Connecticut estate planning lawyer & attorney John O’Brien uses the CT Estate Planning Report to share his take and offer advice on matters relating to wills, trusts, estates, probate administration & probate litigation.
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At this point, almost everyone is already well aware that in 2010 there is no estate tax. This has become very obvious because of the significant press coverage. There is, however, another change in the law that equally affects everyone. This change is not so well...
One of my goals in 2010 is to get the public to understand the need for estate planning. I want to change the fact that at least 70% of the American public does not have an estate plan. So to help everyone understand the importance and value in having one, I’ve decided to tell one fictitious...
Just had a new client in the office for some planning. As part of his asset picture, he had a $1 M life insurance policy he owned with his four kids as the beneficiaries. As I explained the potential estate tax implications based upon his asset picture, his eyes widened...
Too often the relationship between a client and his/her estate planning attorney is focused solely on getting the documents executed. Very little, if anything, happens after that. There is no follow-up and over the years, the plan becomes stale and out-of-date...
The House passed the proposed Pet Trust Legislation yesterday. It now goes to the Governor for her signature and I can't think of any reason why she wouldn't sign it. Assuming that she does, as of October, 2009 Connecticut will join the ranks of many other states and have a Pet...
I am just back from the Capitol and have encouraging news to report. The Senate has voted favorably on the Pet Trust Statute. It now goes to the Floor of the House for action. We will keep everyone informed.
There are real benefits to a Revocable Living Trust, as part of a client's estate plan. In my opinion, three stand out. They are: (1) Avoiding probate; (2) Easily continued business/personal affairs during any period of incapacity;...
Not quite there yet. Progress has been made, however. I previously blogged that in the Bill pending in the Senate had language requiring Probate Court approval of any Pet Trust. I was always negative on this language. Through discussion and hard work by...
Some further development. Through on-going negotiations, it is possible that the language requiring probate court approval of any Pet Trust may be removed from the Bill. For many reasons, including the logistical problems, and the unnecessary expense, I'm very much in...
As part of a yearly review of our clients existing estate plans, we are sometimes presented with life insurance policies that no longer provide appropriate benefits. The existing policies may no longer be necessary as part of the overall plan. But don't just stop paying the premium and...