If you want to set aside assets for the college education of your child or grandchild, you have to navigate a maze of numbers and acronyms. It can be quite confusing, but we will demystify the subject in this post. Uniform Gifts to Minors Act (UGMA) Accounts The uniform Gifts to Minors Act is a … [Read More]
These Trusts Can Provide Estate Tax Efficiency
The estates of high-net-worth individuals can be heavily impacted by estate taxes. We are using the plural because there is a federal estate tax, and there is also a Connecticut state-level estate tax. Fortunately, there are steps that you can take to mitigate damage if your estate is exposed. Estate Tax Exclusions There is a … [Read More]
Will My Estate Go Through Probate?
The process of probate can be a factor when an estate is being administered. It serves a purpose, but it is time consuming, and the beneficiaries do not receive inheritances while the estate is being probated by the contact form on this site you can use if you would prefer to send us a message. [Read More]
Act Wisely to Provide for a Loved One With a Disability
Generally speaking, a person that receives an inheritance will mourn the deceased, but they will be able to put the windfall to good use. From a financial perspective, there will be no downside. However, sometimes an inheritance can cause problems, and we will look at a relatively common scenario in this post. Government Benefit Eligibility … [Read More]
Four Defined Steps You Can Take to Shape Your Estate Plan
Many people that do not have estate plans in place say that they know they should act, but they don’t know where to start. This is understandable when you are entering territory that is unfamiliar to you, and in this post, we will share four simple steps you can take to get started. Assess Your … [Read More]
Updated Veterans Pension Rates for 2022
Veterans make sacrifices that other people do not, but they also qualify for some benefits that are only available to former servicemembers. One of them is the Veterans Pension, and in this post, we will share information about the new 2022 rates for the different classifications. Length of Service Requirements The Veterans Pension is not … [Read More]
What Is the 2022 Connecticut Estate Tax Exclusion?
The accumulation of wealth can give you a lot of freedom, and it is a satisfying feeling to accomplish your goals. Of course, taxation can be a source of concern if you are a high net worth individual. There are heavy taxes to pay during your lifetime, and it does not stop there. 2022 Connecticut … [Read More]
When Is a Trust Better Than a Will?
Far too many people assume that estate planning can be reduced to the creation of a simple will. Indeed, a will can facilitate asset transfers after you pass away, but in many cases, a trust of some kind will be a better choice. Estate Administration If you use a will to serve as an asset … [Read More]
Address Potential Nursing Home Costs in 2022
You probably put a lot of thought into your financial future with your retirement in mind. This is as it should be, but many people that are diligent overlook an expense that can have a devastating impact on your legacy. An Inconvenient Truth About Medicare It’s natural to assume that Medicare will take care of … [Read More]
Advocacy Groups to Congress: Abolish the Medicaid Estate Recovery Mandate
Most seniors will need living assistance at some point, and a significant percentage of elders will require nursing home care. If you are going to qualify for Medicare when you are 65, you may not be concerned about long-term care costs when you reach an advanced age. Medicare must cover nursing home care, right? It … [Read More]
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