Articles Posted in Estate Planning

Hand with marker writing the word Bewareby Carmine Perri

You want to apply for Medicaid – a complicated process – but you’ve heard that hiring an attorney specializing in Medicaid planning is expensive.

So why not use one of those services that say they’ll do the same thing for less?

But do they really do the same thing? Continue reading

Full length shot of a senior couple working on their finances at home.So you’ve decided a living trust is appropriate for you. You’ve met with your attorney, made all the decisions about how you want any money in the trust to be spent, you’ve signed the document and placed it in a safe place.

But you’re not done.

Funding your revocable living trust is just as important as setting up your trust in the first place.

Preparing for a spousal deathThe prospect of losing your spouse may be the hardest thing you’ll ever face. Taking the time to put things in order before they pass will give both of you peace of mind. Preparation will provide a sense of relief during a sad, life altering time. Here are some important things to consider, and talk about with your spouse and family members:

Stay on top of the finances

If your partner has been in charge of your personal finances, this is the time to find out everything they know about estate plans, bank accounts, savings, bills, policies, and insurance. Do you know what your income will be? Will it meet your needs, or will you need to make some adjustments? The more you know, the better prepared you will be. Continue reading

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

Continue reading

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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