The Basics: Testatrix & Testator, executor, and beneficiary; they may sound like complicated terms, but these and others are just legal jargon for some pretty core concepts that go with what your Will is trying to accomplish down the road. At the very foundation, your Will is an instruction manual for how you would like […]
In many instances, this is an effective transaction for both the client and children, but in others, it may not be the best idea. Before making any such transfer, it’s important to understand and consider a multitude of issues involved in that decision. To determine if it’s prudent to make such a transfer, I […]
Key TermsThe Settlor is the person who created the trust. Some attorneys use the term donor or grantor, but they all serve the same purpose. It’s simply the person who created the trust. Next is the Trustee. The trustee is the person in charge of the trust and is in charge of making sure that the trust provisions are being […]
A “life estate” is a type of ownership interest in an asset that allows the owner of the life estate (a.k.a. the “life tenant”) to retain an interest in the asset for the duration of his or her lifetime. Most commonly, we see this used in real estate ownership. For example, mom and dad transfer […]
While estate plans typically focus on events that will happen years down the road, incapacity planning is more about the here and now since anyone at any age can be affected by a serious illness or injury. In this webinar, learn about how, through the use of trusts, powers of attorney, and advance directives such as living wills and designations of health care agents and conservators, you can achieve peace of mind, knowing that individuals whom you trust will be able to act for you should you become unable to act for yourself. If you need assistance creating or updating incapacity planning documents, contact our Estate Planning & Probate Department Coordinator at 860-812-1749 or eholmes@kkc-law.com.
Marriage Issues Have you set the date yet? Is your daughter getting married? Marriage is an important step. If both spouses have a similar financial situation, then perhaps no special planning needs to be considered. If there is a disparity in finances, whether yourself or your family, then consider whether a prenuptial agreement is necessary. […]
GIFTS TO FAMILY CashYou may give any amount of cash to as many people as you wish without incurring income tax liability for yourself or imposing an income tax liability on the recipients. This is true for any bona fide gift, that is, an unfettered transfer of cash that does not involve any consideration in […]
An estate plan is a like a toolbox that contains everything you need to reach your planning objectives. Each of the documents that your attorney has drafted for you, along with critical follow up actions, are the individual tools in that toolbox. Used in conjunction with one another, these tools are the means by which […]
Facebook Facebook gives you two options: your account can be permanently deleted, or it can be converted into a memorialized account. If you do not choose to have your account deleted, it will automatically become a memorialized account. If your account becomes a memorialized account, the word “remembering” will appear next to your name on […]
In my experience, one of the things that tends to prevent people from embarking down this path is that they aren’t sure what they need to do first. In an effort to provide a starting point for the discussion, the following are answers to some of the most frequently asked questions I receive on Health […]
