We would like to welcome New Britain, CT visitors to the Nirenstein, Horowitz & Associates website. As local estate planning and elder law attorneys, we feel a deep sense of community, and we have been building relationships with families in this area for decades. If you are are looking for an estate planning law firm that will be there for you and your family as the years pass, you have found the ideal resource.
Connecticut Estate Planning Solutions
Our firm offers comprehensive estate planning services. Different families have different concerns, and there are estate planning techniques to address all of them.
When you are planning your estate, you are going to arrange for the future transfer of your monetary assets. There are various different ways to go about this. The optimal course of action will depend on the circumstances.
In many cases a last will can suffice. However, there are other options that may be more appropriate depending on the circumstances.
When a will is used, it is admitted to probate after the testator’s death. Probate is the legal process of estate administration. It can be time-consuming and costly.
You could arrange for future asset transfers outside of the process of probate. The revocable living trust is a very popular probate avoidance tool. If you use a revocable living trust rather than a last will to arrange for the transfer of your monetary assets, the distributions would take place outside of the process of probate.
Connecticut Estate Tax Planning
Some successful people are exposed to estate taxes. There is a federal estate tax, and here in Connecticut, we have a state-level estate tax. If your estate is valued in the seven-figures, you should certainly discuss tax efficiency strategies with our firm.
It is possible to protect assets from creditors and claimants. Estate planning techniques can be implemented to protect assets for your own purposes. You can also make sure that you are protecting the inheritances that you are leaving behind to your loved ones.
Special Needs Planning for Families in New Britain
When you are setting aside assets for the well-being of a person with a disability, you should consider government benefit eligibility.
Many people with disabilities rely on need-based government benefits. If you leave a direct inheritance to someone who is receiving benefits like Social Security and Supplemental Security Income, you could be doing more harm than good. The inheritance could jeopardize eligibility for need-based government benefits.
There are special needs planning techniques that can be implemented to provide for people with disabilities without impacting government benefit eligibility.
Planning For the Unthinkable
A well constructed estate plan will address the possibility of incapacity. If you were to become unable to handle your own affairs late in your life, who would act on your behalf?
You can answer this question by executing the appropriate incapacity planning documents. These would typically include a health care proxy, a living will, and a durable power of attorney.
Understanding Long-Term Care Near New Britain
Many people require living assistance once they reach an advanced age. Long-term care is extremely expensive. As New Britain, CT elder law attorneys, we advise people who are looking for solutions.
It would be natural to assume that Medicare will cover all of your health care needs during your twilight years. In reality, this is not the case. Medicare will not pay for long-term care.
In Connecticut, the average annual cost for a room in a nursing home is well over $100,000. People often spend multiple years in these facilities. Clearly, it can be difficult to absorb these costs out-of-pocket. Elder law attorneys can provide answers.
Medicaid Planning for Connecticut Residents
Medicaid will pay for long-term care. Because Medicaid is a need-based program, you must have limited resources to qualify. Elder law attorneys assist people who are interested in qualifying for Medicaid as a way to pay for long-term care. Because of the asset limits, you must plan ahead in a measured fashion to qualify if you want to keep assets in the family.
If you are seeking Medicaid eligibility as a married person, your spouse can retain ownership of a significant store of resources if you plan ahead effectively.
In addition to this, you may be able to engage in what is called a Medicaid spend down. This involves divesting yourself of assets before applying for Medicaid. You could potentially preserve inheritances this way. Spending down can involve the creation of an irrevocable trust. Trusts created for this purpose are sometimes called Medicaid trusts.
Schedule a Consultation with a New Britain Estate Planning Attorney
If you are ready to create an estate plan, or if you would like to revise your existing plan, we are here to help. To set up a consultation, you can call us at 860-548-1000 or send us a message to get started today.