Who needs a living trust?
As you get older in Connecticut, you might find it increasingly difficult to manage your assets. Fortunately, you don't have to wait for a judge to place you under a conservatorship. You can establish a living trust and choose someone to manage your assets on your...
Charitable remainder trusts: charitable while receiving income
Many people in the Greenwich area have thought about their legacy after they are gone. Some people may have come from a long lineage of charitable giving while others are just now considering it. Besides naming a charity in a will or traditional trust, a charitable...
Pros and cons of creating an irrevocable trust
Trusts are separate legal entities designed to manage a person’s assets. For those of varying degrees of wealth, they can be vital instruments for avoiding probate upon their death and reducing tax burdens. Revocable, or living trusts, give the owner flexibility to...
Understanding the use and misuse of trusts
One of the most misunderstood legal terms is “trust.” Most Connecticut residents have heard the term, but many have no understanding of the nature and operation of a trust. The subject of trusts is far too broad for a single (or even several) blog posts. This post...
Here’s how to prepare for divorce negotiations
A special needs trust is a great way to provide for a loved one while protecting his or her ability to receive government assistance, such as Supplemental Security Income and Medicaid. However, there are restrictions that are placed on special needs trusts, and you...
What are two key ways in which living trusts can be beneficial?
When Connecticut residents are contemplating the future, how best to protect loved ones while preserve as much of their assets as possible, there are many factors that should be considered. The individual circumstances will dictate how to proceed. For many, a simple...
Why naming a successor trustee is so important
Many people in the Greenwich area have created a trust as part of their estate planning. A revocable living trust is a good way for a family to protect their assets and their family’s future. A successor trustee is an important part of a revocable living trust. This...
Protecting financial resources through a special needs trust
Many people in Connecticut will rely on public assistance benefits, such as Medicaid, to pay for their health care needs should they become disabled. However, to qualify for such benefits, a person must have few assets and a low income. To avoid impoverishing...
How can you distribute assets to your beneficiaries over time?
If you are setting up a trust, you will likely have concerns about how – and when – your beneficiaries will receive their inheritances. The value of your estate may be substantial, and you may want them to receive their shares of it over time, rather than as lump...
What are living trusts and how can they help an estate plan?
There are a variety of different estate planning tools to help estate planners to come up with an estate plan that is best for them. A living trust is a one such estate planning tool that estate planners should understand and be familiar with. What is a living trust?...