Articles Posted in Estate Planning

Brendan-mug-shot-e1595015692932-281x300By Brendan Daly

I last saw my father on February 25th at his condo in Rhode Island. We had a wonderful day together—he showed off his new Subaru in a slightly harrowing ride, where he coasted through stop signs (aka the “Rhode Island slide”)—and I took my leave of him as he stood at the door waving while I drove away. When Dad didn’t make the 7:30 Monday morning Mass, his friends knew something was wrong, and I soon received a call at work that he had passed away at home.

I couldn’t process this news because I had just seen him. He looked healthy and was in good spirits. I inspected his bike to ensure it was safe for his planned rides with the “Old Spokes Club.” And he had just bought a new car. My father was the most frugal person I’ve ever known, and he would never have purchased a new car if he thought he might soon depart this world. He even left a plate of cooked spaghetti on the kitchen counter that he planned to eat for dinner–after attending to his last chore of taking out the trash. So none of us, including Dad, expected his sudden passing.

AdobeStock_332064938-300x200Even the most well-resourced and well-known people can get estate planning wrong.

The recent headlines about the dispute over the validity of Lisa Marie Presley’s Will is just the latest in a long list of stories involving celebrities in the entertainment industry whose last wishes have created a lot of contention amongst their families. 

The short version of the story is that Lisa’s mother, Priscilla Presley, is contesting her daughter’s living trust (which is standing in for a Will since Lisa Marie did not file a separate Will). 

AdobeStock_502074078-300x169Giving gifts is a nice thing to do for a friend or family member, but, as the saying goes, “no good deed goes unpunished” – at least when it comes to the IRS.

The federal government imposes a gift tax that is currently 40%. And if you live in Connecticut, your gift may also be subject to the one-and-only state-level gift tax in the country. Lucky you.

The good news is that because of the annual and lifetime gifting exemptions as well as several categories of gifts that are not subject to the gift tax at all, the majority of Americans will rarely (if ever) have to pay a gift tax. 

AdobeStock_230069977-300x236It’s so confusing! HIPAA, Health Care Directives, Powers of Attorney. How does one differ from the others?

A HIPAA Authorization, a Health Care Directive, and a Health Care Power of Attorney can easily be confused because all three have to do with your permission about your medical care and medical information.

Plus, both health care directives (aka living wills) and health care powers of attorney are known as “advance directives,” which only adds to the confusion.

AdobeStock_209957900-300x200It may be hard to believe, but the fact is, millennials are all grown up. They are buying homes, starting families, and caring for aging parents. Also, they are—at 22% of the population—the largest living generation in the U.S.

In 2021, Trust & Will did a proprietary study involving 22,850 millennials. The results included many insights into how and why people ages 25 to 44 are creating estate plans.

For instance, while many respondents created a Will or a trust for the usual reasons (34% said that becoming a parent was the inspiration, and 17% said that the pandemic was what made them take action), others are taking a non-traditional approach to estate planning.

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Prince, Marvin Gaye, Jimi Hendrix, Kurt Cobain, Bob Marley, Billie Holiday, Barry White, Sonny Bono, Tupac Shakur, Amy Winehouse, John Denver, Sam Cooke, Aretha Franklin.

Certainly, an impressive who’s who list of music royalty that sadly left this world far too soon. However, this wildly talented group also had another thing in common – they all died without a proper estate plan (specifically a Will) in place – or in some cases, no estate plan at all!

These are not isolated cases. According to a Gallup Poll, more than 1/3 of Americans with an annual household income of $100,000 or more do not have a Last Will and Testament, and a staggering 54% of all adults have no Will!

AdobeStock_263018522-1-300x200Whether you’re talking professional or college sports, season tickets for popular sports teams are usually very hard to come by.

And, once someone acquires season tickets, they aren’t likely to give them up. In many instances, fans literally have to wait for someone to die before they can move up the waiting list for available seats.

When someone has waited a long time and paid a lot of money to get their hands on those coveted tickets, it’s not surprising that they might also like to keep them in the family, even after they’ve gone to that big stadium in the sky.

AdobeStock_325370692-300x250Asking someone to be a trustee of your trust shows you have a lot of faith in that person’s capabilities and ethics.

But how much is their time worth?

Serving as a trustee can be a big responsibility, and can also be quite time consuming. And while family members and friends often serve as trustees without expecting any financial payment, there are many cases in which compensation is either warranted or required.

bedroom-300x200According to the Pew Research Center, the U.S. population living in multigenerational households has quadrupled since the 1970s. They also report that, in March of 2021, “there were 59.7 million U.S. residents who lived with multiple generations under one roof.”

One of the most common multigenerational living scenarios is the addition of an in-law suite to accommodate an older person moving in with their grown children and grandchildren. If this arrangement is something you are thinking about, there is some appeal:

  • Having an aging parent close at hand could reduce your burden by being able to quickly address their needs.

LockKeyDocs-300x225By Jill Brightman

We’ve seen it all too often lately.  A natural weather disaster strikes leaving a path of destruction and misery in its path.  In the midst of the shock and chaos, people are left scrambling trying to retrieve belongings and find the paperwork needed to help start the rebuilding and recovery process.

It’s a frightening scenario.  And, while we can’t always predict where, when and to whom the next storm or calamity may strike, there are some things we can do to prepare in advance.

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