The term “1031 exchange” refers to a real estate investing allowance in Section 1031 of the Internal Revenue Code. That section allows capital gain tax deferral on real estate gains when those gains are reinvested into another like-kind property. While often used for...
If you have been named the administrator of an estate or a trust, it can feel like an honor to be entrusted with such an important role. However, when you begin to consider what this duty entails, it can quickly feel overwhelming and complex. Nonetheless, there are...
As you’re thinking about the best way to develop your estate plan and perhaps qualify for Medicaid, you might find yourself wondering what’s the best way to distribute your assets. After all, gifting assets and setting up an irrevocable trust can be a great way to...
In Connecticut, crafting a comprehensive estate plan is important to ensuring the seamless transfer of assets and safeguarding your legacy for future generations. Wills, trusts, and other estate planning documents play pivotal roles in this process, offering...
As our loved ones age, we tend to worry about their health, their financial stability, and the sort of estate plan that they have in place. If your loved one doesn’t have an estate plan, then their assets could be at risk of being lost to creditors, being inherited by...
Are you worried about how your assets are going to be used when the time comes for them to be distributed to your loved ones? If so, you’re not alone. Many people in Connecticut find themselves concerned that their hard-earned wealth is quickly going to be spent away,...
Many older people develop physical or mental conditions that prevent them from making major decisions for themselves. A power of attorney (POA) is a legal document used in estate planning that allows a person (principal) to appoint a third party (agent) to manage...
Do you have a pet who has become a beloved part of your family? If so, then you want to make sure that you’re providing for them in your estate plan. That might sound unusual, but pet trusts are pretty common. Additionally, they’re necessary if you want to ensure that...
In estate planning, an individual takes legal and financial actions to prepare their estate for their death, including designating a personal representative and beneficiaries. But it begs the question, is death the worst thing to happen to a person? Would it not be...
Estate planning can be confusing, and understanding the ins and outs of legacy planning can make it even more daunting. But if you want to ensure your land and Connecticut assets are passed down to future generations, legacy planning is an essential part of that...