A will isn't the best way of transferring wealth in Connecticut. Assets must typically go through probate, which means they could be seized by creditors and winners of lawsuits. They would also take longer to land in the hands of your intended recipients. There are...
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Trusts
The basics of charitable trusts
When it comes to estate planning, trusts are a popular way to ensure your assets get distributed the way you want. There are several types of trusts, but charitable trusts are one of the most common among Connecticut residents. What is a charitable trust? A charitable...
How to minimize taxes with charitable donations
Donating to charity has always been a great way to help minimize your Connecticut taxes. There are a number of strategies that you are free to adopt in order to enjoy this tax advantage to the fullest. The IRS has enabled a special provision that allows you to deduct...
Understanding if a living trust is the right choice for you
A solid estate plan can help Connecticut residents distribute their assets efficiently after they pass away. You may want to include a living trust in your estate plan, which can make distributing assets after you die even quicker. Ensure that your property gets...
How an irrevocable life insurance trust works
Many people in Connecticut think wills are the only way to handle assets. However, trusts are another option to manage assets and ensure they get transferred to recipients. A common type of trust is an irrevocable life insurance trust. Overview of trusts Trusts are...
When to use a living trust in Connecticut
"How do I know I need a living trust instead of a simple will or other related documents when estate planning in Connecticut?" If you have been wondering the same, you are not alone. Here are some factors and situations you need to consider when deciding if a...
The advantages of your charitable remainder annuity trust
People who make regular donations to nonprofit organizations often set up of charitable remainder annuity trusts (CRATs). As the donor, you receive funds for yourself, your beneficiaries and your favorite charities. In Connecticut, donors may start benefitting once...
What is a special needs trust in Connecticut?
Connecticut families with a special needs relative have a lot to consider when estate planning. One of the most pressing questions that families face is how their special needs child or younger relative be taken care of after their death. A popular option for ensuring...
The importance of choosing the right trust
The creation of a trust may make it easier to ensure that your Connecticut estate planning wishes are carried out after you die. It may also make it easier to ensure that your affairs are properly managed during your lifetime. However, this exact purpose that such a...
Intentionally defective grantor trusts in Connecticut
Intentionally defective grantor trusts have become a popular estate planning tool in Connecticut. They allow you to transfer assets to your children or other beneficiaries while minimizing the amount of gift and estate taxes that will be due. If you are looking to...