Dealing with end-of-life matters can be a tricky subject for some people. You may feel uncomfortable thinking about your later years and eventual death, or perhaps you have particularly complex assets that feel too overwhelming to include in an estate plan. With the right help, you can overcome these concerns to establish necessary trusts and create the most comprehensive and effective estate plan possible.
Trusts often play a vital role in complex Connecticut estates. These versatile planning tools can help minimize the taxes your estate is subjected to, including estate and gift taxes. This is a common approach for preserving family wealth that might otherwise be eaten up by court fees and hefty estate taxes. Careful use can also ensure that certain assets avoid probate and instead pass directly to the heir as the decedent intended.
Although the word trusts usually gets thrown around in broad manners, there are actually many different kinds of trusts that perform very specific tasks. Deciding which trusts you will include in your estate is incredibly important. Some common options you might encounter include:
- Irrevocable and revocable trusts
- Insurance trusts
- Generation-skipping trusts
- Charitable remainder and LEEDS trusts
Estate planning is a tricky endeavor. After all, if you have not done it correctly, you will not have to deal with the aftermath -- your family will. Trusting your estate planning need to Connecticut professionals can be a smart decision not just for those with complex assets, but for anyone who wants to spare their loved ones from dealing with an estate disaster while they are in the middle of the grieving process. More information on trusts and estate planning is readily available on our website.