Articles Posted in Estate Administration

Dollarphotoclub_87265157-300x200For most of us, debt is a way of life. We finance our cars and homes, we use our credit cards to pay for holiday gifts and vacations. We borrow money to send our kids to college. Even if we use credit wisely, we still may end up with a pile of debt at the end of our lives.

So who is responsible for paying it?

That depends on the situation. Continue reading

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When it comes to managing a trust, ensuring a smooth process has a lot to do with knowing the rules and paying attention to the details. For instance, if you are the trustee of a trust, did you know that you need to get a separate tax identification number for the trust?

The only scenario in which a new tax ID number is not needed is if you, as trustee, are also the surviving spouse and everything has been left to you outright or in a revocable trust. In such cases, you can use your Social Security number since, in essence, you are the rightful owner of any assets. Continue reading

Responsibility wooden sign with a street backgroundYou might get the news from an unexpected phone call.  Maybe you knew it would come someday, but were surprised when the day finally arrived.  Or perhaps no one told you, and you learned about it after stumbling upon your deceased parent’s trust.  No matter how it happens, the news is the same: You’ve been appointed a Successor Trustee.

How did you become trustee?

There are primarily two scenarios: Continue reading

smbolo de dinero impulsado por toberas de coheteConnecticut probate fees on settling estates – a legal process that determines the authenticity of Wills and the administering of a deceased’s assets –have risen substantially.

Connecticut previously had a cap of $12,500 on probate court fees, regardless of the value of the estate. This maximum fee was reached with an estate of  $4,754,000.

Now, with the new legislation, the fee has been increased on estates worth more than $2 million so that the rate on the amount in excess of $2 million is increased from .25% to 0.5% of the excess. Continue reading

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