Ferguson Cohen LLPFerguson Cohen LLP2026-08-06T18:57:52Zhttps://www.fahwlaw.com/feed/atom/WordPress/wp-content/uploads/sites/1401634/2021/01/cropped-ferguson-site-icon-32x32.pngOn Behalf of Ferguson Cohen LLP<![CDATA[Can you put physical property into a trust?]]>https://www.fahwlaw.com/?p=495572026-08-06T18:57:52Z2026-08-06T18:57:52Ztransfer the asset into the trust.
A quitclaim deed
For example, with real estate, a quitclaim deed may be necessary. This has to be appropriately filed with the county clerk. Related documentation includes a certificate of trust, a memorandum of trust and a copy of the trust documentation itself. If there is a mortgage or the real estate is in an homeowners’ association, permission may be needed from the HOA or the mortgage lender.
A title transfer
With a vehicle, transferring the title into a trust often means retitling it. This can cause it to transfer immediately into the living trust. The trust becomes the owner of the vehicle, rather than the individual.
Another option is simply to make the beneficiary the trust itself. The estate plan stipulates that the vehicle should be passed to that beneficiary, and so the trust takes possession when the original grantor passes away.
These are other ways in which physical property can be put into a trust, which can sometimes aid with estate administration. Those who are interested in doing so need to know what legal steps they need to take.]]>On Behalf of Ferguson Cohen LLP<![CDATA[What is a trustee?]]>https://www.fahwlaw.com/?p=495552026-07-23T06:58:03Z2026-07-23T06:58:03ZA trust is a legal arrangement that allows you to distribute trust funds and assets to beneficiaries. Additionally, you can use a trust to protect assets from disputes between family members, probate delays and debt collection. When drafting a trust, one of the most important decisions is naming a trustee.
Assets that are part of the trust are the responsibility of the trustee. A trustee holds a legal title to assets in a trust. They are legally obligated to fulfill the intent of the trust on behalf of the grantor. Who you pick to be a trustee must have the best interests of the trust and your beneficiaries. There are several considerations to make when appointing a trustee. Here is what you should know:
How do you pick a trustee?
You can name a family member or friend to manage your trust. Someone close to you is likely to understand the intent of your trust. They may also know your beneficiaries personally. However, having a loved one as your trustee is not always as simple. The role of trustee often requires a deep understanding of the fiduciary obligation that comes with managing a trust. They also must be ready to take on a great financial burden and understand the time commitment and trustworthiness that comes with the role. It can help to talk to a potential trustee to help them understand what duties they are expected to fulfill. Here are some topics to discuss:
Record keeping: A trustee must be prepared to record all changes to the trust, prepare records and statements and potentially prepare the trust for future generations.
Communicate with beneficiaries: A trustee must keep beneficiaries informed about any changes to the trust that could impact them.
Administer assets: A trustee must know how to distribute trust funds and assets to beneficiaries according to the terms of the trust.
Before picking a trustee, you may need to reach out to professional legal guidance to learn more.]]>On Behalf of Ferguson Cohen LLP<![CDATA[How dynasty trusts preserve wealth for generations]]>https://www.fahwlaw.com/?p=495532026-07-22T14:13:47Z2026-07-22T14:13:47ZWhat is a dynasty trust?
A dynasty trust holds and manages assets for multiple generations of a family. Instead of transferring all assets to one generation, the trust continues to benefit children, grandchildren and later descendants under rules set by the person who creates it.
The term "dynasty trust" often implies a trust designed to last as long as state law permits. Historically, the rule against perpetuities limited trusts to a duration of 21 years after the death of the last beneficiary alive at the time the trust was created. However, because many jurisdictions have since modified or abolished this rule, modern dynasty trusts can be structured to endure for multiple generations.
Families with substantial wealth often use dynasty trusts as part of a long-term estate planning strategy to preserve wealth across multiple generations. The trust document explains when beneficiaries may receive distributions and how the trustee should manage the trust. Understanding these features makes it easier to see why many families choose this planning tool.
How a dynasty trust preserves wealth
A properly structured dynasty trust may help families:
Preserve wealth across multiple generations
Protect trust assets from certain creditor claims against beneficiaries
Provide long-term management of investments and other property
Distribute assets according to clear instructions
Support long-term family financial planning goals
Federal generation-skipping transfer tax rules under 26 U.S.C. § 2601 may allow properly structured trusts to help minimize transfer tax exposure by making efficient use of exemptions and transfer-tax planning rules as wealth passes to future generations. Families often consider these rules when creating a long-term estate plan. Tax planning forms only one part of the overall strategy, so other planning decisions also matter.
Planning for long-term success
A dynasty trust can remain in place for many years. Families should choose a capable trustee, establish clear distribution terms and review how the trust fits their long-term goals. They should also consider how future generations may benefit from the trust while preserving its purpose over time.
Learning how this type of trust works helps families make informed estate planning decisions.You may want to consult a legal professional for guidance.]]>On Behalf of Ferguson Cohen LLP<![CDATA[The costly real estate mistake wealthy families overlook]]>https://www.fahwlaw.com/?p=495492026-07-11T15:39:19Z2026-07-11T15:39:19ZYou have spent years assembling the homes that define your family's life: the primary residence in Greenwich, perhaps a shoreline retreat in the Hamptons or a warm-weather escape in Florida. Each property feels like a settled part of your legacy. Yet many carefully built estates share a quiet flaw that surfaces only after death, when the family least expects it.
Real estate held in more than one state can push your heirs into a second court process they never saw coming. Understanding why that happens is the first step toward sparing them the ordeal.
The second probate hiding in your second home
When you own property only in your home state, your estate generally passes through a single probate court after you die. Add a home in another state, and the picture changes. The law of the state where a property sits governs that real estate, not the law of the state where you lived.Because each state applies its own rules, your heirs generally face a secondary probate proceeding, often called ancillary probate, in every additional state where you held real estate, beyond the case at home. So the Florida condominium and the Colorado cabin could each require a local case. A trust, joint ownership with survivorship rights or another valid transfer method may change that result. Location matters, but ownership form often decides whether another probate is necessary.
The real costs your heirs inherit
Each additional probate carries its own price. Your family may need to retain separate counsel in every state, cover a second and third set of legal fees and wait months longer before anyone can sell or transfer a home. Probate is also a public process in most states, so details your family would rather keep private can become part of the court record.These outcomes are rarely inevitable. Property you address ahead of time through a coordinated estate plan often bypasses the extra courtrooms entirely, which is why the location and title of each home deserve as much attention as its value.
Planning tools that keep property out of court
Several tools can keep an out-of-state home from ever entering probate. A revocable living trust is the most common: once you place the property in the trust, it passes to your beneficiaries under the trust terms rather than through any court. Holding real estate in a limited liability company, or LLC, can serve a similar purpose while adding a layer of liability protection.Some states also permit a transfer-on-death deed, which names who receives the property automatically, though the option is not available everywhere. For example, Connecticut does not currently recognize transfer-on-death deeds for real estate. The right choice depends on where each property sits and how the deed currently reads.
Your next step before the next closing
Before your family's next real estate purchase, take stock of what you already own. List every property, note the state it sits in and check how the title reads on each deed. That single inventory shows you where your estate risks a second probate and where it already stands protected. The best moment to structure a new home is the day you acquire it, when titling it correctly costs nothing extra and saves your heirs far more than money later.]]>On Behalf of Ferguson Cohen LLP<![CDATA[3 times to revisit your asset plan]]>https://www.fahwlaw.com/?p=495462026-07-01T12:15:04Z2026-07-01T12:15:04ZAn asset transfer strategy helps you decide how property and other valuables should move to the right people at the right time. It can include real estate, business interests, savings, family heirlooms and other important assets.
However, a plan that worked years ago may not fit your life today. Updating your strategy helps reduce confusion and keeps your wishes clear.
1. When Life Changes The Plan
Major life events are a strong reason to review your asset transfer strategy. Marriage, divorce, the birth of a child or the death of a loved one can change who should receive certain assets.You may also need updates after moving to a new state or buying property. Each change can affect how your plan works and whether it still reflects your wishes.
2. When Your Money Looks Different
Your strategy should match your current financial picture. If you start a business, sell property, receive an inheritance or grow your savings, your old plan may no longer be enough.Debt and ownership changes can also affect asset transfers. Reviewing your plan helps you see whether your assets are protected and properly directed.
3. When Family Needs Shift
Families do not stay the same forever. A child may become an adult, a loved one may develop needs or a family relationship may change. These situations can affect timing and responsibility.You may also want to name a different person to manage certain assets. Choosing the right person can help prevent stress and disputes later.Your asset transfer strategy should grow with your life. A regular review can help you avoid outdated decisions and keep your wishes clear. When questions come up about timing, taxes or family needs, legal guidance can help you make careful choices without feeling rushed.]]>On Behalf of Ferguson Cohen LLP<![CDATA[A special needs trust can preserve benefits]]>https://www.fahwlaw.com/?p=495442026-06-19T18:29:09Z2026-06-19T18:29:09ZAs you work on drafting your estate plan, if you have a beneficiary with special needs, you may consider putting their inheritance into a trust. You can still list them as the beneficiary, but you put a trustee in charge of making distributions, and it is the trust that owns the assets rather than the individual themselves.
One of the benefits of using a special needs trust is that it can help someone maintain benefits that they are already receiving. In this way, you avoid any unintentional consequences that could come with giving them a direct inheritance.
Passing a means test to qualify for benefits
In many cases, when someone applies for benefits, they have to disclose their income and any assets that they own. This is a means test, and the government is essentially just checking to see if they actually need to receive the benefits or not. If they report that they have a low or nonexistent income and a low level of assets, then they will qualify.This is when a direct inheritance becomes problematic, however. It could raise their net worth high enough that they are disqualified from those benefits. They then have to spend down the entire inheritance, reapply for the benefits and hope that they are approved a second time.But if you put the money into a special needs trust, because the individual does not own the assets directly, they still qualify for benefits. You do not have to worry about disrupting this support or forcing them to apply again.This is just one important area to think about when making an estate plan, and it helps to show why it is so important to know what legal options you have.
]]>On Behalf of Ferguson Cohen LLP<![CDATA[Certain trusts can benefit one’s favorite charities]]>https://www.fahwlaw.com/?p=495422026-06-08T02:44:08Z2026-06-08T02:44:08ZCreating an estate plan requires the creator to evaluate their wishes so they can get it put on paper in a legally enforceable manner. Charitable goals can be an important part of an estate plan for people who want to support their favorite causes, organizations, religious groups or other programs.
A comprehensive estate plan can identify which charities should have the benefit of the assets. Using charitable trusts can set a specific plan in place that makes the creator’s wishes easy to follow. A charitable trust combines charitable giving with broader estate planning goals. Instead of just making a single gift outright, a charitable trust sets a structured arrangement that controls how the assets are managed, who will receive the benefits, and when the charity receives its portion. Two types of charitable trusts can be used.
Charitable lead trusts
Charitable lead trusts provide payments for a set number of years or a defined period. Once that period ends, the remaining assets pass to the other named beneficiaries. This type of trust allows the creator to support the charity soon after their death, with the possibility of providing for their loved ones after the charity.
Charitable remainder trusts
Charitable remainder trusts work in the opposite way. They provide for the beneficiaries of the creator for a defined period. Once that period is over, the remaining assets in the trust will pass along to the named charities. Evaluating charitable trusts is an important part of the estate planning process. It’s critical for anyone considering this to work with someone who’s familiar with their wishes and who can assist with getting everything set up properly. ]]>On Behalf of Ferguson Cohen LLP<![CDATA[4 critical trusts high-net-worth Connecticut families should have]]>https://www.fahwlaw.com/?p=495392026-06-01T15:46:28Z2026-06-01T15:46:28ZMany families assume estate planning only matters after they are gone. But the most powerful wealth-preservation decisions actually happen during your lifetime, not after.
In Connecticut, delaying asset structuring leads to missed opportunities and costly tax exposure. Fortunately, four key trusts can help your wealth work for your family today while securing their financial future tomorrow.
Strategic planning keeps more wealth in your family
A strong estate plan does far more than determine who inherits your assets. It actively minimizes taxes, protects your property from legal threats and safeguards your income for the people who matter most. This is how trusts fit naturally into this strategy. They let you control how and when your assets transfer to loved ones, all while shielding more of your wealth from unnecessary taxation. With the right plan in place, you give your family both financial security and peace of mind.
Four trusts that can protect your family’s future
Knowing why trusts matter is only the first step. The next step is choosing the right ones for your family. Here are four trusts that Connecticut families with significant assets should consider:
Irrevocable Life Insurance Trust (ILIT): This trust holds your life insurance policy outside your taxable estate. Your beneficiaries receive the full death benefit without estate tax reducing their payout.
Grantor-Retained Annuity Trust (GRAT): A GRAT lets you fund the trust with high-growth assets while collecting scheduled annuity payments over a defined term. Once that term concludes, whatever remains in the trust passes to your beneficiaries, typically with little to no gift tax.
Spousal Lifetime Access Trust (SLAT): One spouse creates this trust for the benefit of the other, removing assets from both spouses' taxable estates. It also preserves access to those funds when your family needs them.
Qualified Personal Residence Trust (QPRT): This trust transfers your home or vacation property out of your taxable estate. Doing so can significantly reduce the estate taxes your heirs would otherwise face.
Together, these four trusts form a strong foundation for protecting what you have built. Each one addresses a specific area of your estate and combining them can multiply the benefits for your family.
Give your heirs the full benefit of your legacy
Your family's financial future is too important to leave to chance. The wealth you have built over a lifetime deserves a plan that protects every dollar of it. Structuring your estate with the right trusts means your beneficiaries keep more of what you intended for them and far less goes toward unnecessary taxes. The sooner you put these protections in place, the more your family stands to gain for generations to come.]]>On Behalf of Ferguson Cohen LLP<![CDATA[What happens when a trustee position becomes vacant?]]>https://www.fahwlaw.com/?p=495372026-05-26T05:35:43Z2026-05-26T05:35:43ZYou don’t create a trust for short-term convenience; you create it for long-term stability. You expect the trustee you name to serve for many years, providing consistent, reliable oversight of assets. However, even the most carefully drafted trust is not immune to change.
Over time, a trustee may step down, become unable to serve or simply no longer be the right fit. In such scenarios, the trust doesn’t simply cease to exist, but the transition is not always smooth. What follows depends on how the trust was drafted and whether a clear succession plan is already in place.
How a trustee vacancy is handled in Connecticut
Most trusts include provisions explaining who should step in as a successor trustee or how they should be appointed. If the trust names a backup trustee, they can typically step into the role without court involvement. The successor trustee then assumes the legal duty to manage trust assets in accordance with the terms of the trust and Connecticut law.If the trust doesn't address trustee succession or fails to name a backup, the court may have to appoint a new trustee. Beneficiaries may also petition for this appointment, andthe court will consider who can best serve the interests of the trust and its beneficiaries.
It doesn’t have to become a crisis
A trustee vacancy is one of the most important contingencies to plan for. If there’s no clear succession plan in place, a vacant trustee position can create real disruptions. Assets may sit unmanaged, beneficiaries may go without distributions and disputes can arise quickly.Seeking professional legal guidance when creating a trust can help you address succession gaps before they become real problems down the road. It can be imperative in ensuring the trust continues to operate smoothly even when a trustee can no longer serve, preserving both your intentions and your loved ones’ financial interests.]]>On Behalf of Ferguson Cohen LLP<![CDATA[4 pitfalls to avoid when establishing a special needs trust]]>https://www.fahwlaw.com/?p=495352026-05-12T16:47:12Z2026-05-12T16:47:12ZA special needs trust (SNT) can provide meaningful financial security for a loved one with a disability but only if it's done right. The details matter far more than most people initially realize, and even small missteps can create ripple effects that may be difficult to undo.
Here are some common mistakes that can undermine everything you’ve worked toward when creating a special needs trust.
1. Improperly funding the trust
A trust is only effective as the way it’s funded, and SNTs are no different. You must transfer assets into the special needs trust the right way to achieve your objectives. Assets improperly transferred to the SNT are not governed or protected by the trust, which can lead to unintended outcomes when the time comes.
2. Naming the wrong trustee
Trustees are responsible for more than paying bills or writing checks, which is why you need to make the right choice. A well-meaning family member or close friend isn’t always the right choice to manage an SNT. The trustee must understand both their legal obligations and the complex rules governing these kinds of trusts. Without an understanding of the role, even routine decisions can compromise the protections the trust is designed to provide.
3. Using vague or incomplete trust language
Generic trust language is a trap when it comes to SNTs. The trust must be carefully drafted to clarify permissible distributions, successor trustee instructions and what happens to remaining assets. Ambiguity can lead to unnecessary disputes or even jeopardize your beneficiary's eligibility for government programs.
4. Failing to update the trust
An SNT drafted years ago may no longer align with the current laws or your family’s present situation. For instance, updates in Medicaid policy, SSI eligibility rules or trust administration practices can change how distributions are treated or how trustees are expected to manage funds. Periodic reviews help ensure the trust stays legally sound and practically effective.Whether you are establishing a new special needs trust or reviewing an existing one, seeking professional legal guidance can help you get it right and preserve your loved one’s stability, security and peace of mind even when you’re no longer around.
]]>