Chipman Mazzucco Emerson LLC

July 2019 Archives

Why and how to name a trust as an IRA beneficiary

It is possible that an individual in Connecticut won't spend all the money in his or her IRA before passing. Therefore, individuals should create a plan to determine who would get the unspent funds. There can be many benefits to naming a trust as the beneficiary to an IRA account. For instance, the trust can designate who gets the funds and when they are to be distributed. That may provide a layer of oversight for those who may not manage their money properly.

Heirs generally don't need their own legal counsel

A beneficiary generally does not need an attorney during trust or estate administration proceedings. Typically, the representative of a Connecticut estate will represent a person who stands to collect money or assets from a deceased individual. The trustee will represent the beneficiary of a trust, and both the executor and trustee have a fiduciary duty to an heir. However, an heir may want to hire an attorney for the peace of mind that legal counsel may provide.

Chronic conditions call for specific estate planning practices

The number of Americans who have chronic illnesses is on the rise and is expected to increase from more than 130 million to roughly 157 million by the year 2020. Approximately 25% of people from 65 to 74 years old in Connecticut and across the country have been impacted by chronic diseases. The percentage of people who are affected by chronic conditions increases sharply as people get older. The presence of a chronic illness in a person's life can complicate estate planning and should be addressed in planning documents.

Supreme Court decision allows profane trademark registrations

Businesses in Connecticut often look to protect themselves by registering a trademark for their brand of goods or services. In the past, federal law banned people from registering trademarks deemed "immoral" or "scandalous." This provision has been used over the years to prevent the registration of trademarks generally considered to contain foul language. However, the nation's highest court ruled on June 24 that the prohibition violates the First Amendment's free speech protections. The decision paves the way for a clothing company to trademark a name that bears resemblance to a common slang term.

Nursing home agreements can be traps

Choosing a Connecticut nursing home is not a simple matter of looking at brochures and picking a place you can afford. Whether you are making the choice on your own or your family is helping, you certainly want to take the time to visit more than one facility, perhaps making numerous return visits before coming to a decision.

Why succession planning is important

Business owners in Connecticut and elsewhere may not have a plan for what happens to their companies after they die. This can be problematic if there are no family members or trusted employees who can step up and run the business. Even if someone is willing to run the company, it may take time and effort to convince employees and customers to remain loyal to the organization. In many cases, the owner of a small business is also the face of the brand.

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