Estate Planning

Oct 4th Lecture on Estates & Wills a Big Hit

On Wednesday, October 4th, Tom Scanlon welcomes our guests and introduces guest speaker Attorney Lou Spadaccini for his lecture on “Making Your Wishes Known & Protecting Your Legacy”. An educational & enjoyable evening was had by all.

Along with will & probate matters, Spadaccini specializes in personal injury, collections, worker’s compensation law and business & commercial law. If you’d like information on services offered … Continue reading »

7 Easy Steps to Manage an Estate in Connecticut

Please review 6 Easy Steps to Open an Estate in Connecticut.

 1) Post a Probate Bond

 

Unless the will specifically indicates a bond is not required, the executor will need to get a Probate Bond. The coverage and insurance premium will be based on the expected size of the estate. The executor may have to front the money to get the bond as the estate checking account may not have been open yet.

  

6 Easy Steps to Open an Estate in Connecticut

 

1) Go to Probate Court and Get Your Appointment

A decedent will list their executor (or executrix) in their will.  If the decedent did not name one or did not have a will, the court will appoint someone to manage the affairs of the estate.

 

This person will be known as an administrator or adminstratrix. The appointment will allow you to manage the affairs of the estate.  Keep in mind the entire process will be overseen by the … Continue reading »

Why Parents Should Not Give Their House to Their Children

Frequently, parents will be encouraged to give their home to their children so the government won’t take it to pay any nursing home bills.  This is usually very bad advice.  Why is this not an appropriate strategy?

Don't Look Now…Tax Rates are Headed Up!

The Bush era tax cuts are expiring.  Here are some of the key tax rates for 2010 and 2011:

2010                 2011

Ordinary Income                                   35%                 39.6% Long Term Capital Gains                       15%                 20% Qualifying Dividends                             15%                 39.6% Estate Tax                                              0%                 55%

Unless Congress decides to do something different, we are stuck with these tax rates.  The numbers may need a little explanation.

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