Life insurance has been considered a must by successful financial planners for generations now. Many high-earning professionals in Connecticut have enjoyed the security of knowing that their family's standard of living is safe from an unexpected death or disability....
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Estate Planning
Duties of an executor for your estate
The choice of an executor is one of the many considerations you will need to address as you plan your estate. This choice deserves as much careful planning and thought as the other provisions in your will.Legally, you can choose almost any adult to act as your...
IRS changes may make life harder for estate planners
Estate planning is more than a rich person's game. Clear wills and prearranged trusts can prevent needless arguments between inheritors with any size of bequest. However, rules and requirements for estate planning often get more complex when people are dealing with a...
3 tips for reducing estate taxes by giving to charity
One of your main estate planning goals is to minimize your tax burden. As you age, you may also start to consider what legacy you will leave behind. One way to reduce your taxes and feel good about yourself at the same time is through charitable giving. Giving to...
Do you need a will even if you don’t have children?
People often use estate plans simply to designate how they are going to leave their assets to their children. Therefore, if you do not have any children, does that mean you do not need a plan? It doesn't, but many people make the mistake of assuming that it does. That...
1 major reason why people put off estate planning
You do a lot of financial planning in your life. You carefully consider every loan and every credit card. You put away money for retirement. You save up money for medical expenses. You consider every type of insurance you may need. However, you also avoid doing your...
Understanding testamentary capacity in Connecticut
Connecticut law sets forth several requirements for a valid will. One of these states that the testator must be of sound mind. It can be difficult to arrive at a precise definition of the exact line that marks a lack of capacity.Descendants who are unhappy with a...
Questions your family has to ask without health care guidance
As you do your estate planning, it is important to create a health care directive and a power of attorney. This can give your family members some guidance so that they know what to do if you cannot make your own decisions. For instance, if you suffer a stroke and go...
How an irrevocable trust impacts government benefits
An irrevocable trust is one that you typically cannot modify, amend, revoke or change in any way. There are rare situations that allow for some alteration, but, generally speaking, the trust has to stay exactly as it was when you set it up. The assets are no longer...
6 benefits of doing your estate planning
Far too many people pass away without any type of estate plan in place. They do not even draft a will. This can happen to famous, wealthy people -- the very people you would think would be most conscious of the need for a plan -- and to those with far fewer assets....
