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]
Can I Be the Trustee of My Own Trust?
For most people setting up a revocable living trust in Connecticut, serving as your own trustee is the standard approach, not the exception. You create the trust, transfer your assets into it, and continue managing everything exactly as you did before. The trust holds legal title to your property; you remain in control of every … [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]
How Long Does It Take to Probate an Estate in Connecticut?
For the average person, one of the primary motivations for creating an estate plan is to ensure that their loved ones are provided for after their death. One thing that people often fail to consider though, is how long it will take for their loved ones to actually receive the assets earmarked for them in … [Read More]
Can I Still Live in My House If It’s in a Trust?
How Do I Avoid Medicaid Estate Recovery in Connecticut?
There is a Medicaid estate recovery mandate. The program is required to seek reimbursement from the estates of deceased beneficiaries. [Read More]
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