Last month, in its unanimous decision in Clark v. Rameker, the United States Supreme Court decided that an inherited IRA does not have the same bankruptcy protection as a non-inherited IRA.
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Planning for a Loved One with Special Needs
In general, a trust is a legal device whereby property of some sort (real estate, cash, tangible personal property, etc.) is managed by a person, termed the Trustee, for the benefit of certain other peop…
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Successor Trustee Meeting May 2014
On May 31, 2014 we held our annual Successor Trustee Meeting. More than 80 of our clients and their family members attended! We were delighted to see such a crowd, and even more delighted to spend some time c…
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Preserving Wealth Over Generations
Several common sayings refer to the phenomenon of losing inherited wealth. One is “shirtsleeves to shirtsleeves in three generations.” Another is “the first generation makes it, the second spends it, and t…
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Signing Nursing Home Admission Agreements As A Responsible Party
When a person is admitted to a nursing home, it is often a family member who manages the details of the move. If you are managing a loved one’s transition into a nursing home, y…
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Planning for Pets: Why a Will Won’t Ensure Your Furry and Feathered Loved Ones Are Taken Care Of
According to a recent survey by the American Pet Products Association, 68% of U.S. households include at least one pet. Those of us with pets often…
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Recent Case Raises Concerns about Certain Transfers of Assets by a Medicaid Applicant to a Community Spouse:
Many Medicaid applicants who need care in a nursing home have spouses who are able to continue living at home (“Community Spouses”). T…
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Pre-Paid Funeral and Burial Contracts for Medicaid Recipients
You may have heard that you will have to “spend down” virtually all of your income and assets to qualify for Medicaid. However, there are some exempt assets that Medicaid applicants…
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Where Do I Live for Income Tax and Estate Tax Purposes?
Domicile vs. Residence
Many Connecticut residents live elsewhere for a significant part of the year. For example, you may stay in Cape Cod for the summer, or you may go down to Florida for the…
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Estate Planning for Parents of Children with Special Needs:
Special Needs Trusts
Estate planning is important for all families. It is especially important for those responsible for the care of someone with special needs. The cost of caring for…
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