As parents, we all want what’s best for our children, but we also realize that they don’t always know what’s best for them.
When considering how your financial assets will be distributed upon your death, assessing your children’s level of financial responsibility is a critical component of making effective choices and creating a solution for a lasting legacy.
The truth is, developing good money management skills can take an entire lifetime.
Yes, 2020 was a year unlike any other. So many challenges. So much negativity. But if we slow down and really think about it, hopefully we can identify some good things learned.
Hopefully, we can place a renewed focus on what’s truly important.
Preparing for your future is one of those things. Making things easier for your loved ones, is another. Take some time in the coming weeks to make sure your estate plan is done and that it’s current. Make it a point to get it done!
Why?
You may think once you’ve had it drafted that, like the old infomercial tagline, you can just “set it, and forget it.”
Wrong!
Even a plan that is only a few years old can be seriously outdated. Continue reading
Have you ever considered what happens to your pets if they outlive you?
The Humane Society estimates that between 100,000 and 500,000 pets end up in shelters every year after their owners die or become incapacitated.
Our pets provide us a lifetime of companionship, and Connecticut law provides us as pet owners with an estate planning tool to plan for our pets’ care at our death or incapacity.
Since 2009, Connecticut has allowed pet owners to establish trusts for the sole purpose of caring for their pets. In layman’s terms, we call them Pet Trusts. Continue reading
There’s a big buzz lately about digital assets. What are they? Why do you need to be concerned about them anyway? Why on earth would you need to include them in your Will and in your power of attorney?
Well, take a step back and think about this.
We exist in the electronic world. Our photos, communications, personal information, and our “essence” are no longer in a scrap book, photo album, or collection of old letters stored in the attic. It’s now all stored on the web or in the “cloud.”
So here’s the question: When you die, who could access your on-line data, this treasure trove of family history and memories?
We need to now ensure that if we become disabled, and when we die, someone can access this data. Unfortunately, Continue reading
It may be true what they say about not being able to “take it with you.”
It’s also true that – with the right planning – your assets can continue to support the organizations and causes you care about.
Charitable bequests help you extend the reach of your legacy through planned giving that defines specific gifts in your Will. But, you need to be diligent about how you structure a bequest if you want to ensure that your money and other gifts are used according to your wishes.
Types of bequests
• A bequest can be general (providing funds to help an organization with its general purposes) or specific (providing funds that are earmarked for a clearly defined use).
• They can be simple – the donation of a designated amount Continue reading
If you make the wrong choices about filing for Social Security, you may reduce your income for the rest of your life.
Did you think that at a certain age, you just automatically file and receive a certain amount? That’s not always the case.
Social Security is pretty straightforward if you’ve never been married and you’ve accumulated at least 40 quarters working in jobs where federal employment tax (FICA) was deducted from your paycheck. When you reach your “full retirement age” (FRA) you will receive a benefit based upon the amount you paid into the system. If you begin receiving benefits before your FRA, you will permanently reduce your benefit.
But, for every year (starting with your FRA year) that you postpone the start of Social Security, you will Continue reading
If you haven’t yet given thought to what will happen to your vacation home (or other real estate) once you’re gone, please read this!
Mere ownership of real property can trigger not-so-pleasant things such as creditor claims, unnecessary probate, additional tax, and most importantly – ugly family disputes.
Whether it’s a cabin in the woods, a chalet on the mountain, or a cottage by the sea, a family vacation home is the getaway that brings everyone together – a place to make memories.
“My friend put her house in her childrens’ names” … “my neighbor says I should put my son on my bank accounts.”
“Should I?”
That’s a question we are often asked. So often in fact that we can usually tell within minutes whether the main motivation is mere convenience, or is to protect assets against the cost of long-term care.
Powers of attorney are a wonderful tool in the hands of a trustworthy person. But because it comes with a tremendous responsibility, it can also be a dangerous tool in the hands of the wrong person.
Learn all you can before choosing your power of attorney. We have had too many cases where the wrong choice resulted in exploitation or abuse by a family member or friend.
What is a power of attorney?
A power of attorney is a document where you authorize someone, often called an agent, to act on your behalf should you no longer be able to do so. Examples include paying your bills, managing your investments. Continue reading
If you are caring for a child with special needs, you know it is unlike any other journey.
Whether you are new to this journey or travelling a well-worn path, you can take charge of the things that are within your reach.
Here are some important steps you can take now to help secure your child’s future and give yourself some peace of mind.
First Things First: Develop or Amend Your Estate Plans
These are just a few of the questions that may be keeping you up at night. Continue reading
Connecticut Estate Planning Attorneys Blog