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Providing Skilled Legal Representation Throughout the Estate Planning Process
No one enjoys thinking about their death and what life may be like for their family members after they pass away. All too often, many people put off estate planning, leaving their loved ones scrambling to have the resources they need after a family member has died or becomes incapacitated and can no longer act for themselves.
A well-crafted estate plan is key to making sure your loved ones have the financial resources they need, or that you have an agent in place to make decisions on your behalf should you become incapacitated. The Law Offices of Ericson, Scalise & Mangan, PC, is a law firm committed to ensuring that clients have the legal and financial resources they need to begin the next chapter of their lives confidently. Contact our law firm today to schedule an appointment, and we will gladly determine your legal options.
Do All Wills Have to Go Through Probate in Connecticut?
In Connecticut, probate involves validating a will and then distributing the decedent’s assets to rightful heirs and beneficiaries. The probate court oversees this process to ensure that all estate debts and taxes are paid and that assets are distributed per the decedent’s final wishes outlined in the decedent’s will.
Estates that are valued at under $40,000 can be settled through a simplified probate process. Assets that are jointly owned, held in a revocable trust, or have beneficiary designations are also typically exempt from the probate process. Probate is necessary for larger estates or for assets that do not have beneficiary designations.
A critical advantage of proper estate planning is that it allows you to identify strategies that can help your family and beneficiaries avoid probate. Due to the complexities involved with probate, it is best to allow a skilled lawyer to assist you with creating a well-crafted estate plan that will hold up to legal scrutiny.
How Can an Estate Plan Provide Asset Protection Strategies to Help Me Qualify for Medicaid Benefits?
Asset protection is a lesser-known benefit of estate planning that safeguards both the individual who created the plan and their beneficiaries. Securing your hard-earned assets from creditors and preserving them for your loved ones is an essential aspect of estate planning and should always be done with the help of a knowledgeable attorney.
As individuals grow older, one of their biggest concerns involves how they will pay for long-term care should they need to enter a nursing home. Although Medicaid pays for nursing home stays, applicants applying for themselves can have no more than $1,600 in countable assets. Couples applying for benefits are limited to only $3,000 in countable assets. It should be emphasized that Medicaid has a five-year look-back period
The most effective solution to qualify for Medicaid benefits and protect your home and other financial resources for you and your loved ones is to hire an estate planning lawyer who can advise you of your legal options. Your lawyer can offer sound legal advice, such as placing your assets in a trust that shields them from creditors or gift-giving strategies that still allow you to qualify for Medicaid benefits without being penalized.
What are the Different Types of Special Needs Trusts That Can Be Used in Estate Planning?
If you have a child with special needs, you may be concerned about how you can provide financial resources for them now and after your death. The best option to ensure that your loved one has the economic resources they need without jeopardizing their eligibility to receive government benefits is to create a special needs trust (SNT).
Depending on the circumstances, several types of SNTs can be used to meet your goals, including:
- First-party SNT: A first-party SNT is funded by assets that belong to the beneficiary and not a third party. A first-party SNT can be created by the beneficiary, parent, or grandparent, or through filing a petition with the Connecticut probate court
- Third-party SNT: Another individual, other than the beneficiary, makes financial contributions to the SNT for the disabled person’s use
- Pooled special needs trust: A pooled SNT is managed by a non-profit organization that combines the financial resources of several beneficiaries for their use. Each beneficiary is provided with their own sub-account to use for their personal needs
If you are interested in creating an SNT, there are specific rules that must be followed for the beneficiary to maintain their eligibility. For example, for a first-party SNT, the trust must be established before the beneficiary turns 65 and must provide a Medicaid payback clause upon the death of the individual or if the trust is dissolved.
To learn more about the rules that govern SNTs, you are encouraged to seek guidance from a knowledgeable legal professional who can explain your options.
Contact Our Experienced Plainville, CT Estate Planning Lawyers Today to Secure Your Family’s Future
The Law Offices of Ericson, Scalise & Mangan, PC, is a Connecticut law firm that is committed to helping families take the necessary steps to plan for the future. Our skilled attorneys have in-depth experience with estate planning and elder law issues that concern older adults and their loved ones. We are also ready to assist you if you need to revise your estate plan due to death, divorce, the birth of children, or other significant life events.
When you come to us for help, we will work diligently to create a custom-tailored estate plan that adequately meets your needs. If you have questions about how to plan for your family’s future, estate administration, or other concerns about estate planning, our dedicated legal team is ready to help. For your convenience, you may call us at our New Britain office at 860-854-3809 or our Avon office at 860-854-3545 to schedule an appointment.
