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, […]
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 […]
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. […]
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: 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. […]
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 […]