Chipman, Mazzucco, Land & Pennarola, LLC

estate planning Archives

How funeral planning declarations can help

Some people in Connecticut choose to include their funeral plans in their wills. While these provisions are enforceable, many family members do not search for wills before they hold the funerals for their loved ones. This means that the plans might be inadvertently overlooked.

Heirs of Prince have yet to receive estate money

Music fans across Connecticut and the entire United States mourned when Prince passed away unexpectedly in April 2016. He left behind an estate that is worth an estimated $200 million. Two years later, Prince's heirs have yet to receive any of this money.

Family complications can be an estate planning problem

The estate planning process can be complicated at times for people in Connecticut who want to ensure their families are taken care of after they pass away. However, internal family fighting can be one of the most concerning factors in estate planning; 44 percent of estate planning professionals surveyed by TD Wealth said that the biggest problem they face in planning for wills and wealth transfer is family division and disputes. While tax reforms can lead to changes in the way wealth is handled, family fighting can be emotionally intense, not merely legally complex.

Estate planning needs can change over time

The emotional impact of estate planning can be difficult for many people in Connecticut; because it can deal with sometimes-complex family relationships as well as the fraught topic of death, many people do not want to revisit will planning too quickly. This means that once complete, many wills, trusts and other important estate documents are often filed away for years on end without change or review because people know that they have taken action to protect their assets and their family. However, ongoing legal changes, as well as life developments, can make it a priority to review one's estate plan.

Mistakes to avoid with revocable trusts

One of the tools Connecticut residents can use in their estate plans is a revocable trust. However, it is important that they make the most of the investment they pay in legal fees to ensure that they are using the trust to its full potential and that their beneficiaries are able to take part in its value.

Digital assets increasingly important in estate planning

Many Connecticut residents possess digital assets that could cause complications upon their deaths if not addressed in an estate plan. Email accounts could contain information and photographs of interest and emotional importance to heirs, and the executors of estates increasingly find that utility bills and banking are tied to online accounts. Access to these accounts is generally necessary to manage the financial affairs of an estate.

Estate plans under current tax law

Connecticut residents may have heard about the changes to the tax code brought about by the Tax Cuts and Jobs Act that was passed in December 2017. One of the biggest changes was the increase to the federal estate and gift tax exemption. The exemption currently stands at $11.18 million for individuals and $22.36 million for married couples. However, these rates are set to expire in 2026 if no changes are made to the current legislation.

Choosing a trust

People in Connecticut may find that using a trust to hold and manage assets for their heirs or beneficiaries can be advantageous in a number of ways. When deciding whether to use a trust as part of an estate plan, there are several factors to consider.

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Chipman, Mazzucco, Land & Pennarola, LLC
44 Old Ridgebury Road
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Danbury, CT 06810

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