June 2018 Archives
Special needs trust
An integral part of estate planning is the establishment and management of trusts. In addition to their tax benefits, trusts can help provide for their beneficiaries, ensuring financial security for the foreseeable future. For instance, a donor in Connecticut could fund a trust, and the trustee could transfer these funds to the beneficiary in accordance with the donor's wishes.
Boy band Menudo resolves trademark dispute
Connecticut fans of Latin music may be interested to learn that after two years of litigation, boy band group Menudo will now be able to resume its relaunch efforts. The group's name was initially transferred back in 2016 but wasn't able to resume its launching efforts due to a trademark dispute. The Puerto Rican group resolved the matter in the United States District Court in Miami. The ruling states that the trademark Menudo belongs exclusively to Menudo International, LLC.
Do you have a plan for if you become incapacitated?
In going about your daily routine, you are unlikely to stop and think, "I wonder if today is the day something bad is going to happen to me. I wonder if today is the day that I won't make it home it one piece." No one wants to think about that kind of stuff, but at the same time, no one knows when incapacitation or death may strike. That is why it is important to be prepared now for when it does.
Avoid these errors when estate planning
Since planning for an estate can be difficult, it's no wonder that so many Connecticut residents aren't prepared for the future. In a recent survey administered by Wells Fargo, the number of Americans lacking important documents was high. Approximately 40 percent of Americans don't have the necessary estate plan documents in place to address potentially serious financial or health challenges.
Why a pour-over will could be useful
Connecticut residents who are planning their estate might want to consider creating a pour-over will as an accompaniment to a revocable living trust. The purpose of a pour-over will is to take care of any assets that a person does not place in the trust. It is best used as a kind of backup policy in case a person acquires assets after creating the trust or forgets to place some in it.
Important reasons to have an estate plan
More than half of all adults do not have wills. There are several reasons an estate plan may be important for people in Connecticut even if they have few assets. While there are template documents available, it is typically better to work with an attorney to create an estate plan and choose the right strategies for the estate.
