A pooled special needs trust, or PSNT, is a financial device that is designed to provide for the lifelong financial support of people with special needs, who often have ongoing medical costs as well as a limited ability to work for income. These trusts entail pooling...
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Strategies for avoiding estate taxes
Taxes help fund public goods, and most taxes come from individual income, corporate income, sales and payroll taxes. Although estate tax doesn't make up a substantial portion of Connecticut's tax revenues, every family wants to avoid estate taxes if possible. Give...
Creating an estate plan designed to reduce family squabbles
Every family experiences its share of disagreements. However, in some families, arguing is the status quo. While there are various methods of resolving conflicts when you’re around, things can get particularly contentious when you’re no longer there, and your loved...
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...
Important estate planning terms you should know
Adults should have an estate plan created that outlines what is going to happen with their things when they pass away. These plans can be rather simple but some are complex. It's imperative that anyone who's dealing with an estate plan, whether you're doing this as...
Do you suspect a stepparent of undue influence on the last will?
Few things are as upsetting as learning that someone has taken advantage of your parent as their health and mental acuity declined. Most families will discuss inheritances and legacies at some point as parents begin to age.If you and your siblings know that your...
What plans do you have for your child’s future?
Your estate planning needs will change with certain events in your life, including the birth of a child. You must ensure that your new baby is properly cared for if something happens to you and the other parent. If only one parent passes away, it is assumed that the...
Creating a business succession plan
If you are the owner of a successful business, you'll likely want to ensure that your business will continue to thrive for many generations to come. Your business has the possibility to be one of the greatest legacies that you'll leave behind, and that's why it is...
These 3 tips can help you lower the value of your estate
Your estate is worth millions, so you know that there is a true risk of facing an estate tax. While an estate tax is only charged on those who have an estate worth $11.4 million or more as of 2019, the reality is that any amount over that amount is highly taxed....
Who has the right to challenge a will?
Creating a strong will and estate plan is one of the most effective ways to ensure that your legacy and property pass on to the people and organizations that matter to you. Unfortunately, the process of executing a person's wishes after they pass away can cause a...