Chipman Mazzucco Emerson LLC

estate planning Archives

Changing an estate plan after divorce

One step people in Connecticut who get a divorce should not neglect is making changes to their estate plans. In addition to changing his or her will so an ex-spouse no longer inherits his or her assets, a person might also want to make sure that his or her ex no longer has a role, such as executor, in the estate plan. Any family members of the ex-spouse might also be removed from the plan.

Important information about special needs trusts

Parents of special needs children have a wide range of reasons for wanting to set up a trust even though their assets fall well below the exemption limit for the estate tax. These reasons include guardianship and the questionable availability of public resources. Complications can also arise when it comes to the income cap for recipients of Medicaid and Security Supplemental Income. Thankfully, there is a special type of trust for this situation: the Special Needs Trust (SNT).

How parents can help their children with estate planning

Some parents and their adult children in Connecticut may encounter some friction over estate planning. Many baby boomers feel that their children need to create estate plans. However, these children may feel too overwhelmed by debt and other issues to address this. For some families, the solution is for the parents to pay for the estate plan. In such situations, most adult children will follow through on the process.

Making an estate plan matters

Connecticut fans of Stan Lee's work may know the former Marvel chairman for his role in co-creating iconic characters like Captain America and Spider-Man. However, after he passed away in November 2018, he also became known for leaving his estate in disarray. Like other prominent celebrities including Prince and Aretha Franklin, Lee may have died without a making a will. When a person passes without making an estate plan, the consequences can be complex for the loved ones left behind, especially when the estate is substantial, involving ongoing revenues and royalties.

Irrevocable trusts

Many people in Connecticut use irrevocable trusts as an estate planning tool. It is important to understand how an irrevocable trust works since the grantor of any assets in an irrevocable trust loses control of them once they are in placed in the trust.

Reasons to review trusts for effectiveness

Some estate owners in Connecticut may find that their trusts do not fulfill their intentions. This could be because those intentions have changed or the documents were not correctly set up in the first place. For example, a trust might be set up incorrectly if the attorney did not understand the family's wishes. In other cases, a trust is written in a way that's confusing and does not effectively convey its purpose. For these reasons, people may want to review any trusts they have and make sure they do what they were created to do.

Timeshares and estate planning

Timeshares are a popular way for Connecticut residents to enjoy their favorite vacation destinations. However, they often do require fees for as long they're in ownership. That's why some timeshare owners worry that their heirs will eventually have to continue paying timeshare fees.

Avoiding family disputes when writing a will

Most people planning to have a will drawn up in Connecticut hope it will make things easier for loved ones left behind. But what might look good on paper could turn out to be a source of contention, resentment, legal wrangling, and bitter feuds between heirs. This sometimes happens when there's not enough time, effort, and thought put into making important decisions during the process of preparing a will and making estate plans.

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.

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