You sometimes hear bits and pieces of estate planning “advice” that is passed along by people that have good intentions, but they may not see the complete picture. This dynamic will often apply to probate and probate avoidance strategies. If you use a will to express your final wishes with regard to postmortem asset transfers, … [Read More]
Should You Carry Long-Term Care Insurance?
Before we take a look at the pros and cons of long-term care insurance, we should explain why it is relevant. Indeed, it is easy to be confused when you know you will qualify for Medicare as a senior citizen. Long-term care has to be covered, right? Whether it makes sense or not, the Medicare … [Read More]
SECURE Act 2.0 Could Trigger Big Retirement Plan Changes
Individual retirement accounts are used by most Americans to prepare for their senior years, and they are also passed along to beneficiaries. As elder law and estate planning attorneys, we keep a finger on the pulse of legislative statutes that impact the IRA guidelines. The SECURE Act was enacted on December 20, 2019, and it … [Read More]
A Trust Can Be Used to Satisfy These Three Objectives (Part 2)
In our last post, we looked at three different scenarios that can be addressed through the utilization of some type of trust, and we promised to provide a follow-up. Let’s look at three more objectives that a trust can effectively satisfy. Special Needs Planning A significant percentage of people with disabilities qualify for Medicaid and … [Read More]
A Trust Can Be Used to Satisfy These Three Objectives
There is a popular misconception that is embraced about trusts. A lot of people think that you would never consider using a trust unless you are a multimillionaire with a complex financial empire. In reality, there are a number of different types of trusts, and many of them are perfectly useful for people that do … [Read More]
Four Things You Should Know About Probate
A lot of people assume that a will is the simplest estate planning document, and assets get into the hands of the inheritors quickly when a will is utilized. In reality, this is simply not the case. If you create a will, you name an executor in the document to act as the administrator. This … [Read More]
Can I Get My Estate Plan Online?
We are conditioned to think that we can do just about anything on our own with some type of tool that we obtain online. This mentality extends into the estate planning realm, because there are websites that sell generic legal documents of all kinds, including simple wills and trusts. Why would people rely on these … [Read More]
Connecticut Assisted Living Costs Went Up in 2020
When you think about retirement planning, do you consider the potential impact of long-term care costs? Most people are more focused on travel, leisure activities, and quality time with their families, and this is understandable. Clearly, you want to think about the good times that you will enjoy during your golden years, but there is … [Read More]
Deceased Former Zappos CEO Tony Hsieh Had No Estate Plan
Tony Hsieh was staying in a house that was owned by a friend in New London when it caught fire on November 18. He suffered from smoke inhalation and burn injuries, and he passed away nine days later. He had a remarkable run as a businessman that started when he cofounded LinkExchange in 1996 when … [Read More]
Three Commonly Overlooked Estate Plan Details
One of the reasons why you should work with an estate planning attorney to devise your plan is because there are things to consider that many laypeople would overlook. In this post, we will look at three of the details that should be attended to when you are planning your estate. Letter of Last Instructions … [Read More]
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