IRA Trust - protect your retirement plan benefits for your children
Many of you already have a Living Trust. Some of you may not because you were told that you didn't need one because the bulk of your assets were in an IRA or 401(k), or some other qualified plan.The...
View ArticleTax Planning Opportunities to Review Before 2013
The current $5,120,000 Federal estate tax exemption goes back to $1,000,000 with a top marginal estate tax rate of 55% on January 1, 2013 if lawmakers don't take action. This is big news because if...
View ArticleEstate Planning For Married Couples in an Uncertain Tax Environment
The "Fiscal Cliff" refers in part to the huge tax increases that are set to occur on January 1, 2013 if Congress does not take action to avoid this by then end of the year. This article in Morningstar...
View Article"I just had a Baby. Do I need a Will?"
Recently, I came across an FAQ for young parents and this question came up. The answer is a resounding yes, because if you don't have a Will and something happens to you, you have no say in who ends up...
View ArticleDo I need a Trust?
One of the most common questions I get from people regarding estate planning in Connecticut is whether or not they should have a Trust. Most of the time they are referring to a Revocable Living Trust...
View ArticleYear-End Gifting in Connecticut for 2012
Many folks have been asking me about the gifting that they can do throughout December to take advantage of the current gift tax exemption being at $5.12 million.It is important to understand that while...
View Article3 Common Gifting Mistakes
Tis the season to be gifting...or so many of the headlines would suggest these days. Gifting can be a very effective estate planning tool, and for some, it accomplishes their more personal objective of...
View ArticleWhat will happen to the Estate Tax in 2013?
With less than 2 days to go until the Fiscal Cliff, many folks are still wondering and asking what is going to happen to the Federal estate tax.The latest news seems to suggest that as expected the...
View ArticleWhat is the Estate Tax in 2013?
So, it is 2013. The dust has cleared, and we have avoided the fiscal cliff for estate, gift and generation skipping transfer tax purposes. What does that mean?Well, first the facts - The American...
View ArticleDivorce Protection for Children
A common inquiry I get from parents looking to protect their children is - "How do I make sure the money I leave for my kids doesn't end up going to their husband/wife?"The problem is that we can raise...
View ArticleIs Estate Planning only for the wealthy? - Part 1
Is Estate Planning Only for the Wealthy? –Part 1A common misconception that we encounter in our field is the idea that estate planning is only for a particular class of people—the super wealthy. While...
View ArticleWill the Estate Tax be Repealed?
No one can deny the struggling state in which our economy has found itself; nor can anyone deny that drastic measures need to be taken in order to rectify the troubled times in which we are living....
View ArticleIs Estate Planning only for the Wealthy? - Part 2 Health Care
In the first part of this series we discuss the importance of having a Will for all people, regardless of how much money you have. The next part of this series will discuss what we call health care...
View ArticleThe "New" Medicare Surtax on Trusts and Estates
There is a new tax in town. As of January 1, 2013 a 3.8% Medicare surtax may be applied to certain trusts and estates. The surtax does not apply to Revocable Living Trusts during the grantor's...
View ArticleHow do I name Guardian for my child?
In honor of my newborn son's first day home out of the hospital, today's post is on guardianship in Connecticut. Many parents want to make sure that the right person is taking care of their child in...
View ArticleEstate Planning for non-taxable estates in Connecticut
Many people in Connecticut are concerned about other aspects of estate planning than just estate taxes. Many others would be concerned about these other aspects if they knew more about estate planning...
View ArticleConnecticut Probate -Executors buying real estate
Sometimes the executor of the Will ends up being one of the children of the deceased individual. It may also be the case that this person wants to keep the house. This raises an immediate...
View ArticleEstate Tax Return in Connecticut?
Today's blog post is dedicated toward one of the more frequent issues we come across when working with widows and widowers.Mny times a client wants us to draft a revocable living trust for them so that...
View ArticleDoes jointly-held property avoid probate in Connecticut?
I cannot tell you the number of times I have heard from someone that they were told by [insert name] that if they put their spouse or child on the deed to their house that they will avoid probate. This...
View ArticleCommon Probate Issues - Funeral expenses
The general rule in Connecticut for married couples is that the funeral expenses are an expense of the estate, but if the estate doesn't have the money to pay...the surviving spouse pays.In the case of...
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