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...
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Trusts
How an irrevocable trust shields your assets from creditors
As you build your wealth throughout your life, you may also encounter the challenge of getting caught up in an ongoing cycle of debts. Concerns about managing these financial obligations in the event of your passing start to weigh on your mind. Naturally, you would...
Transferring assets through a generation-skipping trust
Creating a trust is a popular method for people to pass assets to their beneficiaries while keeping the impact of taxes to a minimum. There are many types of trust, allowing you ample freedom to control the distribution of your assets and who benefits from them after...
Why is your trust’s residency important?
A trust provides various benefits, including potentially reducing the impact of estate taxes on your properties and the beneficiaries who will inherit them upon your death. There are several factors to consider when creating a trust, and one of the most important is...
Can multiple people fund a special needs trust?
A common strategy parents of children with special needs take is creating a special needs trust (SNT), also known as a supplemental needs trust, to ensure that the child’s needs, on top of basic ones, are continuously provided for in the event something happens to the...
3 cost-efficient ways to transfer real estate
Real estate can be expensive. Aside from the property's worth, owners could face additional expenses related to managing and giving them to family members. Failing to make an estate plan leads to uncertainty about what happens to your assets after your death....
What happens to a charitable trust if the charity no longer exists?
Estate planning is an excellent tool for individuals to recalibrate their goals and values. Tools such as wills and trusts help people put their wishes into writing. Some people primarily think about the security of their family, while others align their wishes with...
Can I amend a living trust?
Living trusts are common in Connecticut estate planning because of their favorable attributes, such as not having to go through the probate process and gaining more flexible control over its terms and implementation. But what if you want to add properties or change...
How do I receive payments from a charitable remainder trust?
Charitable remainder trusts are popular in Connecticut because of their reliability and benefits. Aside from reducing capital gains and taxes, they allow you to receive a regular payment based on your initial terms and agreement. You could receive payments based on...
Understanding intentionally defective grantor trusts
An intentionally defective grantor trust (IDGT) is a popular estate planning tool that allows individuals to transfer assets to their heirs while minimizing gift and estate taxes. Connecticut residents considering their estate planning options should be aware of how...
