At some point during your life, you will likely be intimately involved in the probate of an estate, making it beneficial to learn as much about the process as possible. Knowledge about the probate process is also beneficial when you are creating your own estate plan. Careful planning, for example, can help your estate avoid … [Read More]
Do Your Assets Affect Connecticut Medicaid Eligibility?
Connecticut Medicaid eligibility is determined by many different factors. One of those factors, which often creates problems for seniors, is the amount of assets you have. Medicaid is supposed to provide medical care for the needy. In assessing whether or not someone is needy, the government does not just look at income- they also look … [Read More]
What Can You Do If You Don’t Want To Be Kept Alive on a Machine?
Connecticut elder law attorneys help seniors to address issues that are most important to them as they plan for their future. While you may want to focus on making plans for a happy and secure retirement and considering how to achieve other positive goals, it is also essential that you plan ahead in case disaster … [Read More]
Be Aware of the Medicaid Caregiver Child Exemption
In this post, we will explain the Medicaid caregiver child exemption. But first, it is important to understand why this might be pertinent to you and your family’s circumstances. Medicare Gap At the age of 65, if you have contributed sufficiently to the Medicare program, it will become your primary health insurance. Despite its benefits, … [Read More]
$500 Million and No Will: Zappos Founder Tony Hsieh’s Estate Battle Resumes
Will My Children Pay Capital Gains Taxes on Their Inheritances?
You may be wondering whether your children will owe capital gains taxes on the assets they inherit. The good news is that most inherited assets receive a step-up in basis, which will typically eliminate liability. However, other tax considerations may still come into play. Understanding how taxes affect inheritances can help you structure your estate … [Read More]
What Are UGMA and UTMA Accounts?
UGMA and UTMA accounts are two types of custodial accounts that parents or grandparents can open for their children or grandchildren. These accounts allow for asset transfers to children while still retaining control over the account until the child reaches a certain age. However, there are some key differences between UGMA and UTMA accounts that … [Read More]
Beyond the Simple Will: Strategic Asset Transfer Methods for Complex Estates
Many people start their estate plan with a simple will. That makes sense. A will feels familiar, direct, and easy to understand. However, as your assets grow or your family situation becomes more layered, a basic will often stops being enough. At that point, the real question is not whether you have a will, but … [Read More]
Do I Report an Inheritance to the IRS?
When you receive an inheritance, you might wonder about your obligations to the IRS. Taxes can be confusing, and understanding your responsibilities ensures you stay compliant. Below, we’ll explore what you need to know about reporting an inheritance. Understanding How Inheritances Are Taxed An inheritance itself is not considered taxable income by the IRS. If … [Read More]
Can a Trustee Change the Terms of a Trust?
If you’ve been named a trustee, you may be wondering how much authority you actually have. Managing assets, making distributions, filing tax returns — those responsibilities come with the role. But what about the trust document itself? Can a trustee change the terms of a trust if circumstances shift, if a beneficiary’s needs evolve, or … [Read More]
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