Most of our financial advice in early life comes from older family members. They have been around longer and we begin life trusting them and listening to them. So it can feel awkward when the tables are turned and it may be time for elders to require our advice.
Probate courts in Connecticut serve the vital purpose of bringing the services of the law to the people. Although the term "probate" comes up a lot in estate planning, it also covers important issues surrounding how people are taken care of, as well as identifying people who are legally responsible for others.
Managing our own problems can seem more than enough in life. But family sometimes need a little more from us when they are not able to handle the more complicated parts of life. This is often assumed for children and a little trickier for adults without the capacities to manage as adults.
The Tax Cuts and Jobs Act of 2017 increased the tax exclusion for gifts made during a person's life as well as estates left after death. People can give up to $11.4 million in property value, assets or other objects of value without having taxes assessed on their estate. Many observers believe this exemption may not last past 2025, which means the clock may be ticking.
Drafting a will is one of the best ways to be certain your assets end up where you want them to go. Further, if someone in your life dies with a will in place, you do not have to second-guess his or her wishes. Still, not all wills are perfect. Sometimes, contesting a will in court is the best way to protect your loved one’s final decisions.