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.”
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 Medicaid five-year look-back rules. Watch the video below for the full explanation by attorney Joan Reed Wilson: Previously recorded If you are having trouble viewing…
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 take into consideration your power of attorney agent. So after a brief hiatus to stay safe during the pandemic, FALSE FACTS FRIDAY is back! This…
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…
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…
Why Does a College Student Need a Power of Attorney? Legally speaking, when your child reaches the age of majority (18), parents do not have the right to review the child’s medical records or make decisions for their child’s health care. Sounds crazy right? But that is in fact the law. The medical and financial…
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, which takes time and money. 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, motion picture, and other relevant digital data that exist on digital appliances such as…
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 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…
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 numerous legal issues specifically affecting elderly people. With age, many issues may surface, from declining health to financial burdens. Seniors face complex legal concerns that…
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 to your children and grandchildren. If you want to avoid paying a gift…
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 property upon your death, there are some loopholes. Many people think that whatever you leave to your primary beneficiary, your contingent beneficiary will inherit upon…
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…
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 Healthcare Directive form. People who have not updated their estate planning documents in 15-20 years may only have a document that is titled “Living Will”.…
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…
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.
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, but I do not spend my days working in a hospital. So admittedly, what I “know” about hospitals, I learned by watching ER and Grey’s…
Who ever heard of a lawyer without a will? It is about that time of year that most of our New Year Resolutions have gone by the wayside. I am not big on resolutions but admit to having a few. Some were business-oriented, including a promise to myself to update our law firm blog more…
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 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. Making a will is easy;…