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]
The Roman Blum Case: Why You Need to Know About Escheat Laws
Imagine building tens of millions of dollars in wealth and leaving no instructions about who should inherit it. That’s exactly what happened in the case of Roman Blum, a Holocaust survivor and successful real estate developer from New York. When Blum passed away in 2012, he left behind an estate worth approximately $40 million. Surprisingly, … [Read More]
What Assets Can You Keep and Still Qualify for Medicaid?
Qualifying for Medicaid to cover nursing home or other long-term custodial care costs doesn’t mean giving up everything you own. Connecticut Medicaid distinguishes carefully between countable assets, which must be spent down before you can qualify, and exempt assets, which you’re allowed to keep. Understanding that distinction is the foundation of smart long-term care planning. … [Read More]
Can Medicaid Take Your IRA?
Estate planning, when done correctly, will accomplish considerably more than just creating a blueprint for the distribution of your assets after you are gone. It will also protect those assets while you are still here as well as after your death. One of the biggest potential threats to your assets is probably one you haven’t … [Read More]
What Are the Drawbacks of Probate?
Probate is the legal process through which a deceased person’s estate is settled. While it serves a purpose, probate comes with significant drawbacks that can create challenges for your loved ones. This blog will explore the drawbacks of probate and explain how creating a living trust can help you sidestep these complications. The Key Drawbacks … [Read More]
( By appointment only )