By 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.
Our country has made strides in advancing the rights and equality of the LGBTQ+ community – but, we still have a long way to go before same-sex couples are protected in the same way as heterosexual couples. As laws are being developed to protect everyone equally, it remains important for LGBTQ+ families to take special care in their estate planning in order to ensure that their wishes are followed.
Failure to plan appropriately can result in unintended consequences like a surviving partner being left completely out in the cold financially. The truth is, many laws still give preference to biological and recognized family relationships over same-sex partners. Matters can be further complicated when the LGBTQ+ individual’s family does not approve of their lifestyle, and would be content to just cut a partner out of any inheritance.
To avoid this kind of emotionally painful and financially devastating situation, LGBTQ+ couples should be diligent and proactive about estate planning. A well-designed and executed estate plan can also help avoid probate, which can in turn provide tax advantages as well as ensure your assets are disseminated as you intended.
If you’re single, estate planning might not be at the top of your priority list. You may assume, based on how most professionals talk about the process, that estate planning is mainly for couples with kids.
But the truth is, everyone should have an estate plan in place.
Even if you’re not deeply concerned about what will happen to your belongings when you are gone, there are many other reasons to have an estate plan.
Just when you think you’ve reached a point in life where you know exactly what love is, along come grandchildren. And it’s fun to spoil your grandchildren! When they are little, it’s so easy. You can let them have ice cream before dinner, give them that amazing game system they wanted (and their parents wouldn’t buy), or let them stay up extra late.
There are more momentous ways to make your grandchildren’s lives a little sweeter as they get older. If you are fortunate enough to have the ability to gift financial assets to your grandkids, there are a lot of different ways to legally sidestep taxes for both you and your grandchildren. And a number of these options also make it possible to earmark the money for specific purposes or protect it for when a child is older.
Someone has asked you to be their power of attorney – but you’re concerned. How do you respond?
Becoming someone’s agent under a power of attorney is not something to be undertaken lightly. It is an enormous responsibility that can potentially become a stressful and time-consuming duty.
So what exactly is a POA? When you are designated as a power of attorney, you are given the power to make decisions on behalf of the “principal” (the person executing the power of attorney) in case the principal should become incapacitated. Your role as the agent is to make choices and take actions to manage the principal’s affairs based on what you believe the principal would have done themselves. In other words, put yourselves in their shoes and act as they would on a situational basis.
You can’t predict what might happen tomorrow, but there is something you can do today to help better prepare for whatever comes your way – you can get your estate plan in order.
Putting these documents in place can help ensure that not only are things done according to your intentions, but can also give you peace of mind knowing you’ve set in motion specific plans that can be implemented should the unexpected occur.
Regardless of your age or life circumstances, there are a few basic estate planning documents that every person should have in place.
It’s a nice thing to be able to give someone you love a gift, especially when that gift can help ensure their security, wellbeing, and even happiness. But you have to be careful when giving gifts—either cash or property.
The annual gift tax exclusion is $16,000 per recipient in 2022, or—if you and a spouse are making the gift jointly—$32,000 per recipient. If you want to give gifts in excess of those amounts, you need to be strategic about your approach so that you can maximize the gift while minimizing the tax liability.
Here are a few tips that can help you do just that:
We’ll only be hours into the New Year, and most of us will already be 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 time of year for giving and receiving. As your mailbox fills up with solicitations from nonprofits – everyone from the Salvation Army to the World Wildlife Fund – how do you know which ones are worthy? And even more important, how can you tell which ones you should steer clear of?
One of the criteria most people are concerned about when choosing a charity is how efficient they are.
It’s understandable that you might assume “estate” planning is only for people of means. The word “estate”—which conjures visions of Jane Austen-like scenery featuring sprawling mansions, rolling hills, and houses full of staff—is right in the name.
But the truth is, estate planning is a smart idea for pretty much everyone and anyone.
The thing is, estate planning isn’t just about money. It’s about having the power to make your own choices about how you want things handled and how you want to look after the people you love.
Connecticut Estate Planning Attorneys Blog