We are going to cover the matter of real property as part of your taxable estate in this post. In order to get there, we have to provide a general overview about taxes on inheritances, so we will start there and proceed to the question of property ownership. Income Taxes on Inheritances Generally speaking, inheritances … [Read More]
Understanding the Medicaid Caregiver Child Exemption
To fully grasp the relevance of the Medicaid Caregiver Child Exemption, you have to understand an unpleasant truth about Medicare and long-term care. In this post, we will provide some background information, and we will then focus on this very useful exemption. Medicare and Long-Term Care Expenses You will qualify for Medicare when you are … [Read More]
Elder Law Responses to the Eventualities of Aging
For the most part, estate planning is devoted to events that will take place after you pass away. At the same time, from an elder law perspective, you should also address the eventualities of aging, and life as an octogenarian can be quite challenging. Cognitive Impairment A lot of people become incapacitated late in their … [Read More]
Can You Give Lifetime Gifts to Avoid Estate Taxes?
Estate taxes can enter the picture when assets are being transferred after you pass away. There is a federal estate tax, and here in Connecticut where we practice, there is a state-level estate tax. Let’s look at the parameters and explore the possibility of giving gifts to avoid estate taxes. Federal Estate Tax Overview The … [Read More]
Don’t Take Chances With Iffy Probate Avoidance Solutions
Probate avoidance is a common goal in estate planning. With this in mind, many people turn to so-called “simple solutions” like payable on death (POD) accounts and joint tenancy. While these methods can bypass probate, they come with significant drawbacks and limitations. This blog will explore these issues and point you toward an estate planning … [Read More]
These Irrevocable Trusts Provide Estate Tax Efficiency
High-net-worth individuals often face significant estate tax challenges. Both federal and state estate taxes can heavily impact estates. Fortunately, there are strategies, including various trusts, that can help mitigate these tax burdens. Here, we’ll explore how different irrevocable trusts can provide estate tax efficiency. Estate Tax Exclusions Estate tax exclusions are a crucial aspect of … [Read More]
Are You Prepared for Long-Term Care Costs?
As an estate planning and elder law firm, we speak with people that want to preserve their legacies for the benefit of their loved ones. In addition to the expenses that you would typically anticipate during retirement, long-term care costs are another consideration. This is something that is often overlooked, partially because it is not … [Read More]
Five Key Estate Planning Insights
Estate planning often seems straightforward: write a will and you are done. That’s all there is to it. However, the reality is much more complex. There are various elements to consider to ensure your wishes are honored, and your loved ones are protected. Here, we’ll delve into five key estate planning insights that can help … [Read More]
DIY Estate Planning: What Could Go Wrong?
Many people opt for DIY estate planning to save on costs and time. While this approach can seem straightforward, it comes with several risks. Understanding these potential pitfalls can help you make an informed decision about whether to handle your estate planning alone or seek professional assistance. Lack of Legal Knowledge One of the biggest … [Read More]
Estate Planning for High-Net-Worth Connecticut Residents
Financial success is the name of the game for many people, and it provides significant freedom and long-term peace of mind. At the same time, estate taxes can enter the picture when you have accumulated a good bit of wealth. With this in mind, we will look at estate planning for high-net-worth Connecticut residents in … [Read More]
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