The benefits and perils of a charitable remainder trust
There are different types of trusts that can serve different purposes. The charitable remainder trust (CRT), for example, is a popular type of irrevocable trust for charity-minded individuals. It offers a variety of benefits, but there are some potential risks as...
Potential benefits for changing an estate plan before 2021
To say the least, 2020 has been a challenging year for most Americans. In addition to the pandemic, a contentious presidential election has contributed to a turbulent time. The outcome of the election may also have a direct impact on your estate. That’s why it’s...
Should you name multiple trustees?
Acting as trustee is an important task, and choosing a trustworthy person to oversee the trust is one of the most important ways to protect your assets and the loved ones who will act as beneficiaries. Connecticut law allows you to name multiple trustees to act...
Prevent claims against the will with transparent estate planning
Large, high-value estates often require intricate and complex estate plans. Lawyers must account for the will, insurance policies, trusts, 401(k)s, and more as they draft comprehensive plans that protect their client’s estate. However, even the most thorough plans...
Charitable remainder trusts help secure tax breaks
Individuals include trusts in their estate plans to provide finances for loved ones, invest in well-loved communities or reduce taxes on high-value assets. At their core, trusts allow people to protect parts of their hard-earned estates from estate taxes. Of the...
3 reasons to establish a special needs trust for your loved one
When you have a loved one with special needs, you may have questions about how you can help them in life. Providing for them as a part of your estate plan may help you give them support, but it is important to choose your estate planning tools wisely to protect both...
Do bypass trusts still make sense?
For years, bypass trusts were a practical way for people to avoid an excessive estate tax burden. Yet, changes to the tax in recent years may make you reconsider whether this type of trust is still necessary to protect your wealth. Since the current exemptions are...
Are there less restrictive alternatives to guardianship?
A lot of people with intellectual disabilities, including autism, manage to function fairly independently -- even when they still need someone to protect their interests. If you're the parent of a special needs child who will soon become a legal adult, you face some...
Are you considering contesting a will? Read this first
There are a lot of very good reasons to contest a family member's will -- particularly when you believe that the will doesn't reflect what the deceased actually wanted. Nothing you're about to read takes away from that fact. Just the same, you do need to step into...
Why is business succession planning so important?
If there's one piece of advice that legal analysts offer when solicited for guidance regarding actions to take as people age, they often recommend engaging in estate planning. Drafting a will, powers of attorney and other critical legal documents is part of this...