Most people who have adult children figure it is easiest to give an inheritance to your children outright with no strings attached. It is simple and clean. But there are downsides to giving to your adult children in a simple manner. Your grandchildren may never receive it. It could pass to the child’s spouse, the spouse could remarry, and all of the inheritance you gave to your child could go outside your family to the new mate of your child's spouse.

There is a better alternative. Why not give property to adult children in a Transparent Trust? A Transparent Trust holds property for the life of a child. The child is the Trustee of the trust. The child takes his or her inheritance and puts it in a trust account at a financial institution. The child could spend the funds for his or her support in reasonable comfort, maintenance in her or his accustomed manner of living, education, and health. The child would show any income from the trust on Schedule E of the child’s income tax return. The child could appoint the property at any time to his or her children. At the child’s death, all of the property goes to the child’s children (your grandchildren).

The benefit of a Transparent Trust is that it requires the child to keep the funds in a separate account as Trustee and spend it only for the child’s or grandchild’s health, education, maintenance and support. If a spouse of a child wants to spend it, the child can say, “I am sorry that money was given to me by my parents for my benefit and after I die for the benefit of our children.” The child controls the trust accounts so the account remains subject to claims of creditors. But the result would have been the same as when you give an inheritance to your son or daughter outright.

If you want to protect your grandchildren while giving your adult child complete control of the funds, consider using a Transparent Trust.

John Zaccaro

John Zaccaro Shareholder J.D. Shareholder Cipparone & Zaccaro, P.C., 261 Williams Street, New London, CT 06320,

Bar Admission: Connecticut, 1984

Practice Area:

As a partner in the law firm of Cipparone & Zaccaro, P.C., John C. Zaccaro, Jr. is both diligent in his law practice and committed to the profession. He joined the firm’s predecessor in 1998 after spending six years as a construction litigation attorney with a mid-sized, well-respected general practice firm, two years in-house with a large well-respected non-profit housing developer, and one year on Wall Street as an investment banker. With forty-one years of experience, John knows how to handle large and small, simple and complex business, real estate, and financing transactions. As a member of the firm's Estate Planning and Probate team, John works with people to assist them with their estate planning and probate needs.”
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Education and A leader in trust & estates and elder law

John attended the University of Bridgeport School of Law, now known as Quinnipiac School of Law, graduating with a Juris Doctor degree in 1983. While in law school, John was the Editor-In-Chief of the Common Pleas, the law school newspaper. He also served as the sole student member of the Student Discipline Committee where he conducted hearings and helped decide on matters relating to violations of the Student Discipline Code and University Rules. John also served as Clerk for the Connecticut State Legislature, Human Services Committee; Clerk for Connecticut State Legislature, Black and Hispanic Legislative Caucus; Scheduler and Issues Coordinator for the Campaign of Charles B. Tisdale for Mayor of Bridgeport; Law Clerk for Howard A. Glickstein, a Special Master in Age Discrimination cases for the United States District Court, District of Connecticut. Under the supervision of Dean Glickstein, John researched the law and drafted written opinions for approval by the U. S. District Court.

Articles and books

Solo and law firm experience

John was admitted to the Connecticut Bar in 1984, and began a sole practice, handling administrative appeals, consumer protection, and corporate matters. In 1985, he ceased private practice and went to work as an Investment Banker with a mid-size Wall Street firm, handling tax-exempt bond issues, business development, public hearings, due diligence, and closings. In 1986, John was retained by a large nonprofit housing developer to work on legal matters related to large projects financed, in part, by tax-exempt bonds.

In 1987, John became an Associate with the Marcus Law Firm in New Haven, Connecticut. As a litigation attorney, he represented clients in trials and hearings and handled litigation and arbitration of real estate disputes, construction disputes, and commercial disputes.

In 1993, John left the Marcus Law Firm to begin his solo private practice, handling similar areas of representation, with domestic relations matters, torts, and collections. He also performed transactional work including business organizations, residential and commercial real estate, and finance.

John became an Associate with the New London law firm of Cole-Chu & Cipparone, LLC, as well as its successor law firm Cole-Chu & Company, LLC. In 2000, he returned to private practice and served "Of Counsel" to Cole-Chu & Company, LLC, where he became a partner in February 2008. In August 2009, John became a shareholder in Kepple, Cole-Chu, Cipparone, Avena & Zaccaro, P.C., the predecessor to the current firm of Cipparone & Zaccaro, P.C.

Arbitration experience

In addition to the above-mentioned, John has been an Arbitrator with the American Arbitration Association since 1993 and conducts arbitrations in the areas of construction and commercial disputes. He also served as an arbitrator for the American Dispute Resolution Center for construction and commercial cases, and an arbitrator for the Better Business Bureau in automobile warranty and "lemon law" matters.

Associations and committees

John was admitted to practice before the United States District Court, District of Connecticut, in 1988. He was a member of the Connecticut Bar Association, Construction Law Section, where he served on the Executive Committee and acted as Legislative Liaison from 1991 through 1996. He has also been a member of the Connecticut Bar Association, Consumer Law Section, and the Affordable Housing and Homelessness Committee. He served as a member of the Executive Committee of the Technology Law Section of the Connecticut Bar Association in 2000, as Legislative Liaison from 2005-2006, Treasurer from 2006-2011, and Chair from 2012-2013. He is a past Chair of the Executive Committee of the Solo & Small Firm Section of the Connecticut Bar Association. John is also a member of the Estates and Probate Section and Elder Law Section of the Connecticut Bar Association. John has been a member of the Executive Committee of the Real Property Section of the Connecticut Bar Association since 2006. He is a member of the Residential Real Estate Standing Committee Connecticut Bar Association, and he is the immediate past Chairman of the Residential Real Estate Examining Committee of the Connecticut Bar Association, both of which committees certify candidates as residential real estate specialists.

John has been happily married since 1979 to Diane Shafner Zaccaro, and together they have a daughter, Jennifer. He enjoys reading, writing, playing soccer, computers, running, and guitar.

Joseph Cipparone

Joseph Cipparone Shareholder J.D., CFP® Shareholder Cipparone & Zaccaro, P.C., 261 Williams Street, New London, CT 06320,

Bar Admission: Connecticut, 1983

Practice Area:

Joe grew up in East Lansing, Michigan. Joe’s father was a doctor working for St. Lawrence Hospital in Lansing. His mother raised 5 children and was a registered nurse. When Joe was 17, his father died. “When my father died, I was a senior in high school and planned to attend the University of Michigan,” Joe recalls. “We were left without our confidante, major breadwinner, and mentor. My father thought that his $300,000 in life insurance and a debt-free house was enough to keep the family afloat if he passed. Yet, none of his 5 children had completed college and all of us wanted to attend. My mother’s lifestyle disappeared after my father died. We struggled mightily to cope with his passing and it forever changed our lives.” It is this early experience that ignited Joe’s passion to work in the Trust & Estate and Elder Law field. “If I can make this transition after death a little better for survivors, it gives me a great sense of personal accomplishment.”
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Education and A leader in trust & estates and elder law

Joe graduated from the University of Michigan with high distinction, and received his master’s degree in public policy studies and a law degree there, as well. The University of Michigan Law School is one of the finest law schools in the country. Joe met his wife, Ellen, while attending the Law School. They came to Connecticut in 1983.

A leader in trust & estates and elder law

In his 30 years in practice, Joe has become a leader in the trust and estate and elder law field. He serves on the Executive Committees of the Estates & Probate Section and the Elder Law Section of Connecticut Bar Association (CBA). He is on the Steering Committee of the Estates & Probate Section.  He has served as chair of the continuing legal education committee of CT-NAELA (Connecticut Chapter of the National Academy of Elder Law Attorneys) and the CBA Elder Law Section. Joe has led many seminars for CT-NAELA and the Elder Law Section on topics as diverse as evidence in conservatorship proceedings, special needs planning in the family law setting, and home health care strategies.

Articles and books Joe has written

Joe has written numerous articles for such publications as the CT-NAELA Practice Update, the Estates & Probate Newsletter of the CBA Estates & Probate Section, the Connecticut Law Tribune, Practical Tax Strategies, and the Connecticut Lawyer and Connecticut Bar Journal of the Connecticut Bar Association.

Joe wrote the book, Annuities in Connecticut Estate Planning, published by the Connecticut Bar Association in 2011. The result of nearly three years of research, Annuities in Connecticut Estate Planning, represents the first endeavor to bring together estate planning and elder law concerning this popular investment, all in the context of Connecticut and federal law. The book has led to several speaking engagements before Connecticut lawyers.

Boards and councils

Joe served on the Board of Directors of the Estate & Tax Planning Council of Eastern Connecticut. He has also served as counsel and past Board member of the Community Foundation of Eastern Connecticut.

Certified Financial Planner, too

Besides being a lawyer, Joe is also a Certified Financial Planner®. He passed the rigorous CFP® examination in 2000 and continues to attend financial planning seminars to keep his knowledge current. “I love math, writing, and problem solving with my clients. Whether a client owns a business, has a considerable investment portfolio from years as an executive, or is struggling with long-term care and qualifying for Title 19, I guide them through the financial transitions in their life.”

For more information about Joe’s book click on the Learning Center above.

Honors

Joe has an AV Preeminent rating from Martindale-Hubbell, reflecting the results of peer reviews and client reviews giving him the highest possible rating from that organization in both legal ability and ethical standards.  Joe has the highest 10.0 rating from Avvo, a leading attorney rating service for consumers.  In 2013 and 2014, Joe became a Super Lawyer in Estate Plan the highest possible rating from that organization in both legal ability and ethical standardsning & Probate.  Only 5 percent of the total lawyers in the state are selected for inclusion in Super Lawyers. In 2014, Joe was elected a Fellow of The American College of Trust & Estate Counsel (ACTEC).  ACTEC is a non-profit association of leading trust and estate lawyers.  Joe had to meet rigorous eligibility criteria to be elected a Fellow.  In the field of trust and estate law, Joe demonstrated skill and significant contributions through writing, teaching and bar leadership activities. 

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