The recent changes in Connecticut probate laws that took effect on July 1, 2015, simplify some aspects and clarify other aspects of the probate process. In this blog post, I explain an important change in the probate notification process and what it means for Executors of estates.
Section 30 of the Connecticut Probate Court Rules of Procedure now requires a report called an Affidavit of Closing. While this may sound like extra paperwork, it’s actually a good thing for all involved because it ensures that what was supposed to be done actually got done.
In Connecticut, we have many estates in which the decedent has a million dollars or more but there is nothing for the court to administer. How can that happen? First you need to know that the Probate Court only administers property passed from the decedent to the beneficiary by a Will or by the laws of intestacy. “Intestacy” is the legal term for when someone dies without a Will. There are 4 situations where assets do not need to go through the probate process. These are when:
An Asset Protection Trust is an arrangement in which an independent person or financial institution (“the Trustee”) holds the property of your child or grandchild (“the Beneficiary”) for his or her benefit. The child or grandchild may also be one of the Trustees if he or she is an adult. The Trustees can distribute funds to the beneficiary as the Trustees deem necessary and advisable.
Most people do not realize that there are many ways to leave property to your children. For children who do not receive public benefits, these include:
For elderly parents, once simple tasks become harder to accomplish. One of those tasks is financial management. Without help, a parent can become confused and derail his or her retirement plan. Bills go unpaid. Dividend checks get lost. Duplicate checks to the same charity or vendor begin to appear. The situation begs for children to step in and organize the parent’s finances.
If your parent is in this situation, you need to take these five steps:
When many local families take their parents financial information and meet with a caseworker, they are told their parents do not qualify for public benefits because their income is too high. Their parents may have worked for an employer that provided their parents with a pension like the Navy, the State of Connecticut, or Electric Boat. Because their income exceeds poverty levels, their parents can’t get Title 19 (Medicaid), Veterans Aid & Attendance or the Medicare Savings Program.
Happy New Year! Some of you may wonder how much you can give this year without having to file a gift tax return and whether you need to do some estate tax planning. Here are the key figures to keep in mind for 2015:
On December 12, 2014, The Centers for Medicare and Medicaid Services (CMS) proposed a regulatory change to ensure that legally married same-sex spouses receive the same rights as opposite-sex spouses in Medicare and Medicaid participating facilities. These rules apply regardless of whether the state where the facility is located recognizes same-sex marriages. CMS is a federal agency within the United States Department of Health and Human Services. It is responsible for administering the Medicare program and, in partnership with state governments, the Medicaid program.
The nation's elderly and disabled Social Security recipients will receive a 1.7 percent increase in payments in 2015. This increase will raise the average monthly payment for the typical retired worker by $22. The increase is slightly higher than last year’s 1.5 percent cost-of-living adjustment (COLA). The same COLA will apply to pensions for federal government retirees and to most veterans.
