Don't Let Connecticut Estate Plans Become Outdated

Estate planning is an ongoing process, and as people's lives change they need to update their estate plans to reflect their new circumstances.

2012-11-06

November 06, 2012 (Press-News.org) Don't Let Connecticut Estate Plans Become Outdated

Many people understand the importance of creating estate plans. Well-drafted estate plans not only give directions for distributing a person's assets after he or she dies, they also allow a person to provide for loved ones after passing on, name guardians for minor children, give instructions on the extent of medical care he or she wishes to receive if incapacitated and appoint others to make important decisions on his or her behalf in the event of incapacity. However, after doing the initial work of estate planning, all too often people put their plans away and do not think about them again. Estate planning is an ongoing process, and as people's lives change they need to update their estate plans to reflect their new circumstances.

Changes to Relationships

As time passes, people develop new relationships with others. Major life events such as marriage, divorce, the birth or adoption of a child or the death of a spouse should trigger an estate plan review. People need to make sure that they update their wills to properly include new children and spouses and choose new heirs instead of ex-spouses.

Additionally, people should review non-probate assets such as trusts, life insurance policies, IRAs, 401(k)s and other investment accounts to ensure that the beneficiaries named on these assets are still in alignment with their wishes. A person's will does not control theses assets, so even if a person removes someone as an heir in a will, if the person is still named as beneficiary on an asset, that person will receive it.

Changes in Assets

As people go through life, they tend to collect more property and assets. When people create their first estate plans, they may not have to worry about their estates approaching the cut-off for the estate tax. However, as people grow older and have more wealth, they may need to develop strategies to avoid estate taxes such as establishing trusts, making charitable donations and giving tax-free gifts while still alive.

People may also make specific bequests of personal property that has great sentimental value to family or friends in order to eliminate fighting among surviving loved ones after they die. As they get older, children may voice desires to inherit particular items their parents own, and parents can honor those wishes by including it in their wills.

Changes to Goals

As people age, they may shift their priorities. During their younger years, people may be primarily concerned with ensuring that their minor children would be secure if they passed. As they get older, people may feel like they have more disposable funds and want to make bequests to charity in their wills. People may also feel that their intended heirs could make better use of the money presently, for things such as education expenses or starting a business, rather than having to wait, and decide to make a lifetime gift instead.

Changes in Laws

Tax and estate planning laws change frequently. People need to meet with estate planners to ensure that their plans take full advantage of any tax benefits and to review other documents such as advanced health care directives and trust documents to make sure they comply with the law.

Estate plans need regular maintenance to be effective. If you have questions about drafting or updating an estate plan, contact a seasoned estate planning attorney who can discuss your situation and advise you on how to meet your goals with your estate plan.

Article provided by John M. Gasidlo, Esq.
Visit us at http://www.ctestatelawyer.com

ELSE PRESS RELEASES FROM THIS DATE:

New York State Appellate Court Gives Insight on Calculation of Alimony

2012-11-06

New York State Appellate Court Gives Insight on Calculation of Alimony A recent ruling by a New York appeals court provides divorce attorneys in the state with guidance on the new version of the Domestic Relations Law, which sets out a formula to calculate temporary spousal maintenance. The new version of the law differs from the old in that it requires judges to follow a formula rather than determining a temporary spousal amount that "justice requires." Under the updated Domestic Relations Law, judges are supposed to determine the presumptive amount of ...

Protection Orders in New York May Overlap in Family and Criminal Court

2012-11-06

Protection Orders in New York May Overlap in Family and Criminal Court The Cashman stalker case has put protection orders in the news across New York. The case stemmed from criminal court, but the Cashman case also had implications for his family. Brian Cashman, the general manager of the New York Yankees, filed for a protective order against Louise Meanwell for allegedly stalking Cashman over the internet, sending threatening text messages and attempting to extort Cashman for $15,000. Since Cashman and Meanwell are not married, the case brings up important questions ...

New Jersey Supreme Court Interprets Fair Foreclosure Act

2012-11-06

New Jersey Supreme Court Interprets Fair Foreclosure Act On February 27, 2012 the New Jersey Supreme Court issued a decision in the case US Bank National Association v. Guillaume, in which the court had to interpret the notice requirements of the state's Fair Foreclosure Act. Some homeowners brought suit against U.S. Bank, claiming they did not receive requisite notice under the law prior to the lender filing foreclosure, but the court disagreed with the homeowners. New Jersey's Fair Foreclosure Act Legislators intended New Jersey's Fair Foreclosure Act to be a ...

Mortgage Foreclosures Rising in New Jersey and Across the US

2012-11-06

Mortgage Foreclosures Rising in New Jersey and Across the US For a time at the end of 2010 and beginning of 2011, it looked like the U.S. housing market was starting to show signs of recovery from the foreclosure crisis that hit the country after the 2006 real estate bubble burst. However, a new government report suggests that mortgage lenders are aggressively resuming foreclosure activity in New Jersey and across the U.S., after having paused due to legal troubles. Foreclosure Statistics A report by the Office of the Comptroller of the Currency issued in December ...

How Bankruptcy Affects Inherited Assets

2012-11-06

How Bankruptcy Affects Inherited Assets Many people experiencing overwhelming financial difficulty wrestle with the decision of whether to file bankruptcy. The situation can become even more complex when people believe they will be getting an inheritance in the near future. People in California and across the U.S. should know how Chapter 7 bankruptcy treats inherited assets. Chapter 7 Bankruptcy Chapter 7 bankruptcy is primarily used to discharge certain debts and can even be used to protect property from creditors. The bankruptcy discharge eliminates the personal ...

Medical Expenses Often Lead to Bankruptcy

2012-11-06

Medical Expenses Often Lead to Bankruptcy A number of New Jersey residents struggling in this tough economy have chosen bankruptcy as a way to deal with financial problems. Bankruptcy filers might be stereotyped as irresponsible overspenders, but many people who turn to personal bankruptcy are the victims of bad luck in the form of an expensive illness. According to the Centers for Disease Control and Prevention, in 2011 one in five American families faced problematic medical bills they could not readily pay. Excessive medical bills are even more likely for women. ...

California Legislator Alleges Constitutional Violation in DUI Stop

2012-11-06

California Legislator Alleges Constitutional Violation in DUI Stop On March 27, 2012, police arrested Assemblyman Roger Hernandez on suspicion of driving under the influence after they stopped him for allegedly weaving in his lane. Hernandez claimed that police violated his constitutional rights during the stop and asked the judge in his case to throw out all of the evidence police collected after the supposed constitutional violation. Acquitted of DUI Charges Hernandez told officers that he had only two glasses of wine over a period of five hours before he was ...

Watch for Ways Divorce May Be Impacting Children

2012-11-06

Watch for Ways Divorce May Be Impacting Children Parents who go through divorce understand the emotional turmoil the event can bring to a person's life. They need to start over as single people and figure out how to keep communicating with their former spouses in order to raise their children despite the fact that the marriage did not work. Adjusting to life as a single parent can be overwhelming, and in the midst of the changes parents may not consider how their children handle divorce. Parents in Oklahoma and across the U.S. should be aware of some of the ways that ...

New Immigration Policy: Deferred Action for Childhood Arrivals

2012-11-06

New Immigration Policy: Deferred Action for Childhood Arrivals Recently, President Obama authorized the Deferred Action for Childhood Arrivals policy that allows certain undocumented immigrants to temporarily remain in the United States and be granted work permits. As many as 1.7 million young immigrants may be eligible to qualify under the policy. While DACA allows eligible individuals to work legally in the U.S., the policy does not provide a path to citizenship. Some immigrant advocates and critics of the policy warn that coming forward under the DACA may expose ...

Prenuptial and Postnuptial Agreements in California

2012-11-06

Prenuptial and Postnuptial Agreements in California Article provided by Simon, McKinsey, Miller, Zommick, Sandor & Dundas A Law Corporation Visit us at http://www.irvinefamilylawyers.com Prenuptial agreements are becoming more commonplace and are not just for the rich and famous. Anyone owning assets, whether business or personal, can benefit from a prenup prepared prior to his or her marriage. Such agreements help couples in the event of divorce or death, and there are many reasons you may want to have one created: -Retain family heirlooms for blood relatives ...

Don't Let Connecticut Estate Plans Become Outdated

ELSE PRESS RELEASES FROM THIS DATE:

LAST 30 PRESS RELEASES: