Hartford estate planning attorneys provide assistance in making plans for what will happen after you pass away. Unfortunately, a death can be devastating for surviving loved ones who are left behind. You can take steps to ensure that your family is cared for and provided for in order to make life easier for your heirs or beneficiaries [ ] The post Hartford Estate Planning Attorneys Provide Insight into Helping Your Family Cope with the Grief of Your Passing appeared first on Nirenstein, Horowitz & Associates P.C..
Medicaid lawyers provide help to clients in making certain they are able to take advantage of important Medicaid benefits when they need them. Medicaid is a vitally important program that provides coverage to millions of seniors including those seniors who are qualified for Medicare. Nirenstein, Horowitz & Associates can help you to understand [ ] The post 5 Things Medicaid Lawyers Want You To Know appeared first on Nirenstein, Horowitz & Associates P.C..
A Westport special needs planning lawyer can provide you with help making plans to provide for a relative who is disabled. It s important that you do not just provide an inheritance or a financial gift to someone with a disabling condition unless and until you understand the ways in which that gift could affect the [ ] The post How to Provide for a Disabled Relative Without Putting Medical Benefits at Risk appeared first on Nirenstein, Horowitz & Associates P.C..
An estate planning attorney can provide invaluable advice on the issues that matter when it comes to planning for your future. Because both your life and the law regularly change, making plans for your future is not a one and done endeavor. Instead, it is something that you will need to think about on an [ ] The post How Often Should I Talk to my Estate Planning Attorney? appeared first on Nirenstein, Horowitz & Associates P.C..
A grantor retained annuity trust is an irrevocable trust that could be part of your tax efficiency strategy if you are a high net worth individual who is exposed to the federal estate tax. Before we get into the details, we have to provide some background information about the estate tax so that you can [ ] The post This Irrevocable Trust Can Provide Estate Tax Efficiency appeared first on Nirenstein, Horowitz & Associates P.C..
Estate tax efficiency is very important for some people. There is an estate tax on the federal level, and it can have a significant impact on your financial legacy. This tax carries a 40 percent maximum rate, so we are talking about a noticeable bite. At the time of this writing in 2014, the estate tax exclusion is $5.34 million. The first $5.34 million that you transfer to people other than your spouse can be transferred tax-free. There is an unlimited marital estate tax deduction. This allows you to leave any amount of money to your spouse free of the estate tax. You would be using a portion of your $5.34 million exclusion to leave tax-free bequests to people other than your spouse. Trusts and Estate Tax Efficiency There are different types of trusts that are used in the field of estate planning. Some trusts are useful for people who want to gain estate tax efficiency, and some are not. Revocable living trusts are very widely utilized by a wide range people. These trusts facilitate
Estate planning is a diverse endeavor. What is ideal for one person may not suit the next, and this is something that you should understand when you are planning your estate. You have many different options, and the ideal course of action will vary on a case-by-case basis. With the above in mind, there are a number of different types of trusts that can be utilized. The right choice will depend upon your objectives. The basic distinction between trusts is the matter of revocation rights. Revocable living trusts are very popular, because they facilitate efficient asset transfers, but you do not lose control of the assets while you are living. You can initially act as the trustee and the beneficiary, so you control the actions of the trust while you are alive and well. When you create the trust, you create a trust agreement. In this agreement you name a successor trustee to administer the trust after you die, and you also name successor beneficiaries. After your passing, the successor tr