Chipman Mazzucco Emerson LLC

September 2018 Archives

Unrecorded deeds obviated by transfer on death deeds

People in Connecticut who want to transfer their homes to heirs have sometimes in the past made use of an unrecorded deed. The grantor signs the deed and gives it to the intended person, not to be recorded until after the death of the grantor. It may have been a useful estate planning device, but with the advent of transfer-on-death deeds, it makes little sense to use an unrecorded deed in most cases.

Will executors' decisions must benefit the estate

When people in Connecticut create a will, they will name an executor in the text of the document. The executor, whose appointment is generally confirmed by a probate court, is responsible for carrying out the wishes of the person who created the will. In addition to distributing the estate's funds as provided for in the relevant estate documents, the executor is also responsible for settling the estate by handling taxes, debts and other issues. In order to promote the best interests of the estate, the executor can make use of its funds. These actions can include defending the estate against legal claims brought by beneficiaries or potential beneficiaries seeking to change the distribution or by outside parties.

Helping your heirs avoid discord regarding your estate

Even if your children have always gotten along fairly well, there are several issues that may arise in your wake that can impede their sibling relationships. No Connecticut parent wants to imagine his or her children fighting over an estate; however, the reality is that, even close-knit relatives sometimes wind up not speaking for months or years over matters that initially seemed rather benign.  

Estate planning tools guard against the uncertainties of life

Financial experts say that even young Connecticut residents who enjoy robust good health should put at least a basic estate plan into place. Life is unpredictable, and unforeseen events like automobile accidents or serious illnesses can claim lives or leave individuals incapacitated and unable to manage their financial affairs or make important health care decisions. Those who wish to prepare for such unfortunate situations may be wise to draft a last will and testament, a durable power of attorney and a medical directive.

Why venture capital firms won't work with certain startups

There are several reasons why a startup in Connecticut or elsewhere won't get funding from a venture capital firm. For instance, there may have been problems with the pitch deck that scared a potential investor away. Issues could be related to how the deck was designed or the fact that there were egregious spelling or grammar issues. A venture capital firm may also have an issue with the company's valuation.

Legendary singer Aretha Franklin died without a will

Many Connecticut fans of legendary soul performer Aretha Franklin may be surprised to learn that she died without a will, despite her valuable music catalog and substantial estate. The 76-year-old singer passed away in August after a lengthy struggle with pancreatic cancer. Despite comments from her attorney that he had encouraged her to set up a trust and other key estate planning documents, she refrained from doing so throughout her life. She was unmarried and has four adult children, one with special needs, and the process of passing on her estate could be much more complex as a result.

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