Chipman Mazzucco Emerson LLC

February 2018 Archives

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.

The unexpected cost of owning a company

Running a business in Connecticut or anywhere else can be expensive. However, many business owners may only take into account the cost of paying workers or buying equipment. What they may not be thinking about is the cost of business liability insurance policies. While prices may vary for an individual business, the average yearly insurance cost is about $741. Those who don't have coverage may be financially exposed in a lawsuit or other claim.

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.

How could a trust help you plan for Medicaid use?

While many people have the mentality of thinking that negative or difficult situations will never affect them, you may not fall into this category. As a result, you likely do your best to make plans and prepare for potential scenarios that could prove hard to address, especially when it comes to your finances. Because many aspects of life can hinge on a person's ability to pay for necessities, planning ahead can often prove useful.

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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