Your individual retirement account is ostensibly supposed to serve as a nest egg that you draw from during your senior years. However, there may be a significant amount left in the IRA after your passing. To account for this, you name a beneficiary when you establish the account. A spouse beneficiary can roll it over … [Read More]
Five Ways You Can Unintentionally Unravel Your Estate Plan
If you are wise, you will establish a will or trust when you are a relatively young adult. The plan will be tucked away somewhere for safekeeping, and it is out of sight and out of mind. Along the way, you may take certain actions without considering the implications in light of your existing plan. … [Read More]
Personalized Estate Planning for People With Disabilities
Our attorneys talk a lot about personalized estate planning, because people and their families are unique. A perfectly acceptable way to transfer assets to one family member may not be appropriate for the next for one reason or another. There are different ways to proceed, and the correct course of action will depend on the … [Read More]
Out of State Estate Taxes Can Impact Your Estate
There are 12 states in the union that have state-level estate taxes. In all of these states, there is a certain amount that can be transferred tax free. This is represented by the credit or exclusion, and the remainder would potentially be subject to taxation. Connecticut is one of these 12 states, but there is … [Read More]
Five Long-Term Care Concerns That Have Emerged in 2022
More and more people are attaining senior citizen status because of the maturation of the baby boomers. This year, a clear picture is emerging about the major challenge that these people are facing. Long-term care is looming, it is widely misunderstood, and now is the time to get a grip on it. Aging Changes the … [Read More]
When Will You Put an Estate Plan in Place?
As you go through life and the years pass, you may start to think about your legacy. This is a start, but at some point, you have to actually act on the matter. Of course, it will seem like you have time to put a plan in place later on, but when will that time … [Read More]
What Is Estate Planning?
When you plan your estate, you make conscious decisions about the way that your monetary assets will be transferred after you are gone. A lot of people think that estate planning boils down to the creation of a will, but there are other ways to transfer assets. Personalized Planning There are different approaches that can … [Read More]
An Overview of the Probate Process
The most common estate planning document is the simple will. If you express your final wishes in a will, the executor that you name would admit the document to probate after your death. This is a court supervised proceeding. During probate, creditors are notified about the decedent’s passing, and final debts are paid. The assets … [Read More]
This Mistake Can Devastate Your Legacy
When you have been planning for retirement and it is coming into focus, you may have a pretty good idea of what you will be able to leave to your loved ones. You have anticipated your retirement budget, and you have considered contingencies, so you feel comfortable. Of course, there are those that have not … [Read More]
2022 Caring.com Estate Planning Survey Yields Interesting Results
We have been following the annual Caring.com estate planning surveys that keep a finger on the pulse of preparedness. The 2022 survey has been completed, and the results have been released, so we will provide a rundown in this post. Consistent Percentages In 2021, there was a surge in the number of young adults between … [Read More]
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