Articles Posted in Estate Planning

By Jeff Rivard

Nobody plans on being isolated and vulnerable.  But unfortunately all too many elders in Connecticut face that phenomenon every day.  The sad circumstances of 95-year-old Stan Lee, the legendary creator of Spider Man, Iron Man, and hundreds of other beloved comic book heroes and villains, can serve an illustration of the kind of issues faced by many of our older clients.

Mr. Lee had a long, prolific career as a writer, editor, film producer, and publisher.  He also served for many years as the editor-in-chief and publisher of Marvel Comics.  Thanks to his professional success, Mr. Lee’s wealth is currently estimated at approximately $50 million.

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Becoming a grandparent, like becoming a parent, is a life-changing experience. There’s so much to look forward to—not only the arrival of the new baby, but also the transformation of your child into a parent.

As you may recall, that journey is filled with wonder and joy, but in the whirlwind of joyous preparation (and a thousand questions about everything from car seats and baby swings to college savings plans), some things fall through the cracks.

One important thing that gets overlooked more often than it should is estate planning.

By E. Jennifer Reale

When it comes to estate planning, there are a lot of details that need to be handled, and one that can easily be overlooked is ownership of the funds in a joint bank account.

Most people mistakenly assume that if they have a joint bank account with someone, they have absolute rights to every single penny in the account.

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.

What happens to your husband’s or wife’s Social Security benefits if he or she dies? Are you entitled to them as the surviving spouse?

In general, yes.

If your spouse who has passed had paid into Social Security long enough, you may be eligible to collect his or her benefits. These are known as Survivors Benefits.