Estate Planning
Estate Planning for Stepfamilies
Estate planning in second marriages can be complex in a blended family. It can be difficult to decide on both an emotional and a legal level. After all, you must consider how to make sure your assets are working in everyone’s favor in two families. Three types of property to consider If you want to […]
Read MoreAn Overview of the Different Kinds of Trusts
Trusts are legal arrangements that ensure the administration of a deceased person’s assets align with what they would have wanted. Additionally, trusts work on behalf of your beneficiaries in your absence. Not all trusts are the same, however. The three main types of trusts are living trusts (aka revocable trusts), testamentary trusts, revocable trusts and […]
Read MoreTalk to Loved Ones About Your Estate Plans
Many people are uncomfortable discussing with their loved ones how they plan to distribute their estates. Perhaps you do not want your children to realize how much they may receive after your death, or perhaps you think your choice of heirs could change in the future. If you do not discuss your estate plans, disagreements and […]
Read MoreDivorce and Finances
While divorce may end a marriage, it does not end obligations to one another. In many relationships, one spouse is more financially well-off than the other. In a divorce, this earning discrepancy means that the poorer partner is entitled to receive spousal support, or alimony, to help them establish a new, post-divorce life. Alimony may be […]
Read MoreNervous About Signing for a New Mortgage?
Taking on a mortgage is a major life event and a significant financial step. People often enter into their lenders at closing without really knowing what to expect. Unfortunately, after signing dozens of documents, they are left unclear and slightly confused about what they have signed and why they signed it. In an effort to […]
Read MoreA Fresh Look at Distributing Inherited Assets
In theory, parents can get as specific as they want, deciding which children and grandchildren should get the fancy lamp from the living room or the painting of the ship in the dining room. But unless they are items of great intrinsic value, that usually isn’t done. Even if an estate is left equally to […]
Read MoreThe Wisdom of Establishing Payable-on-Death Accounts
Payable-on-death accounts (POD) — sometimes referred to as transfer-on-death accounts (TOD) — are a type of account that, at the owner’s death, allows the money remaining to pass directly to the beneficiaries named by the account owner. They offer an easy way to keep money out of probate. Establishing payable-on-death accounts is easy. Just properly […]
Read MoreUnderstanding the Difference Between a Will and a Living Will in Connecticut
In Connecticut, there are distinct legal documents that serve different purposes when it comes to estate planning and healthcare decisions. These documents often include a will, and a living will. While both play significant roles in outlining an individual’s wishes, they serve different functions and address different aspects of a person’s life. Let’s delve into […]
Read MoreDo You Need a Trust?
According to the 2023 Wills and Estate Planning Survey by Caring.com, only 34 percent of Americans have an estate plan. The primary reasons respondents gave for not participating in estate planning are: Procrastination Believing they need more assets Not knowing how to make an estate plan An estate plan is a comprehensive set of legal documents […]
Read MoreYour Home’s Equity Matters
Every time you make a mortgage payment or if your home’s value rises, you build your equity. But what is equity? It’s the difference between what you owe on your mortgage and what your home is currently worth. An equity example: If you owe $250,000 on your mortgage and your home is worth $350,000. You now […]
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