Chipman, Mazzucco, Land & Pennarola, LLC

estate planning Archives

About charitable trusts

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.

Trust choices change with rising interest rates

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.

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.

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.

How funeral planning declarations can help

Some people in Connecticut choose to include their funeral plans in their wills. While these provisions are enforceable, many family members do not search for wills before they hold the funerals for their loved ones. This means that the plans might be inadvertently overlooked.

Heirs of Prince have yet to receive estate money

Music fans across Connecticut and the entire United States mourned when Prince passed away unexpectedly in April 2016. He left behind an estate that is worth an estimated $200 million. Two years later, Prince's heirs have yet to receive any of this money.

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Chipman, Mazzucco, Land & Pennarola, LLC
44 Old Ridgebury Road
Suite 320
Danbury, CT 06810

Phone: 203-501-1712
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