Estate planning is more than just distributing your assets after your lifetime. It is an opportunity to create a lasting legacy that reflects your values and supports the causes you care about. By integrating goodwill into your estate plan, you can make a meaningful...
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Estate Planning
Single-life annuities can continue legacies even without heirs
For some people, leaving a legacy is synonymous with passing on one’s estate to heirs. This might leave those without children or close relatives wondering what will happen to their wealth. Is there a need for an estate plan if there are no heirs to receive one’s...
Special needs trusts protect assets and government benefits
If you have children with disabilities or worsening conditions, you may worry about their future. You may have assets to leave behind for their care but harbor concerns that it will interfere with their ability to obtain needed government aid, such as Medicaid...
Strategic gifts can still contribute to estate tax risk
Those who achieve economic success often hope to pass their good fortune to others when they die. Estate plans allow individuals to choose specific beneficiaries to receive their assets, including family members and charitable organizations. Maximizing what someone...
3 ways estate planning can minimize the impact of taxes
Estate planning in Connecticut is not just about passing on your assets. It is also about preserving your hard-earned wealth for your heirs. One significant aspect of this preservation is minimizing the impact of taxes. Connecticut imposes both federal and state...
The risk of using a pour-over will for a high-value estate
Individuals with particularly valuable property often need to establish complicated estate plans. They have to worry about collection activity and taxes while also providing resources for their loved ones. They may intend to leave assets for charitable causes or even...
Understanding how QTIP trusts work
Two primary purposes of estate planning in Connecticut are to protect your assets and provide a surviving spouse with income after your passing. Several types of trust can accomplish these goals, but one of the most useful is a Qualified Terminable Interest Property...
Preserving your passion through art and cultural philanthropy
Art and cultural assets hold a special place in the hearts of many individuals, regardless of their financial means. Whether it is a cherished art collection, rare antiques or cultural artifacts, these possessions often hold a special place in one's legacy. Given the...
Methods to keep your business and personal assets separate
A lawsuit that deprives you of your personal savings is a possibility any business owner should guard against. No matter whether you are new to entrepreneurship or a seasoned company owner, you should have effective asset protection methods in place. By keeping your...
How to strategically use depreciation for business assets
When you own a business and want to minimize your tax liabilities, one option is learning to strategically utilize depreciation on your business assets. U.S. News and World Report explained for 2023, tax laws allow for an 80% bonus depreciation that will phase out by...