Tag Archives: inheritances

A Medicaid Trust Can Preserve Inheritances

This can sound like a rather unnecessary overstatement of the obvious, but you have to have assets left if you are going to be able to pass along inheritances to your loved ones. As you are budgeting for your retirement years, you may keep this in mind, and you may have certain intentions. At the same time, if you are like many people, you may be overlooking a very significant factor. This is why we are addressing a dynamic that may seem rather self-evident. Unexpected Expenses When you are devising a retirement budget, you are probably evaluating the needs that you will have during the active retirement years that you have always looked forward to throughout your working career.  This is only part of the picture. There is an enormous expense that you may face toward the end of your life, and you might not even be aware of it at the present time. Nursing homes are extremely expensive. Here in Connecticut where we practice law, the annual average cost for a private room in a nursing h


How Long Will My Heirs Have to Wait for Their Inheritances?

Effective inheritance planning is going to involve research. You should understand all of the facts and make fully informed decisions. If you make assumptions based on incomplete information, you may create unnecessary difficulties for your loved ones. One misconception that people often harbor is the notion that a last will is the simplest, most efficient asset transfer vehicle in the field of estate planning. In reality, the process of estate administration is really not that simple when a last will is utilized. The executor of the estate is the person who administers the estate after the passing of the testator. This estate administrator cannot immediately distribute assets to the heirs. There is a considerable delay, because the will would be admitted to probate. This is the legal process of estate administration. The probate court supervises the administration of the estate. There are various different time-consuming endeavors that must be undertaken during the probate process. T

How Can I Balance Inheritances as a Family Business Owner?

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

When Will My Heirs Receive Their Inheritances?

You probably want your heirs to receive their inheritances in a timely manner after you pass away. If you feel this way, you should be aware of the facts, because there can be misconceptions. The last will is the most commonly utilized vehicle of asset transfer in the field of estate planning. If you use a last will to facilitate future asset transfers, the heirs to the estate do not receive their inheritances right after you pass away. The will must be admitted to probate, and there is a proving of the will. The probate court examines the will to determine its validity, and the court will ultimately supervise the administration of the estate. This process does not run its course overnight. The exact duration of the process will vary depending on the jurisdiction and the circumstances. An uncomplicated case will typically pass through probate in a little bit under a year. Timely Asset Transfers It is possible to proactively implement probate avoidance strategies. There are a number of