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Estate Planning2024-04-16T16:26:13-04:00

Planning for your future

Estate planning is the best tool you can have to plan for the future. We can work with you to put together a plan that protects you and your family from small or big issues during your lifetime and any that may arise after you pass away. Having a plan in place eliminates a great deal of anxiety, confusion, and uncertainty. The toolbox for this planning includes a power of attorney, a living will, advance health care directives, different trusts (depending on the type of assets you own), and a last will and testament. As circumstances in your life change, your estate plan will need to as well. Your plan should be reviewed every three years to make sure it is working as you intended and meets your needs and wishes at all times.

You should avoid do-it-yourself estate planning. There are potential dangers of online documents, such as improper execution, probate court challenges, and outdated information. The documents are inexpensive at first but might cost your family thousands after your death if you do not have a high-quality and complete plan in place.

A power of attorney gives someone you select the legal authority to act on your behalf with respect to tax and financial matters. This power can be general or limited, immediate or delayed, and is designed to work in the event you are incapable of handling your own affairs. The most important feature of a power of attorney is that “it works when you need it to.” Although a properly drafted power of attorney should not expire, many banks think that a power of attorney has “a shelf life” and becomes ineffective with the passage of time.

A living will is a person’s written statement about what to do if artificial life support is the only thing keeping you alive. It basically says let me die comfortably and without pain.

Advance directives appoint agents to speak with medical professionals about your care and to arrange your day-to-day needs in the event you are unable to do so.

A trust is an agreement made up of three roles, namely – the Grantor (who is the creator of the trust), the Trustee (who is the person in charge), and the Beneficiaries (who are the persons for whom the trust is created).

(a) Revocable Living Trust

An agreement where, usually, all three roles are the same person or people. Here the Grantor has the ability to control the assets. After the revocable trust is created, it is funded by changing the title of your assets into the name of the trust for the purposes of avoiding probate. This trust can be amended or revoked at any time by the Grantor.

(b) Irrevocable Trust

An agreement where the Grantor is not in control of the assets and the Trustee is. This enables the assets to be fully removed from the Grantor’s estate. Assets transferred to an irrevocable trust may be considered “a gift” by the Internal Revenue Service and will need to be reported. It is funded the same way but cannot be amended or changed.

(c) Charitable Trust

An agreement where the Grantor has a conditional use of the assets for a specified period of time. At the predetermined end of the trust, a charity, the ultimate beneficiary, gets the assets and the Grantor has favorable tax treatment for the “gift.” This can be a valuable estate planning tool for people who have taxable estates in Connecticut.

(d) Supplemental Needs Trust

An agreement to provide for a beneficiary that is the recipient of state or federal aid. This agreement makes provisions for the beneficiary which are not used for housing or food (supplemental needs) and maintains the eligibility for governmental assistance.

The Last Will and Testament appoints a person to manage your estate when you pass away. The executor will pay your outstanding bills, prepare tax returns, file with the probate court where you lived, and distribute money to your heirs. If property is owned in another state, an estate administration may need to be opened in that state (ancillary administration).

(a) I Love You Wills

“I Love You” wills are the most basic for a married couple. They appoint each other as executor and give everything to their surviving spouse. In the event one spouse predeceases the other, the will directs that the children get everything. It should be noted that these wills do not work well for blended families.

(b) Testamentary Trusts

A testamentary trust is a trust included in the will. This trust has two distinct and very crucial features that a trust made during one’s lifetime does not. First, a testamentary trust is not activated until the estate administration is over and, second, the probate court will always retain jurisdiction and will require periodic accountings by the trustee (as often as each year or as seldom as every three years).

(c) Reasons You Need a Will

You need a will to appoint a person in charge of handling your estate administration, to disinherit someone related to you, to avoid family squabbles or a will contest, and to provide for descendants who survive you.

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(203) 244-9522
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Physical Address:
897 Boston Post Rd, Madison, CT 06443

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