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If a trust is part of your estate plan, you should pay attention to a new Connecticut law that went into effect January 1st.
Chances are you would not be interested in reading the recently adopted Connecticut Uniform Trust Code (UTC), which is over 100 pages long! But there are provisions in this legislation that we feel you should be aware of.
Some of the changes provide you additional benefits of having a trust, and others may cause you to consider updating the trust you have in place.
The loss of a pet is heartbreaking. But have you thought about what happens to your pet, when you die?
Your pets depend on you, they are loyal to you. They know they can count on you. You can only imagine their sense of loss when you’re no longer in their lives.
The Humane Society estimates that between 100,000 and 500,000 pets end up in shelters
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 trusts that you may want to consider: the revocable trust and irrevocable trust. Continue reading
We’re only a week or so into the New Year, but most of us are already steeling ourselves for the annual guilt trip about abandoned resolutions. It never fails. We start out with the best intentions, but as the world cranks back into gear after the holidays, we find ourselves slipping back into old habits and making old excuses.
Don’t feel too bad. You’re definitely not alone.
The trouble with most New Year resolutions is that keeping them requires consistent effort over the long term. It can be exhausting just thinking about it.
This is the first in a two-part series about the realities of and remedies for sibling rivalry over family inheritance. The 2nd part in the series “How to Keep the Kids from Fighting Over Their Inheritance” provides tips on how to avoid these kinds of conflicts.
“Mom always liked you best,” Tommy Smothers used to say. Those five words make up one of the most recognizable catch phrases of the inimitable Smothers Brothers. Coined in the early 1960s, it captures — in a humorous way — the rivalry that is an almost ubiquitous part of growing up with siblings.
Most of the time, such rivalries fade over the years, becoming fodder for family ribbing around the holiday table. But when the passing of a parent drives siblings into the unfamiliar territory of dealing with an inheritance, those rivalries can rear their ugly heads in unexpected and sometimes heartbreaking ways.
It 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.
Since it may be a while since you traveled this road, here is an overview of the estate planning details young parents should address.
This is the second installment of a two-part series about the realities of and remedies for sibling rivalry over family inheritance. For more about what causes and complicates sibling rivalry, read Inheritance: The #1 Cause of Adult Sibling Rivalry.
In part one of this series, we learned just how prevalent and problematic sibling rivalry can be when it comes to dealing with issues of inheritance. Luckily, the secrets to avoiding these kinds of conflicts can be universally applied.
The Ameriprise research that indicated 70% of sibling conflicts arise over these kinds of issues also showed that — happily — 61% of siblings will attempt to talk through the issues. Unfortunately, Continue reading
Imagine this…
After your death, your daughter is having serious financial struggles and the money you’ve bequeathed to her would pull her out of financial misery. It would help her to pay your funeral and other outstanding expenses.
But, because by law your estate must pass through probate, it will take several months before your daughter can receive the money you have left her.
In the meantime, a disgruntled step-son from a prior marriage decides to pursue a Will contest, claiming that the Will is not valid and that he deserves some money, too. He knows the amount of the estate because the probate process is a matter of public record.
You can imagine how the rest of the story goes and how, although you had an estate plan and the best intentions Continue reading
Exciting news for estate planning practitioners and their clients!
Recently, on the very last day of its legislative session, Connecticut’s General Assembly enacted HB 7104 “An Act Concerning Adoption of the Connecticut Uniform Trust Code” (the “Act”).
We spend our lives doing everything we can to provide for our loved ones. We work hard to make sure they have the material, emotional, and financial resources they need to feel secure and cared for.
We do whatever we can to help them achieve their goals.
But, life can be unpredictable; and you can’t plan for every potential eventuality. Life insurance provides a means by which you can preserve your family members’ well-being and ensure their ability to pursue their dreams.
And yet, many people choose not to purchase life insurance. Go figure! Continue reading
Connecticut Estate Planning Attorneys Blog
