What Is the Gift Tax Exclusion for 2017?
When it comes to annual estate planning, we must consider both estate taxes and gift taxes. In this article, we discuss gift taxes for 2017. You can learn more about the estate taxes for 2017 here(1).
Estate Planning Attorney
Five Reasons to Update Your Connecticut Power of Attorney
A power of attorney gives someone you trust the power to sign financial documents for you. If you lose the ability to make financial decisions or you are away on vacation or business, your agent can act for you.
We find many of our clients have powers of attorney but they are old. Now, more than ever before, it is time to update your power of attorney. Here are 5 reasons to do so.
How to Choose a Trustee
There are many benefits to putting your assets in a trust. However, if you set up a trust you have to appoint another person to manage the trust assets either now or in the future. This person is called the “Trustee.” The Trustee holds legal title to property for the person whom the trust benefits (the "beneficiary").
How Choosing a Trustee Works
Using a Caregiver Agreement to Pay Family Members for Services
Transferring money to a child can cause a penalty period for a Medicaid applicant if done within the five years prior to the application. One exception to this rule is a transfer in exchange for fair market value of services. This exception allows a parent to pay a child for taking care of him or her.
Estate Planning When a Spouse Becomes Disabled
If your spouse receives a diagnosis from a doctor that she or he has dementia or Alzheimer’s Disease, it is time to consider changing your estate plan. Why? Because if you die and your spouse needs Title 19 (Medicaid), your family could lose most of its wealth.
All I Need is A Simple Will, Right?
For many people, the decision to prepare a Will is easy, but the motivation to follow through is missing. The thinking goes something like this:
What’s the rush? I am in good health. There are more pressing matters. I’ll get to it eventually. I plan on being around for a long time. Right now, I need to focus on supporting my family, saving for college and retirement, and paying for health care. I’ll prepare a Will at the end of the year when things slow down.
The Ten Biggest Estate Planning Mistakes
- Failure to Plan for Incapacity. This mistake can cause your family great stress and acrimony, and leave your finances in disarray. You should have a financial Durable Power Of Attorney, an Appointment of Health Care Representative and a Living Will. You should not solely rely on joint bank accounts with children to manage incapacity.
Are Your Pets Part of Your Estate Plan?
Let’s face it – those of us who have pets consider them to be members of the family. My wife and I refer to our daughter’s boxer, Rocky, as our Granddog. He brings the whole family great joy and companionship. It is inconceivable to us that our pet wouldn’t be taken care of after we’re gone. Yet, an estimated half million dogs and cats are euthanized each year after their owners pass away without making provisions for them. Have you considered taking care of your pet or pets in your estate planning?
