Using a revocable trust — sometimes referred to as a “living trust” — is a common estate planning strategy to manage assets during life and to avoid probate at death. For the trust to be effective, you must “fund” it, meaning transferring ownership of your assets to the trust. Perhaps you have collectible automobiles or …
Should you “park” your vehicle in a living trust? Read More »
Covid-19 Update I understand the last few days and weeks have probably caused you some anxiety not just about the volatile financial markets, but also – maybe primarily- about your health and the health of those you love and care about. I’m an estate planning lawyer and I know having your “ducks in a row” can …
What if the unthinkable happens and your spouse dies unexpectedly? Would you be prepared to cope emotionally and financially? As the surviving spouse, you’ll face several tasks and challenges. First steps first By no means complete, the following are areas that will need to be addressed: Death certificates. One of the first things to do is …
Estate planning typically focuses on what happens to your children and your assets when you die. But it’s just as important to have a plan for making critical financial and medical decisions if you’re unable to do so yourself. A crucial component of this plan is the power of attorney (POA), specifically, a durable POA. …
Unleash the power of a durable power of attorney Read More »
Have you coordinated your payable-on-death accounts with your estate plan? Payable-on-death (POD) or Transfer-on-death (TOD) accounts provide a quick, simple and inexpensive way to transfer assets outside of probate. They can be used for bank accounts, certificates of deposit or even brokerage accounts. Setting one up is as easy as providing the bank with a …
Don’t forget this critical part of your estate plan. Read More »
Choosing the right executor — sometimes known as a “personal representative” — is critical to the smooth administration of an estate. Yet many people treat this decision as an afterthought. Given an executor’s many responsibilities and complex tasks, it pays to put some thought into the selection. Job description An executor’s duties may include: Collecting, …
Despite what you might think, estate planning isn’t just for the rich and famous. In fact, your family is likely to benefit from a comprehensive plan that divides your wealth, protects your well-being and provides a compass for your family’s future. Dividing your wealth Estate planning is often associated with the division of your assets, …
Phote by Sarah Pflug from Burst Keep your estate planning documents Fresh and Local I often get calls from people who have just moved to Connecticut and are wondering if they need to update or revise their estate planning documents. What I usually say is that under the full faith and credit provisions of the …
