Jewett City, Connecticut
19 Slater Ave
Griswold, CT 06351
(860) 376-0069

FAQs About Estate Planning January 16, 2018

Jewett City, New London
FAQs About Estate Planning, Jewett City, Connecticut

Whether you are single and childless or married with children and a pet, estate planning will help you live your best life. A well-crafted plan benefits you and your loved ones and leaves less of a burden for them when you pass away. The following questions and answers might help you understand why elder law attorneys stress the importance of creating such plans.

What You Need to Know About Estate Planning

What Is Estate Planning?

estate planningEstate planning is the process of minimizing current and future tax liabilities, maximizing income, protecting assets, and establishing what happens to your estate after you pass away. Elder law attorneys know that providing for financial and health care needs and wants is a major focus of many estate plans.

What’s in an Estate?

When people pass away, their estates contain the property they own or in which they have an interest. Estates can include real estate, stocks and bonds, retirement accounts, intellectual property, and personal property. 

Why Create an Estate Plan?

An effective plan allows you to enjoy and maintain control over your property and assets while you are alive and minimize or eliminate taxes after your passing. Such plans give peace of mind that your estate is administered by someone you choose and the contents go to the people, organizations, and institutions you want to receive it after you pass away.

What Are Examples of Estate Plan Documents?

Documents include a will, where you can name guardians for minor children and provide for their health and financial care. Revocable trusts let you control property during your life, while testamentary trusts arise upon the death of the testator. Other documents include a power of attorney, which authorizes someone you trust to act on your behalf in business and personal matters, and a power of attorney for health care, which authorizes someone to make health-related decisions for you when you cannot.

 

From his offices in Griswold, CT, attorney Stuart R. Norman Jr. provides over 40 years of sound counsel and representation in elder law and estate planning matters. To learn more about how attorney Norman can help you, visit his firm online. Call (860) 376-0069 today to schedule an appointment with this skilled and compassionate attorney.

Other Announcements, Events and Deals from Stuart R. Norman Jr.
What You Should Understand About Property Law, Jewett City, Connecticut
Buying a new home or investing in real estate are typically enormous financial transactions, governed by a complex network of laws and regulations. Because of the value of real estat...read more
3 Signs You Should Hire an Elder Law Attorney, Jewett City, Connecticut
Planning for the future can be challenging, especially when it comes to financial and legal matters. From long-term and health care planning to retirement, guardianship, and Social S...read more
3 Reasons to Hire a Real Estate Lawyer, Jewett City, Connecticut
Purchasing real estate is one of the biggest investments you will make. Whether this is your first or fifth time buying a home, working with an experienced real estate attorney will ...read more
What Is Estate Law?, Jewett City, Connecticut
When it comes to any assets or property you own, estate law governs the way these items are handled after your death or if you become incapacitated. Along with items owned, a person’...read more