July 2018 Archives
Connecticut residents should be thinking about future long-term care needs and how to pay for them today. Roughly 70 percent of those who are age 65 or older will need long-term care at some point. While a person has the option of paying for the associated costs of such care on his or her own, that may not be practical. The median cost for a private room in a nursing home is $97,455 per year.
Entrepreneurs in Connecticut and around the country generally want their spouses or children to inherit their businesses after they pass away, but turning over successful commercial ventures to individuals who may lack the skills necessary to run them can sometimes have disastrous results. Business owners with spouses or children who have shown little or no interest in following in their footsteps may be wise to delegate control of their commercial ventures to key employees or professionals. Doing this improves the chances of the business surviving and ensures that heirs are rewarded financially.
Connecticut residents with favorite charities may consider including charitable trusts in their estate plans. Charitable trusts are efficient philanthropic tools that can provide favorable tax incentives for donors. While charitable trusts adhere to the same tenets as other types of trusts and are regulated by the same concepts, they are very distinctive in certain ways that individuals should be mindful of.
Brand identity is an essential part of growing many types of businesses, and trademarks are one of the legal tools used to help protect those identities. These protections, which used to be actual physical imprints, date back to early societies for use on high-quality artisan goods. Today, the trademark, indicated with a TM symbol, represents the legal protection of both physical and digital products. They are most commonly used on company logos for big corporations in Connecticut and throughout the U.S.
You may fall into the category of many people who want to ensure that someone handles their estates properly after their demise. Fortunately, you can utilize a number of estate planning tools to make sure that your assets go to the desired parties and that protective measures work to prevent unnecessary conflicts. You can even go so far as to keep information out of undesirable hands.
Trusts are an important part of an estate planning strategy for many in Connecticut and across the country. They can offer lifetime tax benefits as well as a way to pass more structured gifts to a person's beneficiaries. However, the types of trusts that people choose to create may shift due to the rise in interest rates. While interest rates have been historically low for the past 10 years, they are currently rising, a trend that is expected to continue to dominate.