The Nuts and Bolts of Inheritance Planning

The process of inheritance planning is not a cookie-cutter affair. Each person is in a different situation, and there are myriad different circumstances that can exist. This is why personalized attention is important when the estate planning process is underway. At the same time, there are certain basics that every estate plan will cover. Exactly how these necessities are addressed will vary, but the framework is widely applicable. In this post, we will look at the anatomy of an inheritance plan, and we also look at some specific circumstances that can call for specialized inheritance planning. Will or Trust The facilitation of postmortem asset transfers is at the core of the inheritance planning process. You have to make sure that assets get into the hands of your loved ones after you pass away, and there are different ways to go about it. Of course, there is the legal document called a last will or last will and testament. Everyone has heard of this document, and you can state your

Study: Connecticut Ranks Second in Millionaire Density

We practice law in the state of Connecticut, and people who live here would say that it is one of the best places to live in the entire country. Thousands of individuals who can afford to live anywhere choose to call Connecticut home, so there are a lot of wealthy people here. A study was conducted recently by Phoenix Marketing International. They wanted to determine the density of millionaire residents state-by-state. The study found that the state of Connecticut has the second-highest density of millionaires. Researchers determined that 7.3 percent of Connecticut households have a net worth of at least $1 million. When you achieve your financial goals, you have reached a satisfying plateau, but there is a responsibility that goes along with success. You have to preserve your wealth for the benefit of the loved ones that you will be leaving behind, and this can be challenging. Even if you are very careful about your own actions, you have to be concerned about taxation. There is a fed

Estate Administration: Is the Probate Court Always Involved?

There is a legal process called probate that plays a very big role in the estate planning field. You may assume that assets can be distributed immediately after you die if you create a will, but this is really not the case. The estate must be probated before the heirs can receive their inheritances when a will is utilized to transfer assets. Probate is in place to provide oversight, but it is time-consuming, and it can be expensive. As a result, it does not always benefit the heirs to the estate. Property that is considered to be probate property would be subject to the process. However, there are some types of transfers that are not subject to the probate process. We will look at some of them in this blog post. Payable on Death Accounts A payable on death account is an account that has a beneficiary. These accounts are offered at banks and many brokerages. Sometimes this type of account is called a transfer on death account. The beneficiary cannot access the resources in the account

A Question and Answer Session With an Elder Law Attorney

People sometimes procrastinate about certain responsibilities, and they fail to take action because they do not really know how they should proceed. This enters the picture when it comes to planning ahead for the eventualities of aging. In fairness, when you are going through the different stages of life, your senior years can seem like they are a world away. However, time does fly, and before you know it, matters that are of interest to senior citizens may become quite relevant to you. If you are looking for information about the eventualities that you may face during your elder years, you may want to discuss the future with an elder law attorney. These legal professionals are dedicated to the interests of seniors, and you should certainly act in an informed manner so that you can brace yourself for some of the challenges that elders often face. In this paper, we will provide you with a bit of basic information as we provide a question-and-answer exchange. You can obtain comprehensiv

What Is a Nursing Home Asset Protection Trust?

A trust is a type of legal device that is used in the field of estate planning, and there are multiple different types of trusts. Contrary to a widely held belief, every trust is not an asset protection trust. One major distinction between trusts is the power of revocation, and this has everything to do with asset protection capabilities. There are trusts that can be revoked or dissolved, and there are also irrevocable trusts. Let s examine the details. Revocable Living Trusts Revocable living trusts are very popular, and you could potentially benefit from the creation of a revocable living trust even if you are not extraordinarily wealthy. As the name would indicate, you can revoke this type of trust, so you could change your mind, dissolve the trust, and walk away with the assets back in your pocket. You will probably never want to revoke the trust, because you would be creating it as the centerpiece of your estate plan, but you do not have to worry about losing control while the tr

Why Is a Durable Power of Attorney Different?

To be comprehensively prepared for the eventualities of aging, you should consider the possibility of future incapacity. While this may not be the most pleasant subject to address, it is important to take action to protect yourself, because incapacity is quite common among elder Americans. Understand the Facts When you are capable of making your own decisions all of your life, it may be hard to imagine a time when you can no longer handle your own affairs. This is understandable, but as life goes on, you encounter different contingencies. Once you understand the facts, you will see why incapacity planning is so important. Many people become physically incapacitated prior to passing away. This period can be relatively brief, or it can be quite extended. During this interim, someone is going to have to handle your financial and health care decision-making. There is also the matter of mental incapacitation due to dementia. There are other causes of dementia, but Alzheimer s disease is th