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What Is Nursing Home Poverty?
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Soooo… What’s a Conservatorship?
A conservatorship is a legal arrangement in which one person or organization is appointed to manage the financial affairs and/or daily life of another person. The conserved person must be incapable of caring for himself or his property. In Connecticut, the Probate Court has the authority to name a conservator. This article explores the type of conservatorships available in Connecticut, as well as the responsibilities of a conservator toward the conserved person.
Types of Conservatorships
There are two forms of conservatorships in Connecticut. While a conservator of the estate manages the property of a conserved person,...
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What Is A Charitable Remainder Trust?
A charitable remainder trust is an often-overlooked estate planning tool for persons with charitable (or tax-planning) goals who fear losing the use of assets during life. This article provides an overview of charitable remainder trusts for planning during life and after death, outlining the flexibility, risks, and tax benefits of the trust.
Like all trusts, a charitable remainder trust involves the transfer of assets to a middleman, called the trustee. The trustee distributes the assets to persons (or entities) known as beneficiaries. A charitable remainder trust has two categories of beneficiaries. The “life” beneficiary is often the donor (the person creating the trust and contributing...
Connecticut residents have a default estate plan. It is codified in a set of statutes known as the laws of intestacy. These laws determine who is entitled to inherit the deceased’s property. Generally, the distribution of property depends on whether a person was married, had children, or had living parents. Intestacy—the default estate distribution schematic—can be modified through estate planning.
Scenario 1: Single—No Children—Living Parents
The estate of an unmarried decedent without children would pass entirely to his parents.
Scenario...