Articles Posted in Estate Planning

AdobeStock_637141132-300x168Few of us want to face up to the struggles advanced age can bring, much less plan for them. But since it’s a good bet that you’ll live longer than previous generations in your family, you have to ask yourself this question:

Will I be able to afford those extra years without demolishing my lifetime of saving when I need long-term care?

This is an important question since the cost of long-term care is a financial threat that can wipe you out in no time…especially in Connecticut.

So what do you do? Continue reading

AdobeStock_622668467-300x200It may seem odd to ask young parents to think about estate planning, but starting a family is actually the perfect reason to address some really important questions.

After all, becoming a parent isn’t just about choosing names and picking out nursery colors. It’s about being wholly responsible for someone else—a child—for life.

While it’s difficult to even contemplate the unthinkable, it’s imperative that new parents plan for every possibility to ensure that their children are protected, cared for, and financially secure.

AdobeStock_1426388-300x199Going through a divorce is an incredibly challenging and emotionally draining experience. It’s a time of upheaval, where everything you once knew undergoes a profound transformation.

Amidst the emotional turmoil, it’s easy to overlook practical considerations, such as updating your estate planning documents. Yet, failing to address these important legal matters during a divorce can lead to unnecessary complications and potential conflicts down the road. 

There are two parts to making sure your estate documents accurately reflect your wishes during and after a divorce. First, you need to have them in place. Second, you need to be proactive about updating them in response to any changes in your circumstances. 

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Every so often, life has a way of throwing some curveballs.

Some are more minor in nature – a fender-bender when you are on your way to the store or a washing machine that suddenly stops working.

And, some are more serious such as a health scare or sudden death of a loved one.

AdobeStock_284813549-300x200Maybe you have a friend or family member that has talked about setting up a “living” or “revocable” trust, and now you’re wondering exactly what that is and whether it might be an appropriate estate planning tool for you. Fair question.

A living trust is not necessary for everyone, but – in the right situations – including it in an estate plan offers important advantages. 

This overview covers the most frequently asked questions about living trusts, and also provides links to further reading that can help you determine if a trust might be a good fit for you. 

AdobeStock_76179051-300x200By Jeff Rivard

The saying “you can’t take it with you” is meant to remind people that no matter how much wealth you accumulate in your lifetime, you’ll have to leave it behind when you pass. Unfortunately, for your heirs, the same goes for your debts.

Turns out that dying is no excuse for defaulting on debt. So then the pertinent questions become

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Brendan-4896-2128-5221-v1-300x200By Brendan F. Daly, CELA*

The practice of elder law is unique – it is not exclusive to a specific substantive area of law—such as bankruptcy. Rather, a reputable elder law attorney is proficient in several substantive areas that may affect an entire demographic segment that comprise our clients: the elderly.

Choosing a capable attorney to assist you or your parents, then, is a tall order.

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Assigning and updating beneficiary designations for your retirement plans, life insurance policies, and annuities are tasks that notoriously get ignored. While the process itself is usually pretty straightforward — putting someone’s name on a form — the consequences of your choice can be fairly substantial. Don’t wait any longer!

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By Beth Dance

I have a vivid memory of adjusting my dad’s bow tie before we strolled down the aisle. For many brides, the ceremonious event of having your dad walk you down the aisle is emotional. That wasn’t me. I am very stoic, just like him.

When he walked me down the aisle and into the arms of my husband, he very distinctly and directly said to him “you take care of my baby,” to which I simply smiled. After all, my dad would in theory, still be there to take care of me, no matter what. A dad doesn’t just stop being dad once the formal “I do” is exchanged. Even still, I appreciated the sentiment and knew he’d always be there to guide me through life as needed.

AdobeStock_117960530-300x199You’ve been blessed to find a love for a second time. Congratulations!  A new (re)marriage can bring the joy of finding a loving partner twice in a lifetime and the promise of happy times to come.

So, it’s no wonder that amongst newly remarried couples sticky topics such as finances and blending of family dynamics can easily get pushed to the side.  After all, who wants to be distracted from the bliss of their new marriage to talk about who inherits what and how much?

But, addressing estate planning decisions is not something that should be put off – especially if you have just gotten remarried. When it comes to finances and inheritance, the best policy always combines honesty, clarity, and a proactive approach.

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