Managing the Probate Process Through Careful Planning

We all work hard throughout our lives with the expectation we will be able to leave an estate to our children and heirs. Too often however, we fail to take the necessary steps to preserve our wealth. While the Connecticut law regarding Probate has been simplified over the last few years, there are still some steps you can take to ensure your assets are distributed according to your wishes. Your retirement accounts Fortunately, most financial institutions require retirement account owners Continue Reading

Business succession planning is key in Connecticut

Few issues loom larger than succession planning for small and family-owned businesses. Passing a business on to younger generations is notoriously difficult without proper planning. It can take years of meticulous preparation and leadership training and must often be updated. Too often small business owners delay creating a succession plan or rely on outdated agreements with partners. Not only does this make a business transition more difficult, it can harm the owner’s estate beneficiaries or devalue the assets of a Continue Reading

The impact of the economy on estate planning

According to a Federal Reserve study, Americans lost nearly 40 percent of their estates between 2007 and 2010. This includes a median $42,000 loss in the value of American homes, most people’s most valuable asset. High unemployment also negatively affected retirement savings plans and lowered credit scores. The Great Recession impacted families’ lifestyles, retirement plans and – sometimes overlooked – estate planning needs. For example, increased unemployment has led some people to create their own startups. Such startups, even in Continue Reading