Post-DOMA Planning: IRS To Recognize Same-Sex Marriages For All Federal Tax Purposes Since the Supreme Court struck down Section 3 of the federal Defense of Marriage Act in June, federal agencies have begun updating regulations to conform to the decision. On August 29, the IRS and the Treasury Department issued Revenue Ruling 2013-17. This is […]
It’s always difficult to lose a loved one, particularly a parent, spouse, or child. But the difficulty of the loss can be magnified if one believes that the lost family member left behind a will that should not be honored for some reason. The decision to challenge, or contest, a loved one’s will, should not […]
Stuck in the Middle: Planning Challenges for the Sandwich Generation If you have parents and children alive at the same time, you are part of the Sandwich Generation. This term describes the phenomenon of being “sandwiched” between elderly parents and dependent children. A 2012 survey conducted by the Pew Research Center found that 47% of […]
Long-Term Care Insurance Industry Reports Struggles Despite the potential benefits of long-term care insurance for many people, the long-term care insurance industry is facing significant challenges. Insurers have had to pay out higher than expected benefits. They have seen lower than expected returns on investments due to low interest rates. As a result, several major […]
The Alzheimer’s Association Walk to End Alzheimer’s®On September 22, 2013, a team from Weatherby & Associates, PC participated in the Alzheimer’s Association Walk to End Alzheimer’s®. While we have worked with many clients and families impacted by this devastating illness, this was our first time participating in the Walk as a firm. Although it was […]
Understanding Trusts: Common Types of Trusts and How They Work Trusts are a common planning tool that can be used to allow one person to hold property for the benefit of another. There are different types of trusts with different benefits and drawbacks. In fact, there are so many different types of trusts that it […]
Help Your Loved Ones by Keeping a Record of Online Accounts and Passwords These days, we increasingly manage our financial and social lives online. Many of us pay our monthly utilities and credit card bills online as well as receive paperless bank statements. Much of our communication with friends and family is through email or […]
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 someone with a severe disability can add up to millions of dollars over a person’s lifetime. […]
Medicare Coverage: Observation vs. Inpatient Status On September 23, a federal district court in Connecticut dismissed the case of Bagnall v. Sebelius. A group of Medicare beneficiaries, the Plaintiffs, filed this lawsuit to protest the use of “observation status” during their hospital stays. Patients on observation status are designated as outpatients, even though they may stay on […]
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 winter. For folks who do not stay in the […]