Blended families require special planning. Communication of those plans is key to keep frictions to a minimum. This story examines the controversy in the family of sports reporter Craig Sager, who died in December 2016. The post Sager Family Shows Perils of Blended Families appeared first on Nirenstein, Horowitz & Associates P.C..
Hartford elder law attorneys help you to make plans to protect your family, no matter what happens in your future. While elder law attorneys often help seniors, as this demographic is typically the most concerned about planning for illness and end of life issues, it is not only older people who need advice from an [ ] The post A Living Trust is Key if You re the Family Breadwinner appeared first on Nirenstein, Horowitz & Associates P.C..
Connecticut estate taxes can be assessed if the value of your estate exceeds a certain dollar value. Federal estate taxes can also be charged. In many situations, ownership of a family business will result in your estate being over the excludable amount, and thus being taxed. This, in effect, means the value of your company [ ] The post How Connecticut Estate Taxes Could Affect Your Family Business appeared first on Nirenstein, Horowitz & Associates P.C..
Inheritance planning can involve a great deal of soul-searching. Of course there are technical details that must be addressed, and this is an important piece of the puzzle. At the same time, there are also very personal considerations that can enter the equation when you are engaged in your inheritance planning efforts. Unfortunately, you may not get along with everyone in your family, and you could harbor hard feelings toward certain individuals who would logically be in line for inheritances. Since you will not be around to experience the fallout, you may be tempted to send messages when you are deciding how much (if anything) you want to pass along to these family members. Without question, you have the right to do anything that you want to do with your resources. However, you may want to consider the dynamic that could be left behind if you know full well that your inheritance planning decisions will not sit well with some people. Estate Challenges If you use a will to state your
When you are devising a financial plan as a small business owner, you should consider the importance of asset protection. There are always going to be individuals who look for targets in this litigious society, and you have to take the appropriate steps if you want to make sure that your assets are protected from litigants. With this in mind, let s look at the value of family limited partnerships. Family Limited Partnerships Of course, anyone can be sued, but people who are involved in certain businesses are particularly vulnerable. For example, consider the situation that a landlord would be in. Tenants and visitors could potentially get injured on rented property, and this would be an ongoing possibility. Doctors are also quite vulnerable to legal actions. They are viewed as deep pocket targets by opportunistic types, and they are inherently exposed to malpractice actions. A family limited partnership could potentially provide an asset protection solution. The person who creates the
Accumulating wealth that you can pass along to your loved ones after you are gone is rewarding, but earning the money is only half of the equation. Given the potential impact of estate taxes, you must also take steps to preserve your wealth. This can be done through the creation of a family wealth trust of some kind. Wealth Preservation There is no specific type of trust that is formally called a family wealth trust, but this is a general umbrella that multiple different types of trusts would fall under. Before we look at some of these family wealth trusts, we should provide some information about the estate taxes that could be a factor for you. First, there is the federal estate tax that everyone in all 50 states must be concerned about. You can transfer unlimited assets to your spouse tax-free, but asset transfers to others are potentially taxable. However, there is a relatively large credit or exclusion that allows you to transfer a certain amount of property free of taxation. For
Estate planning can present challenges when certain conditions exist. When you are the owner of a family run business, you may well face some vexing circumstances. To explain by way of example, let s say that you have two sons and a daughter, and you have operated a business throughout your adult life. Early on, your sons decided that they would like to help you run the business, and they have done just that. You would like your sons to continue to run the business after you pass away, and they want to carry the torch. The business may be your most valuable asset, so if you leave the entire business to your sons, where does that leave your daughter? This is the matter of inheritance balancing. If you are in this situation, you could potentially utilize life insurance to balance the inheritances that your children receive. You could determine the value of the share that each son will have in the business, and you can take out a life insurance policy that will provide a payout that is e