If you have concerns about predeceasing your pet, there is a viable estate planning option in the form of a pet trust. Clearly, this would be relevant to senior citizens, and younger pet owners may want to have a plan in place as a purely precautionary measure. Caretaker The first order of business is to … [Read More]
Medicaid Estate Recovery and the Child Caregiver Exemption
Elder law attorneys counsel clients that are preparing for the eventualities of aging, and long-term care is one of the concerns. The majority of seniors will need help with their daily needs, and more than one third will spend time in nursing facilities. Last year, the median annual charge for a private room in a … [Read More]
Estate of Musician Prince Has Finally Been Settled
When high-profile celebrities with a lot of money pass away, the press knows that people are interested in the estate details. They dig through them if they are available, and they are widely publicized. This is an intrusion of privacy, but mistakes that are made can be instructive. This dynamic definitely applies to the 2016 … [Read More]
Is a Living Will Similar to a Living Trust?
There are some overlapping terms used in the field of estate planning, and this can lead to misconceptions. With this in mind, we are going to look at the difference between a living will and a living trust in this post. Wills and Trusts for Asset Transfers Most people are aware of the fact that … [Read More]
Genworth Survey: Hartford Long-Term Care Costs Increased in 2021
As elder law attorneys, we pay close attention to financial and legal matters that are specifically relevant to senior citizens. Long-term care costs are at the top of the list, because most seniors will eventually need help with their activities of daily living. Genworth Financial has been conducting surveys on an annual basis that provide … [Read More]
College Savings Accounts Demystified
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]
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