Once upon a time, small family businesses were the backbone of the American economy. Children learned trades and/or management skills from helping in the family business and it was assumed that one of those children would assume control of the business upon the retirement, disability, or death of the patriarch or matriarch of the family. … [Read More]
Will My Father Qualify for Medicaid?
For an adult child, it can be extremely difficult to watch a parent succumb to the physical and/or mental deterioration that occurs as a result of the natural aging process. It can be even harder to watch a parent’s deterioration caused by Alzheimer’s or another dementia disease. If you find yourself in just such a … [Read More]
Tax Tips after New Year
The New Year is here. Can you do anything to reduce your tax liability for 2018? This article provides a few tax tips now that we’ve begun another year. Read on to learn more. [Read More]
SALT Deduction Limit…Can You Get Around It?
The Tax Cuts and Jobs Act increased the standard deduction amount. However, it also limited itemized deductions for state and local taxes (SALT) on the federal income tax return. Read on to learn what works (and what doesn’t work) to maneuver around the $10,000 SALT limitation. [Read More]
The Little Things May be the Most Important
Your estate may be worth a little or a lot at your death. The items which your beneficiaries might cherish could be the sentimental ones. Read on to learn how your will or trust could provide the ability for you to keep a list and update it without needing to see your lawyer every time you change your mind on an item. [Read More]
Domestic Asset Protection Trusts
Domestic Asset Protection Trusts are spreading to more jurisdictions. However, their protections may be waning. Read on to learn more about Domestic Asset Protection Trusts. [Read More]
Is Long-Term Care Insurance Worth the Cost?
An important aspect of estate planning is planning for your retirement years. Doing so requires you to do more than just stash as much money away as possible – though saving money certainly is important. Planning for your retirement years should also take into account the very real possibility that you, or a spouse, will … [Read More]
Connecticut Ranked in Bottom Half of States for Elder Abuse Protection
America is experiencing a historic growth in seniors – and that growth is not projected to slow down anytime in the near future. With the dramatic increase in older Americans has come an increased awareness of issues that impact them, including the prevalence of elder abuse, neglect, and financial exploitation. States across the nation are … [Read More]
Nongrantor Trusts Can Be Very Useful in Certain Situations
A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a nongrantor trust and situations in which it might be useful. [Read More]
Grantor Trusts Provide Flexibility and Ease
A trust may be taxed as either a grantor trust or a nongrantor trust. Each type of trust has advantages and disadvantages. This article examines a grantor trust and situations in which it might be useful. [Read More]
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