What Is a Conservatorship? Conservatorship in Connecticut means that the Court appoints a person or organization to manage the life of another adult. There are Voluntary and Involuntary conservatorships. We will discuss Voluntary Conservatorships in a subsequent article. This article discusses Involuntary Conservatorship. In an Involuntary Conservatorship, the adult being conserved has to be deemed…
Difference Between a Revocable Trust and an Irrevocable Trust There are two types of trusts – As clearly expressed in the title of this article. One is called a Revocable Trust, and the other – an Irrevocable trust. So far so good. To easily tell them apart, there is one major difference between the two.…
Power of Attorney and When Should You Get One Most of you are probably sick of hearing me tell you how important having a power of attorney is for anyone aged 18 and older. A Power of Attorney gives the person or people who you nominate and trust the legal authority to manage your financial…
Clients are often unpleasantly surprised to learn that having a Last Will and Testament does not negate the need for probate. And they are sometimes annoyed when they learn that even though they are named as the Executor in a Will, that alone does not give them authority to access the decedent’s assets. Yet both of these statements are true.
In the past week, we have received calls from two different clients whom we had helped in the past. Each of them called because they were in the process of probating their parent’s estates and both were quite frustrated and wanted our advice. They each said that they had hired the attorney who had drafted…
Will You Owe Taxes On Your Spouse’s Estate? Currently, the estate tax exemption in Connecticut is $7.1 million per person. So although an Estate Tax Return must be filed for every decedent, tax is due from very few estates. And even if the decedent’s assets exceeded $7,100,000, there is an unlimited marital deduction, so if…
