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 chatting with many of you and answering your questions. We began […]
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 the third blows it.” These sayings are supported by numbers. According to a recent article in the Wall Street Journal, […]
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, you will likely be asked to sign a nursing home admission agreement […]
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 think of them as members of the family. However, pets usually […]
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”). There are guidelines that allow a Community Spouse to keep a certain amount of income and […]
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 can keep and still qualify for benefits. One way that Medicaid applicants can keep some of […]
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 […]
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. […]
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 […]
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 […]