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.”
I recently saw a post written by a funeral home in Massachusetts about a transfer on death deed, that seems to have gone viral. According to Facebook, the post was shared over 83,000 times. That’s how I saw it; because people who I know shared it. Unfortunately, while there are some really helpful tips in…
Estate planning is a critical aspect of financial management that often gets overlooked; however, given the unique challenges and responsibilities women face throughout their lives, effective estate planning is essential for ensuring financial security, protecting assets, and providing for loved ones. In this article, we’ll explore the importance of estate planning for women, common considerations,…
In December 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act marked a pivotal moment in retirement planning, introducing substantial revisions to beneficiary distribution rules. However, its impact was swiftly eclipsed by the onset of a global pandemic, diverting attention from its provisions. Now, with the nation gradually shifting focus beyond the pandemic’s…
Even though it’s the shortest month of the year (even during a Leap Year!), February brings forth many significant milestones. Those of us in the northeast eagerly await the Groundhog’s report hoping for warmer days ahead, many people think of February as the month of love with Valentine’s Day on the 14th, it is often…
Probate can be a complex and lengthy process that many people wish to avoid when planning their estates. While it’s possible to sidestep probate through various means, such as trusts, joint ownership, and beneficiary designations, individuals often make critical mistakes in their attempts to avoid probate that sometimes cause more harm than going through probate.…
A Will, also referred to as a Last Will and testament, is the document that most people consider essential to ensure that their wishes are carried out after their passing. On the other hand, many people do not think that they have enough money to warrant having an Estate Plan. While both are integral parts…
Have you made your list of New Year’s Resolutions for 2024 yet? Whether you started your list or not, let me help you with some inspiration – Estate Planning Goals should be at the top of the list! At the end of every year, we seem to think that “next year will be my year”…
Talking about estate planning is a difficult, emotional topic but it’s essential for every family. Unless you’re certain your parents have an up-to-date will and a wider plan for what should happen in the event of their passing, you shouldn’t assume everything will be taken care of. According to a 2021 survey, less than half…
P – R – I – V – A – C – Y The legal case for the Estate of Aretha Franklin ended yesterday with a finding that her hand-written 2014 Will that was found under a couch cushion is her valid Will. According to her long-time attorney, Aretha Franklin was too private to rely…
Who’s Making The Decisions Around Here??? Let’s start at the very beginning. When a baby is born, the child’s parents make decisions for her. And as she ages into a toddler, child, and teenager, the parents have full legal authority. When the child turns 18, the parents DO NOT have the authority to make decisions.…
Turning 18 is a major milestone in a person’s life, and with it comes new responsibilities and legal rights. One important aspect of becoming an adult is ensuring that you have the necessary legal documents in place to protect yourself and your future. Here are two must-have legal documents that every 18-year-old should sign. Why…
Happy May! The month of Elder Law awareness. To begin the month, we wanted to discuss legal capacity and dementia. We sometimes hear from clients or their loved ones that they believe that a diagnosis of dementia means that the person cannot execute estate planning documents. This is not necessarily true. What Is Legal Capacity…
We have everything you need to know right here! With this insightful breakdown by Elder Law Attorney Joan Reed Wilson, understand how the latest estate planning and elder law updates of 2023 will affect you. For those who enjoy numbers over words, this article is for you. For those who don’t, read slowly! Related…
Have your made your list of New Year’s Resolutions for 2024 yet? Whether you started your list or not, let me help you with some inspiration – Estate Planning! Now hear me out… At the end of every year, we seem to think that “next year will be my year” – the year everything falls…
November has been designated “National Family Caregivers” month to raise awareness of caregiving issues, educate the community, recognize family caregivers, and increase support for caregivers. In our practice (and in my own family), we see many families who are supporting an aging loved one. It’s what people do, especially for a parent or others who…
If you are on the fence about whether setting up a Trust and putting your property in a Trust, is the right path for you, you can now add “being exempt from affirming that your house meets current fire safety codes” to the pros column. In our Practice, we help clients decide if setting up…
Let me tell you about my Law Firm internship, the summer before I started my legal education journey. I decided that I wanted to further gain knowledge and understanding from a real-world professional. While I had little experience in the legal field, I was able to connect with Attorney Joan Reed Wilson, of Reed Wilson…
Insurance can play a crucial role in estate planning by providing a source of funds to pay for estate taxes, debts, and other expenses. It can also help ensure that your loved ones are financially protected in the event of your unexpected death. Additionally, certain types of insurance, such as life insurance, can be used…
Given the recent unrest regarding the possible overturning of one of the most important laws in Women’s health, it’s important to look deeper into how Constitutional law may affect not only women’s rights over their bodies, but other cornerstone laws as well, and in return Estate Planning at its core. One of my favorite classes…
If you think estate planning is just for the old and wealthy, you are way off. Estate Planning in your 20s and 30s will build the foundation you need. Be confident that your assets are safe, your healthcare will be managed, and that your children’s future is secure. I’m honestly embarrassed to say that I…
Given the current seller’s market, I thought it would be helpful to bring back an article that I posted three years ago. It is about how capital gains relate to real estate sales, but this time with a twist! Does The Capital Gains Tax Law Still Exist? How many of you have heard that you…
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 jointly, so the assets pass to the surviving joint owner even without a Will. This is usually the outcome that couples want, but there are…
Definition of Conservator – A guardian or a protector nominated by the probate court to manage the financial affairs and/or personal affairs and daily life of the conserved person due to physical or mental limitations. Who Can Be a Conservator? It may be a single individual, a state official, a non-profit organization, a business, or…
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 here at Reed Wilson Case, and cannot help with a custody schedule, those crucial estate planning documents that you may or may not already have…
Whether you are putting together your own Will or standing to receive assets left to you by someone else, you may wonder what the actual difference is between a beneficiary vs an heir. Some people may use the terms interchangeably, however, heirs and beneficiaries are not the same thing. Not all heirs are beneficiaries, and…
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 can do whatever you want with it. Sorry to burst that bubble, but a reading of the will is not a real thing – that’s…
Creating a childrens 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 of a “trust fund kid”. Don’t worry, I was too. But childrens Trusts are not just for the wealthy anymore. It’s a smart estate planning tool…
What Is Per Stirpes? The meaning of “Per stirpes” is a legal term (which in Latin means “by branch”) usually included in the Last Will and Testament or beneficiary designations for individual retirement accounts (IRAs). By branch, as in down the family tree branches. If a beneficiary (someone who would receive an inheritance), predeceases (dies…
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 before the arrival of your bundle of joy, and the internet is full of all kinds of advice for parents, checklists, to-dos, tips & tricks,…
What Is a Living Trust? A living trust is an agreement in which a settlor (the person who creates the trust) appoints a trustee, to manage the assets within the trust, on behalf of the beneficiary or beneficiaries named in it. The beneficiary can be you or anyone else you name. It’s called a “living…
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 someone dies? Which assets get probated and which ones don’t? Do I need a probate attorney? How much does it cost? How long will it…
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 who inherits it when one or more of the owners passes away. In Connecticut, tenancy in common is the default interest for a deed with…
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 have the ability to transfer assets to themselves. This becomes a problem when you have a couple who are each other’s POAs. I hope this…
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, pets are still considered property. And the only way to protect your property is with an estate plan. A pet trust specifically tailored to include…
Once you execute your estate planning 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 made regarding your estate plan and the people you’ve named in it. 1. The Law Changes When you executed your estate planning documents, you may…
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. They even name the same documents differently. They may even have the same name but mean something else, depending on which state you are in. So it…
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 the conservation of natural resources Reduction of carbon emissions Protection of worker health Restoration and/or preservation of the habitat Use of non-toxic and biodegradable materials,…
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. As well as whether they will take into consideration your power of attorney agent. People who have watched the Netflix documentary about Britney Spears’ court battle over her…
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 is because they are not aware that there is anything else. In most cases, if you think you need a will, you probably need an…
A power of attorney allows a young adult to appoint someone they trust. To make important financial and legal decisions on their behalf if they become incapacitated or unable to make decisions for themselves. This can be especially important for young adults who are away at college or living independently for the first time. Without…
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. Without a POA in place, If you become incapacitated, the court will have to appoint a guardian or conservator. that course of action takes time…
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 – is an Irrevocable Trust. So far so good. To easily tell them apart, there is one major difference between the…
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 assets include but are not exclusive to digital documents, audible content, and motion picture. As well as other relevant digital data that exist on…
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…
What Is Elder Law? Before we dive into the many reasons you need an Elder Law Attorney in CT, let’s first touch base on what Elder Law is. Elder law refers to numerous legal issues specifically affecting elderly people. With age, many issues may surface, from declining health to financial burdens. Seniors face complex legal…
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 year fast approaching, many of you may be thinking about making gifts for your children and grandchildren. If you want to avoid paying a gift tax…
What Is The Difference Between Primary v Contingent Beneficiaries? A primary beneficiary is a person or entity who is first in line to receive assets upon the death of the policyholder or account owner. A contingent beneficiary is a person or entity who is next in line to receive the assets if the primary beneficiary…
A power of attorney automatically terminates after the death of the principal. This means that the agent no longer has any authority to act on behalf of the deceased person. Instead, the executor or personal representative of the deceased person’s estate will take over the management of their affairs. Power of Attorney and When Should…
What Is The Difference Between DNR and Living Will? A DNR (Do Not Resuscitate) order is a medical directive that instructs healthcare providers not to perform CPR or other life-saving measures if a person’s heart stops or they stop breathing. A living will, on the other hand, is a legal document that outlines a person’s…
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 does not negate the need for probate. Many people also incorrectly believe that the Will is KING. They think that the terms of the Will…
Have you heard of the “READING OF THE WILL”? Of course, you have! because it has been a scene in many TV shows and movies. After someone dies, the lawyer hosts a meeting in his (usually “his” because, well, you know, but that’s a topic for another time…) office. Everyone who had a relationship with…
As a lawyer who is passionate about educating the public, I find that a lot of people are unaware of certain laws that affect them. At the same time, certain laws seem to stick in people’s minds, even decades after the law has changed. How many of you have heard that you have to reinvest…
In our estate planning, probate, and elder law practice here at Reed Wilson Case we often see family squabbles that erupt because of unmet expectations. Many of these expectations involve emotionally valuable personal property. And many of them erupt after the passing of a loved one. Related Post: What To Include In A Will…
Who Remembers Jack and Diane? Those two wild kids in love in John Cougar’s (before he admitted that his real last name was Mellencamp) 1980’s song, enjoying the carefree life of teenagers. Do you know what happened to Jack and Diane? Here’s the real ditty about Jack and Diane (lawyers always have to be the…
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 likes to think of the end of life but without a solid plan, our loved ones can suffer the consequences. It may be easy to…