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 people, termed the beneficiaries. A special needs trust, also called a “supplemental needs trust,” […]
Inherited IRAs Can Be Taken From the Beneficiary 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. In that case, Heidi Clark-Heffron inherited a $300,000 IRA account upon the death of her mother. […]
An affluent client comes in for estate planning and explains that one of her foremost objectives is to make sure that the wealth she has accumulated over a lifetime of hard work is left to her children. A significant amount of her net worth happens to be held in an IRA account. After a thoughtful […]
One of the benefits of proper estate planning is to ensure that you, and your assets, will be taken care of even if you are no longer able to do so yourself. You may become disabled, for instance, and be unable to make important health care decisions for yourself and/or be unable to manage your […]
In order to prepare your estate plan, you need to know that your assets can be put into two categories: probate and non-probate assets. Once you understand the difference between these two types of assets, you will be able to make informed decisions about how you wish to distribute your property to your loved ones.Probate […]
In this issue of the Connecticut Care Planning Council newsletter: Insurance the Answer to Long Term Care Planning? Long Term Care Insurance policies today are greatly diversified in their coverage. Home care, nursing home costs, adult day care, physical therapy, skilled and non-skilled nursing care are some of the services covered. Policies vary in price and what […]
One of the benefits of a Revocable Living Trust is that it can be updated when necessary. You may want to update your trust to comply with new laws or to reflect changes in your wishes or your life circumstances. In order to take advantage of this benefit, you should review your trust periodically to see if […]
When an individual dies in Connecticut, that person’s estate must go through probate if he or she has a will or through estate administration if there is no will or the will is invalid. Essentially, the two processes are the same except that in probate the estate’s assets are distributed according to the decedent’s will […]
In this issue of the Connecticut Care Planning Council newsletter: Know Your Dementias – A Dementia Primer by Denise F. Talbot, MA Dementia is a general term used to describe the symptoms of a larger group of illnesses which affect your cognitive function, speech, reasoning and physical abilities… Vitamins and Mineral Supplements Are Important for Older As most […]
In this issue of the Connecticut Care Planning Council newsletter: Reverse Mortgages: A Quick Overview by Michael Savenelli, Sr. and Henry C. Weatherby Reverse mortgages represent an attractive financing option for a growing demographic. Approximately 10,000 baby boomers turn 65 every day. They and many other seniors must improve their financial situations at a time of economic uncertainty. […]