June 2019 Archives
Connecticut residents and others who are married should have access to financial records and other critical household data. In the event that a spouse passes away or becomes critically ill, it may be necessary to gain access to a computer or to an online bank account. Not having access to a device or an account may make it impossible to deactivate social media accounts or put a stop to automatic bill payments.
Heavy equipment manufactured by Caterpillar Inc. is a familiar sight on farms and construction sites in Connecticut and around the country, but the Illinois-based company sells sweatshirts, mugs and hats as well as earth movers and diggers. To protect this part of its business, Caterpillar has asked the U.S. Patent and Trademark Office to cancel a Class 25 trademark it granted to a chain of California coffee shops named Cat & Cloud in 2016.
Many wealthy people in Connecticut have created key estate documents like wills and trusts. After all, the ability to pass assets on to benefit loved ones in the future is a major motivating factor for people to develop their wealth. However, creating an estate plan is often the first step in an ongoing process that can help people to make sure that their future vision is intact. While many people may want to avoid unpleasant conversations about death, open discussion about estate planning issues can help to prevent future disputes and family problems, especially when significant assets are involved.
While you may have certain expectations for your later years, you are also realistic enough to know it is impossible to predict how things will turn out. You may hope to remain in your home the rest of your life, but your health issues may not allow it. You may anticipate one or more of your children taking care of you, but their lives may take unexpected turns that make this impossible.
Simply having a will on file doesn't automatically mean assets will be transferred as intended when the time comes to fully execute an estate plan. This is because assets need to be properly titled to ensure they'll be distributed as per desired wishes upon the death of an estate plan's creator.
In a perfect world, proactive Connecticut parents or grandparents with high-net-worth estate planning needs would have their wishes respected by designated heirs or beneficiaries when they pass. Unfortunately, the reality is that squabbling siblings, spendthrift heirs and antagonistic step-relatives can sometimes complicate matters and contribute to legal headaches or costly court battles.