Creating a successful estate plan requires you to take a wide range of factors into consideration as well as blend numerous goals into one cohesive plan. Deciding who you wish to pass down your assets to is only the beginning for most people. You may also need to decide how you wish to pass down … [Read More]
Does the Five-Year Medicaid Look-Back Apply to Home Ownership Transfers?
Protecting the family home is a top priority for Connecticut seniors. A home represents decades of hard work and memories. Naturally, families want to pass this legacy down to their children. However, the rising costs of long-term care frequently threaten that security. As families explore ways to safeguard their property, a critical question arises. Does … [Read More]
Is a Handwritten Will Valid?
Is a Handwritten Will Valid? Most people do not have estate plans in place, and there are those that decide to take the matter into their own hands at some point. They will literally get out a pen and paper and record their final wishes, and they assume that the document will be valid. In … [Read More]
10 Costly Estate Planning Mistakes
Estate planning is essential for Connecticut residents, but you have to approach it properly. Unfortunately, far too many people fail to seek legal advice, and they make mistakes that can be very costly. Let’s look at 10 common estate planning errors that can yield negative consequences. 1.) Not Having a Plan at All Dying without … [Read More]
Do Trusts Pay Taxes on Capital Gains?
A lot of people have questions about how taxes can impact estates, including taxes on trusts. In this post, we will provide some clarity, with an emphasis on taxes on capital gains. Main Types of Trusts Trusts essentially fall under three main categories. A simple trust is the most commonly used type of trust, and … [Read More]
How Does a Trust Differ From a Will?
When you begin exploring how to protect your family and pass down your assets, you will inevitably run into two foundational concepts: the will and the trust. Many people use these terms interchangeably, assuming they are just different names for the same legal outcome. In reality, a simple will and a revocable living trust are … [Read More]
Can You Refuse an Inheritance?
Receiving an inheritance might sound like a financial windfall, but it is not always welcome. You might feel uncomfortable accepting certain assets, or you may worry that taking the inheritance could cause financial or personal complications. In Connecticut, you have the legal right to refuse an inheritance if you choose. This process is known as … [Read More]
What Are Contingent Beneficiaries and Why Do I Need Them?
When you name a beneficiary, you’re making a deliberate choice. You’ve thought about who matters to you, and you’ve put that in writing. What most people don’t think about is the follow-up question: what happens to that gift if your beneficiary dies before you do? The answer depends on whether you planned for it. If … [Read More]
What Is Estate Tax Exclusion Portability?
Estate tax exclusion portability is a provision in federal tax law. It allows a surviving spouse to inherit any unused portion of their deceased spouse’s federal estate tax exclusion. This feature provides significant benefits for married couples, offering flexibility and substantial tax savings when transferring wealth. However, understanding the details and limitations, especially in states … [Read More]
Is There a Simplified Probate Process in Connecticut?
Is there a simplified probate process in Connecticut? The short answer is yes, Connecticut does have a streamlined procedure for certain very small estates, but it applies to so few situations that most families will never qualify for it. For the vast majority of estates, the standard probate process is the only path through the … [Read More]
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