it when you are old and gray, you draw up a will, and that’s all there is to it. This is an extremely shortsighted perspective that can definitely yield … [Read More]
A Conversation About Small Business Asset Protection
We answer many of the same questions when we speak with clients, so we know what people are curious about. In this post, we will answer some frequently asked questions about small business asset protection from a legacy preservation perspective. Why is asset protection important for honest businesses? If you are starting a business and … [Read More]
Will the Connecticut Estate Tax Impact Your Estate?
Taxation is an important consideration when you are planning your estate, and the Connecticut estate tax is looming. Fortunately, there is a sizable exclusion, and we will provide all the important details in this post. Taxable Threshold The exclusion or credit is a dollar amount that can be transferred tax-free. Any portion of the estate … [Read More]
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