It’s understandable that you might assume “estate” planning is only for people of means. The word “estate”—which conjures visions of Jane Austen-like scenery featuring sprawling mansions, rolling hills, and houses full of staff—is right in the name. But the truth is, estate planning is a smart idea for pretty much…
Articles Posted in Estate Planning
Undue Influence: How it Happens and What You Can Do
The subject of many a soap opera plot and even some films (like Rian Johnson’s 2019 sleeper hit, Knives Out), undue influence can be a fascinating way to explore family dynamics. But, it’s a little more nuanced than Hollywood makes it out to be – and a little less entertaining…
How to Set Up a Successful Multi-generation Household
Once upon a time, having three generations under one roof was common practice. And, in some parts of the world, it’s still a popular way of life. Here in the U.S., Pew Research Center estimates that some 64 million Americans—20% of the overall population—live in households that include two adult…
Should You Choose Family or a Professional Trustee? Know the Pros and Cons
By Colleen Masse Selecting your trustee is one of the most important estate planning choices you’ll ever have to make. While your executor’s responsibilities are limited to handling the execution of your Will, your trustee’s responsibilities may extend years or even generations into the future. And the choices they make…
Inheritance: Expectations versus Reality
As if losing a parent wasn’t hard enough, that loss often comes hand in hand with the very real potential for life-changing sibling rivalry over the inheritance. In fact, disagreement over whether an inheritance has been divided fairly is the number one cause of adult sibling rivalry. At the root…
What the Heck is a Living Trust?
You know about Wills – hopefully you have one! You probably are also familiar with other estate planning documents such as a power of attorney and an advance health care directive. But do you know what a trust is? Do you know what purpose it serves? And…should you have one?…
Be Careful: Transferring Assets to Qualify for Medicaid in Connecticut May Backfire
If you want Medicaid in Connecticut to pay for your long-term care, one thing you should NOT do is give away your assets – unless you think you won’t need Medicaid within the next five years. When you apply for Medicaid for long-term care in either a nursing facility or…
Business Owners: One Thing You Need to Protect Your Business
What would happen to your business if you were unexpectedly incapacitated? How long could your company survive if you weren’t there to make the decisions that keep the operation moving? What kinds of calamity might come about even in a short period of time if certain contracts weren’t signed, deals…
Out-of-State Property and Probate: What You Need To Know
During a time of grief and sadness, the thought of having to go through probate can understandably bring on additional anxiety and confusion. And, if your loved one owned out-of-state property, you may now be tasked with dealing with an additional layer of cumbersome paperwork and probate proceedings. So you…
Revocable Trusts vs. Irrevocable Trusts: What’s the difference?
By Lara Schneider-Bomzer So you’ve been doing your estate planning homework. You’ve learned that perhaps you should have a trust in addition to a Will. But then you hear that there are different types of trusts! In this blog post I’ll help you understand the difference between the two main…