Frequently Asked Questions Regarding Estate Planning
Estate planning can quickly become overwhelming. Having an attorney who handles your assets with respect is crucial. The Pellegrino Law Firm P.C. has worked with clients throughout Connecticut. We have provided a list of frequently asked questions below. After reading through them, contact our office in New Haven to schedule a consultation by calling 203-572-1816. You can also email us by clicking here.
Do I Really Need To Speak To An Estate Planning Lawyer About My Will, Trust Or Estate Plan?
Yes. No two people are the same, which means you need a plan that is specific to you. Without a knowledgeable attorney, you could end up with loose ends that you’re not aware of.
Should I Transfer My House To My Children?
You can, but it’s not a good idea. Many people think that in doing so, it means they won’t have to sell it. Other people think it could affect their eligibility with Medicare and Medicaid. In reality, your children might be facing a high capital gains tax. Additionally, if the transfer happens within Medicaid’s “lock” window, then the eligibility they thought they have may no longer be possible.
When Should I Update My Will Or Estate Plan?
When a major life event happens. Examples include divorce, a new baby, marriage, disabled children or a second marriage.
When Is It A Good Idea To Establish Power Of Attorney And A Health Care Representative?
If you have children, it’s best to do this as soon as they graduate from college so they are more equipped to serve in this capacity. If you do not have children, it’s a good idea to talk to an attorney who can advise you on timing and what makes the most sense for your situation.
Who Should Have A Will And When?
Anyone over the age of 18 should create a will. Even if you don’t think you have a lot of assets, it’s important. If something terrible should happen, your family won’t be left trying to figure things out on your behalf.
Should I Account For My Vacation Home In My Estate Plan?
Yes, especially if you own a business. Vacation homes can link back to LLCs or family partnerships.
All Of My Assets Are Accounted For. Does My Executor Still Need To File A Connecticut Estate Return?
Yes. Even if all of your assets are held jointly in survivorship, payable on death (POD) or in a revocable trust you still must file a CT Estate Return through the Probate Court. If you have real estate, you must also obtain a clearance for the land records.