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…
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Part of my estate planning practice includes asset protection planning, especially for Medicaid. Many of my clients are interested in protecting their assets for their children. They know, either through personal experience or their own research, that the cost of long-term care could deplete their estates. The average cost of a nursing home in Connecticut…
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Reports of elder financial abuse continue to increase, as they are particularly vulnerable to scams or to financial abuse by family members in need of money. It is hard to ascertain the exact number of people affected by elder abuse because studies show that elder abuse is underreported. However, one study found that financial loss from financial elder…
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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…
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As COVID-19 cases start to rise again due to the highly contagious Delta variant, nursing homes are considering requiring staff members to be vaccinated. Only 59 percent of nursing home staff are partially or fully vaccinated nationwide, and the percentages are much lower in some states. While 81 percent of nursing home residents are fully…
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Attorney Joan Reed Wilson, the managing partner of RWC, LLC Attorneys and Counselors at Law, has been appointed to the Task Force To Study Ways To Protect Senior Citizens From Fraud, by Speaker of The House, Matthew Ritter. Attorney Wilson was recommended by representative Quentin Phipps, who currently serves as the co-chair of the aging…
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A caregiver agreement is a legal document that outlines the terms of care between a caregiver and the care recipient. Are you a caregiver or care recipient? A caregiver agreement can help protect both parties and ensure clear expectations. Learn why it’s important and how to create one. Most adult children feel the need and…
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Britney Spears’s legal fight to take back control over her personal and financial affairs has put a spotlight on the issue of guardianship. Full guardianship of an adult may be necessary for many individuals who are incapable of managing their own affairs. This may be due to dementia or intellectual, developmental or mental health disabilities.…
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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…
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Say someone who owns individually-titled assets with no beneficiary designation passes away. Whether they have a Will or not, the deceased person’s estate has to go through probate. In some cases, a probate bond is required by a Probate Court in CT. A probate bond is an insurance policy to protect the estate of the…
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