Inheritance planning is very important in order to make sure that the needs of your heirs or beneficiaries are met. An inheritance planning attorney can provide you with assistance evaluating the needs of your loved ones who you wish to provide for after you are gone. Your attorney can help you to address the legal issues [ ] The post What Can Happen if You Don t Do Inheritance Planning? appeared first on Nirenstein, Horowitz & Associates P.C..
Estate planning attorneys can provide you with help as you make important decisions about what you want your legacy to be. Some of the most important decisions that you will need to make are often centered around who you should leave your wealth to and how you should transfer your assets to best protect your property [ ] The post When is Leaving an Equal Inheritance Inequitable? appeared first on Nirenstein, Horowitz & Associates P.C..
A special needs planning lawyer can provide you with assistance if you have a child with disabilities and you want to ensure you can provide financially for that child even after you are gone. When your child is disabled, you may not be able to plan on leaving money directly to your son or daughter. [ ] The post Who Should Manage An Inheritance For Your Special Needs Child? appeared first on Nirenstein, Horowitz & Associates P.C..
A Hartford inheritance planning lawyer at Nirenstein, Horowitz & Associates can help you to make certain the inheritance that you provide to your loved ones is structured in the best possible way to provide for your family. We can work closely with you to identify the issues that could arise after your death and to take [ ] The post Five Reasons to Talk with a Hartford Inheritance Planning Lawyer appeared first on Nirenstein, Horowitz & Associates P.C..
Connecticut inheritance taxes and federal estate taxes are different. In some cases, depending upon the value of your estate, taxes may be owed both to the federal government as well as to the state government. You need to know tax rules, whether your estate is subject to taxation, and how taxes will affect your ability [ ] The post Connecticut Inheritance Taxes vs. Federal Estate Taxes appeared first on Nirenstein, Horowitz & Associates P.C..
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
Many people have heard of estate taxes, and you may assume that an estate tax and an inheritance tax are the same thing. In fact, these are two different forms of taxation. In this post we will explain exactly who must pay inheritance taxes, and we will also look at the differences between an inheritance tax and an estate tax. Inheritance Tax An inheritance tax is levied on each individual asset transfer. If you named five different nonexempt inheritors in your last will, an inheritance tax could be levied on transfers to each respective heir. The good news is that there is no inheritance tax on the federal level, though there is an estate tax. Most of the states in the union do not impose inheritance taxes either, but there are a few states that do levy state-level inheritance taxes. Our firm practices law in the state of Connecticut, and there is no state-level inheritance tax in our state. For your information, the states that have state-level inheritance taxes are Maryland, Iowa,