Estate Planning
Estate Planning in Connecticut: A Comprehensive Guide
Estate planning is a crucial legal process for individuals seeking to manage their assets and ensure their wishes are honored after passing. Since 2007, Wilkinson Law Firm, LLC has been assisting individuals and families in the legal estate planning process. State and Federal laws influence everything from the drafting of wills to the administration of trusts. Wilkinson Law Firm, LLC's estate planning guide will assist you with some key considerations and steps involved in the estate planning process in Connecticut.
Why Does Estate Planning Matter?
Estate planning matters for it is beyond writing a will. An estate plan will provide a comprehensive legal guide to protect your assets from unnecessary taxes, your healthcare wishes, and transfer the estate to your loved ones.
A proper Estate plan will clearly outline what a person will receive and assist in reducing potential disputes among heirs.
In Connecticut, the Wilkinson Law Firm, LLC Estate Planning team will assist you in
Minimizing Your Estate Tax Burden: We have the knowledge and experience to assist you in reducing estate and inheritance taxes.
Guardianship: Our legal team will assist you in setting up a trust that will designate guardians for your children's needs. One of your kids might be special needs and we will help you create a trust that will protect your loved one.
Incapacity Planning: Hopefully you never become incapacitated. As part of a complete estate plan, Wilkinson Law Firm, LLC will assist you in setting up advance directives and powers of attorney for a person to carry out your wishes.
Reduce Probate: In Connecticut, every estate will go to probate court. With proper planning, we will streamline the probate court process, saving time, and money for your estate.
What is the structure of an Estate plan?
Wills: A will is a legal document establishing guidelines on how your assets are distributed upon death. The will allows you to name an executor to manage your estate and guardians for any minor children.
Trusts: A trust creates a fiduciary arrangement that allows a third party, called a trustee, to hold assets on behalf of beneficiaries. Trusts can be structured in many ways and can specify how and when the assets are passed to the beneficiaries. Trust will assist you in avoiding probate, provide privacy, and may offer tax benefits. Common types of trusts in Connecticut include revocable living trusts, irrevocable trusts, and special needs trusts.
Power of Attorney: In the event you become incapacitated, there are two main types of power of attorney. In the estate planning process, you will designate a person to handle the matter of health care wishes. A financial power of attorney will handle your financial affairs.
Healthcare Directives: Wilkinson Law Firm, LLC will assist you in creating a living will, the document outlines your medical care preferences if you are unable to communicate.
Designations of Beneficiaries: In your estate plan you must designate beneficiaries of your life insurance policies, retirement accounts, and other financial accounts to have up-to-date beneficiary designations.
Letters of Instruction: Our legal team will draft letters of instruction. Letters of Instruction are not legally binding, yet the letters are important in assisting loved ones regarding your wishes, including funeral arrangements and personal messages.
Wilkinson Law Firm, LLC will work to reduce your Estate Taxes in Connecticut
As of 2024, Connecticut estates valued over $12.92 million are subject to the Connecticut estate tax. Your tax rates range from 10% to 12%, depending on the size of your estate. Wilkinson Law Firm Estate Planning legal team will assist you in planning for these taxes and work to ensure your estate is not unduly burdened, so your family inheritance goes to your beneficiaries.
Estate planning in Connecticut requires careful consideration of state and federal laws and personal objectives. Wilkinson Law Firm, LLC will assist you in creating a thorough legal estate plan. We will work with you to ensure your assets are distributed according to your wishes, minimize your tax burdens, and provide for your loved ones in the event of your death or incapacitation. Working with an experienced Wilkinson Law Firm Estate Planning Team will create an estate plan that provides peace of mind and helps you navigate the complexities of Connecticut’s estate planning requirements.