Klemonski & Rose Law Offices • 67 Prospect Avenue, Suite 302 • Hartford, CT
860-882-1155
User-friendly Legal Services
Personal Planning Professionals
Reasonable Attorney Fees
Personal Planning Professionals
Reasonable Attorney Fees
Estate Planning
Inter Vivos Trust
Durable Power of Attorney
Durable Springing Power of Attorney
Designation of Conservator
Living Will
Health Care
Selling a Home
Buying a Home or Condo
Estate Planning
Q. What is Estate Planning?
A. Estate Planning can mean different things to different people. Essentially, it involves the preparation of a Will (sometimes called "Last Will and Testament"). It may also involve consideration of Trusts (for tax avoidance or other reasons) and Planning Documents (to cover periods of incapacity, disability, or illness). Unfortunately, the laws dealing with the different types of documents—as well as the complexity and inter-relationship between state and federal income, estate, and gift taxes—make this a very complicated matter.
For many people, sophisticated, lengthy, and expensive documents are not necessary. But just as each person is different, each person will have different Estate Planning needs. And, these needs will change over the years.
- A young couple, for example, needs to be concerned about who is to be guardian for their children should both parents meet an untimely demise.
- An older person might wish to find a way to reduce the taxable portion of his or her estate to maximize the amount passing to children or grandchildren.
- All of us need to be aware of what planning documents we can put into place should we become too ill to manage our financial and personal affairs.
Klemonski & Rose can help you identify the issues that impact your estate planning objectives and will create documents to effectively convey your wishes.
Inter Vivos Trust
Q. What is an Inter Vivos Trust?
A. An “Inter Vivos Trust” is between parties who are living—it takes effect during the lifetime of the person who establishes the trust. An Inter Vivos Trust is often called a “Revocable Trust” or a “Living Trust.” It is distinguished from the “Testamentary Trust” in that a Testamentary Trust is one which is established by a will and takes effect after the death of the person who created the trust.
There are many uses for Living Trusts. These include:
- Asset Management and Bill Paying Trusts - set up to help those because of age, illness, out of country travel, etc., need professional or familial management of their business affairs.
- Estate and Inheritance Tax Minimization or Avoidance Trusts - set up by spouses to take advantage of double deductions in state and federal inheritance taxes to pass as many assets as current law allows on a "tax free" basis to their children or other heirs.
- Probate Court Avoidance Trusts - set up to pass assets outside of Probate Court supervision and control in order to "save fees and expenses" and protect family privacy.
- Will Contest Avoidance Trusts - set up to guard against expensive will contests, especially where a litigious relative is being disinherited.
- Life Insurance Trusts - set up to take advantage of quirks in the tax laws as they pertain to life insurance assets, such as "Crummey" Trusts.
- Charitable Remainder Trusts - set up to take a charitable deduction when created, allow the donor to use and enjoy the income for the remainder of his days, and those of his spouse, and then pass the assets onto charity (tax free, of course).
Whether a particular type of Living Trust is appropriate in any particular circumstance is a complicated matter for which appropriate professional assistance is required.
Durable Power of Attorney
Q. What is a Durable Power Of Attorney?
A. A Durable Power of Attorney gives someone the power to act on your behalf. It applies to permanent and temporary situations if you are unable to handle your affairs, is a present power, such as one spouse might give another, and takes effect immediately.
Durable Springing Power of Attorney
Q. What is a Durable Springing Power of Attorney?
A. A Durable Springing Power of Attorney takes effect only upon the happening a contingency specified in the document. Requires an agent—other than the person to whom the power runs—to give an affidavit certifying that the contingency has, in fact, occurred. Designates now who you wish to have your power of attorney in the future and is a useful planning document where you do not want to let someone else have legal authority to act for you unless and until you become disabled or incapacitated.
Designation of Conservator
Q. What is a Designation of Conservator?
A. A Designation of Conservator appoints someone to handle your business and personal affairs under Probate Court supervision. Should be used to back up the Durable Power of Attorney or Springing Power of Attorney and provide a successor in case the person having the power of attorney becomes disabled or dies.
Living Will
Q. What is a Living Will?
A. A Living Will specifies that should your health completely fail, no "heroics" are to be undertaken by the medical profession to prolong your life.
Health Care
Q. What is an Appointment of Health Care Representative?
A. An Appointment of Health Care Representative specifies who is authorized to make health care decisions for you if you are too sick to make them for yourself.
Selling a Home
Q. What issues should I consider when Selling my Home?
A. Klemonski & Rose offers a booklet entitled, “REAL ESTATE CONSIDERATIONS: SELLING YOUR EXISTING NEW HOME.” Contact our office to obtain a free copy.
Buying a Home or Condo
Q. What issues should I consider when Buying a Home or Condo?
A. Klemonski & Rose offers a booklet entitled, “REAL ESTATE CONSIDERATIONS: PURCHASING A NEW HOME.” Contact our office to obtain a free copy.