Articles Posted in Estate Planning

AdobeStock_142240831-300x200Multiple generations living under one roof may seem like a concept from a time gone by or a practice from another part of the world, but it is actually a growing trend here in the states.

Before WWII, approximately 25% of Americans shared their homes with three or more generations. After the war, the percentage of multigenerational households began to decline and bottomed out at a meager 12% in 1980.

Today, however, the numbers of families choosing to combine households across two or more generations is on the rise. Continue reading

AdobeStock_69821783-300x206By Paul T. Czepiga

Let’s set the stage. You are a professional service provider and are concerned about professional liability exposure. Or you are engaged in a business that is high risk and you are worried about being sued.

So your lawyer said put all your assets in your spouse’s name.

Well, that generally works. But the solution creates its own problem, which is shown by the following example of a married couple. Continue reading

AdobeStock_57691850-300x287By Paul T. Czepiga

You have just gone through a long and insightful process to get your affairs in order. You met with your financial advisor, accountant, insurance agent, and attorney. Part of this process included creating a living trust in your estate planning documents. The trust could be for a minor child until age 40 or maybe even for their lifetime, or a trust for your spouse. You named a trustee, more than one actually, because you needed an alternate trustee in case the first one you named in the document couldn’t or didn’t want to serve, either initially or later on.

But what if it turns out the trustee you named ends up not being the best choice?

If you are still alive and the trust document allows for amendment, you can change the trustee. But what if change might be warranted, but the document does not allow you to change it or you have died and can’t change it? Continue reading

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

AdobeStock_61297585-300x200By David Green
Contrary to popular belief, a Will or Last Will and Testament, isn’t always written in stone.

Quite frequently, disputes arise over the contents of a Will and the parties who are at odds must seek outside help to resolve the issues. Because there are often conflicts of interest around such disputes, it’s important for each party Continue reading

tree-of-love-4-1330924-m-250x300Finding love for the second time is a beautiful thing, but amidst all the fireworks and violins, it’s important to be aware that second marriages typically create the need for some fairly in-depth estate planning.

To ensure wedded bliss and family harmony far beyond the wedding day, it’s critical to proactively address how your nuptials will affect your financial liabilities, existing benefits, and distribution of your assets to loved ones.

1.      Communicate Like a Pro

The first step to ensure success in such matters is to have open and comprehensive conversations with your spouse and your family. You must clearly articulate your wishes and your concerns, and you must also provide a forum in which family members can share their thoughts and concerns. Continue reading

more-questions-1238452-m-300x225By Paul T. Czepiga

Well, well, well, what  do you know. Congress once again might tinker with the estate tax.

This is something they are wont to do with new administrations and when certain legislators want to make a statement.

Given the recently failed “repeal and replace” of the Affordable Care Act and what appears to be President Trump’s next focus—income tax reform—it is hard to tell whether estate tax concerns will get sufficient attention for any legislative changes. Or whether sufficient votes could be mustered for any changes to the estate tax. Continue reading

AdobeStock_108191911-300x200By Paul T. Czepiga

I just read a lot of detail on the Governor’s proposed budget that he released this week. In the midst of the drastic news about expenditure cut, there was actually some good news.

The Governor is proposing to increase Connecticut’s gift tax and estate tax exemption to be at the same level as the federal government’s.

Currently the Connecticut exemption amount is $2.0 million and the federal exemption is $5.49 million. The increase in

Continue reading

AdobeStock_13026636-3-300x205As parents, we all want what’s best for our children, but we also realize that they don’t always know what’s best for them.

When considering how your financial assets will be distributed upon your death, assessing your children’s level of financial responsibility is a critical component of making effective choices and creating a solution for a lasting legacy.

The truth is, developing good money management skills can take an entire lifetime.

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