Estate planning is not just for the wealthy. Regardless of your age or income level, it is important for everyone to have a plan in place to outline your desires for how to handle your finances and health care decisions. At Reed Wilson Case, LLC, we offer a wide range of estate planning services.
Under Connecticut law, if you die without a will your spouse may be left with only one-half of your estate, with the other half distributed to your children — even if they are minors! For clients with minor children, a will is also especially important to name a trusted loved one to become the guardian of your children if they are under age 18 when both their parents pass away.
We can also set up trusts for children so that if something happens to you before your children turn 21, their inheritance can be kept secure and used for the proper purposes until they are responsible enough. If you have a child with special needs, we can establish a Special Needs Trust for that child’s lifetime.
If you are interested in avoiding probate, we can assist by establishing a living trust. Any assets that are transferred into the living trust will pass to your designated beneficiaries without having to go through the probate process.
Estate planning also includes planning for potential incapacity. By establishing an advance health care directive, you can guide your loved ones in making health care decisions on your behalf in case there comes a day when you cannot make those decisions for yourself.
You can outline your own decisions regarding your finances by working with us to establish a power of attorney. There are several types of powers of attorney that can be used to fit your needs, including a general durable power of attorney that becomes immediately effective, or a springing power of attorney that becomes effective only when you become incapacitated.
Estate tax planning is part of the estate plan. Currently, the Connecticut estate tax exemption is $2.6 million per person. If your estate is over the estate tax exemption, we may be able to establish an estate plan that eliminates estate taxes.
We encourage individuals, couples, and families to start planning now. We understand that people are often nervous about speaking with a lawyer. Our approach to working with people is to view estate planning as a collaborative process.
Some of the most common comments we hear after an initial consultation are “You explained that so much more clearly than anyone else.” “I feel like I really understand now.” and “I’m so relieved that we finally did this.”
Given the current seller’s market and tax time right around the corner, I thought it would be helpful to bring back an article that I posted three years ago about…
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.
Most couples have what I call “I Love You” Wills, which state that all of their assets pass to the surviving spouse. Moreover, many couples own all of their assets…
Conservator Definition – A guardian or a protector nominated by the probate court to manage the financial affairs and/or personal affairs and daily life of another person due to physical…
Even though most people don’t plan on getting a divorce when they first tie the knot, it is a reality for many couples. While we do not practice family law…
Whether you are putting together your own Will or stand to receive assets left to you by someone else, you may wonder what the actual difference is between a beneficiary…
Many families mistakenly believe that receiving an inherited property is as simple as listening to a reading of the Will and then that property magically belongs to you and you…
Creating a children’s trust does not mean you are creating irresponsible teenagers, driving fancy cars, and vacationing in Caan for the weekend. You may be picturing the old school version…
Estate planning is not just for the wealthy. Regardless of your age or income level, it is important for everyone to have a plan in place to outline your desires…
As a soon-to-be parent, you want to make sure that your little human is completely taken care of, from the minute you hear that first cry. The preparations begin months…
Estate planning is not just for the wealthy. Regardless of your age or income level, it is important for everyone to have a plan in place to outline your desires…
If you are like most people, just the word Probate sounds so menacing that it can make your head spin. What is probate? Do you always go through probate when…
If you’ve never purchased a property, you may not know what I’m talking about. Both Joint Tenancy with right of survivorship and tenants-in-common dictate how a property is owned and…
Today’s video talks about the language of a statutory power of attorney document and the limitations it has when it comes “self dealing”. Essentially, your Power of attorney may not…
We’ve all heard the terms “man’s best friend”, “fur babies” and “pets are family”, even I call my big furball dog my “firstborn child”. But unfortunately, according to the law,…
Once you execute your estate plan documents, it is important to set up reminders to review these documents periodically. There are many life changes that can affect the decisions you’ve…
Let’s talk about the power of attorney form and what it means in Connecticut! When it comes to legal matters, every state has its own rules and regulations and even…
What Is a Green Burial? Cemeteries, burial grounds, and preserves can be considered green if they meet certain criteria: Caring for the dead with a minimal environmental impact Contributing to…
Myths and Misconceptions Vlog #3: I Can Gift $15,000 Per Year Without Penalty While many people are familiar with the gift tax exemption, it is often mixed up with the…
Continuing our series about conservatorship guidelines in Connecticut, it’s important to touch base on whether you have any control over who the court appoints as your conservator and will it…
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…
An Ethical Will is the story of your life. All the personal knowledge, lessons, and tips you could pass on to your loved ones.
Unlike a traditional will, which focuses more on significant assets and money, the intention of an ethical will is to communicate your hopes, dreams, love, and learning for all future generations.
The first question you need to ask yourself is if the last will and testament the only thing you need. The reason why most people don’t ask themselves this question…
Estate planning is not just for the wealthy. Regardless of your age or income level, it is important for everyone to have a plan in place to outline your desires…
What Is Power of Attorney? Power of attorney, or POA, allows a person of your choosing to manage your financial or medical affairs if you are unable to do so.…
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…
What Are Digital Assets? The definition of a digital asset is “anything that exists in binary data which is self-contained, uniquely identifiable, and has a value or ability to use.” Digital…
The last part of the Connecticut Advance Healthcare Directive form includes a section that begins “I hereby make this anatomical gift…” The section includes several boxes to check to make a choice about which organs the person wants to donate and for what reasons…
If you think estate planning is just for the old and wealthy, you are way off. Estate Planning in your 20’s and 30’s will build the foundation you need and…
What Is Elder Law? Before we dive into the many reasons you need an Elder Law Attorney, let’s first touch base on what Elder Law is. Elder law refers to…
Can you gift $10,000 a year without a penalty? For tax purposes yes, with the Gift Tax Exclusion. With the holidays around the corner and the end of the…
FALSE FACTS FRIDAY “My Contingent Beneficiaries Will Inherit My Estate When My Primary Beneficiary Dies.” Although it is quite reasonable to think that your will dictates what happens to your…
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…
Is a Living Will or Advanced Healthcare Directive the same as a “DNR”? What is a Living Will? A Living Will is the first part of the current Connecticut Advance…
Does Your Will Determine Who Inherits Your Assets When You Die? Last month I discussed how clients are often unpleasantly surprised to learn that having a Last Will and Testament…
FALSE FACTS FRIDAY Issue 10: When A Loved One Dies, I Will Be Invited to a Reading of the Will I consider myself an intelligent person with a good education,…
Who remembers Jack and Diane? Those two crazy kids in love in John Cougar’s (before he admitted that his real last name was Mellencamp) 1980’s song, enjoying the carefree life…
August is national “Make A Will Month”. This is the perfect time to take a moment and review where your assets will be going after you are gone. No one…
1 Comment