Bloomfield Estate Planning Attorney

Helping You Navigate Your Future With Confidence

Estate planning is often one of the most unused legal resources that individuals and families can use to plan for their future. Many people are under the mistaken impression that estate planning is either for high-net-worth individuals or older adults. In reality, estate planning is one of the most effective tools that can be used to ensure that their heirs and beneficiaries are adequately cared for after they pass away.

The Law Offices of Ericson, Scalise & Mangan, PC is a Bloomfield, CT law firm that is committed to helping clients develop comprehensive estate plans so that nothing is left to chance. If you want to learn more about how to plan a more secure future for your loved ones, contact our law offices today to schedule a meeting with a qualified attorney who will gladly discuss your legal options.

What Should Be Included in a Comprehensive Estate Plan?

A thorough estate plan should include several legal documents that enable you and your family to detail your final wishes. A comprehensive plan should provide guidance for how your assets will be distributed, who can make decisions should you become incapacitated, and beneficiary designations.

Legal documents that should be included in a comprehensive estate plan include:

• Wills: A will should contain several essential legal elements, including naming an executor to carry out estate administration and how your assets should be distributed to heirs and beneficiaries. If you have minor children, you should also specify who should be their guardian if you pass away
• Living trust: A living trust is a key legal strategy that can be utilized for asset protection and to avoid probate court. Once you place assets in a trust, they are no longer considered your property and are exempt from the probate process. Unlike a will that becomes a matter of public record once it has been probated, the terms of a trust remain private, enhancing the confidentiality of your estate plan
• Medical directives: Including several legal documents in your estate plan can help prevent guardianship proceedings and family disputes. Essential legal documents include an appointment of a healthcare representative who can make decisions if you become incapacitated, along with a living will that primarily focuses on the type of end-of-life care you wish to receive, and a HIPAA authorization
• Beneficiary designations: Beneficiary designations are another way to ensure that your loved ones have easy access to financial resources. Upon the death of the owner of the account, beneficiary designations on IRAs, 401(k)s, and life insurance policies enable the stated recipient to inherit these accounts or receive a death benefit

How Can a Special Needs Trust Provide Financial Resources for My Child?

Connecticut law allows parents, family members, friends, or individuals themselves to create special needs trusts (SNTs) so that they can provide children with financial resources without compromising their eligibility to receive essential government benefits. All SNTs must be irrevocable, meaning they cannot be amended after they have been created to ensure compliance with government regulations.

Some of the options for creating an SNT trust include:

• First-party SNT: Funded by the beneficiary using their own financial resources
• Third-party SNT: Funded by the beneficiary’s family members or other interested parties

Although an SNT provides significant financial advantages for a family member with a disability, there are specific guidelines that must be followed. For example, an SNT cannot pay for basic living expenses such as rent, mortgages, or utility payments. Special needs trusts can, however, pay for other expenses, including and not limited to education and transportation costs, medical and dental expenses not covered by government benefits, and personal items such as clothing.

How Can Estate Planning Help Me Protect My Hard-Earned Assets as I Grow Older?

As people grow older, many start to be concerned about how they can protect their hard-earned assets should they need long-term care. Others worry about lawsuits or creditors taking control of their property. Estate planning is an effective method for ensuring that your assets are protected and that you can leave a lasting legacy for future generations.

Creating an irrevocable trust is one standard method often utilized for asset protection. Unlike a revocable trust, the terms of an irrevocable trust cannot be changed or terminated by the grantor. Once assets are transferred into the trust, they are no longer considered under your ownership and therefore become inaccessible to creditors and shielded from lawsuits.

Medicaid asset protection trusts are also a viable option for older adults who fear losing their home to a nursing home. Just as with other irrevocable trusts, once assets are transferred into the trust, they are no longer considered under your control, which can help you qualify for Medicaid benefits. Suppose you are concerned about protecting your assets from a nursing home. In that case, it is best to consult an estate planning attorney to ensure that you can adhere to Medicaid’s five-year look-back period to avoid potential penalties.

Contact Our Estate Planning Professionals Today so You Can Start Planning for the Future

Law Offices of Ericson, Scalise & Mangan, PC is a Connecticut law firm dedicated to assisting clients with a wide array of estate planning needs. Whether you are just starting out in life and want to protect your minor children or are an older adult looking to leave a lasting legacy, our attorneys can create a custom plan specifically for your needs.

Our estate planning attorneys can also help to incorporate business succession planning into a comprehensive estate plan that ensures a smooth transition for when you retire or pass away. No matter your legal concerns, our skilled estate planning attorneys will create a plan that gives you peace of mind that you and your family are protected.

For your convenience, you may call us at our New Britain law offices at 860-854-3809 or Avon at 860-854-3545 to schedule a consultation.