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Legacy Counsellors, P.C.

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What Exactly is Probate?

“Probate is an important legal mechanism that dictates where, when and how a person's assets are distributed after his or her death.” Probate is a legal way to properly dispose of a deceased person’s property after death, with the required approval from a probate court. The Street’s recent article on... Continue reading

Posted 14 hours ago at Legacy Counsellors, P.C.

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What's the Difference Between Qualified vs. Non-qualified Retirement Plans?

“In simplest terms, a qualified retirement plan is one that meets ERISA guidelines, while a non-qualified plan falls outside of ERISA guidelines.” Employers create qualified and non-qualified retirement plans to provide benefits for their employees. The Employee Retirement Income Security Act (ERISA) was enacted in 1974 to protect employees’ retirement... Continue reading

Posted yesterday at Legacy Counsellors, P.C.

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Connecticut Adds New Dementia Education for Physicians and Nurses

“Bills signed into law by Connecticut Gov. Ned Lamont (D) earlier this month focus on dementia training and background check databases.” McKnight’s Senior Living reports in a recent article, “New state laws emphasize dementia training, background check database access” that Connecticut Senate Bill 827 adds dementia training to the continuing... Continue reading

Posted 2 days ago at Legacy Counsellors, P.C.

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How Do I Contest a Will?

“You are still mourning the loss of a loved one and you just learned that you were cut out of the will. What should you do?” First, know that this happens quite a bit. A Forbes article, “5 Things You Should Know About Contesting A Will” says that disgruntled heirs... Continue reading

Posted 3 days ago at Legacy Counsellors, P.C.

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What Should You Do About Long Term Care?

The cost of long-term care could easily decimate anyone’s retirement accounts. If you don’t plan properly for long-term care, your options will be limited. Half of people who are age 65 and over will incur the long-term cost of nursing home or skilled facility care. The problem is, according to... Continue reading

Posted 6 days ago at Legacy Counsellors, P.C.

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What Can an Irrevocable Life Insurance Trust Do in an Estate Plan?

Families with young beneficiaries or significant assets might want to consider the use of an Irrevocable Life Insurance Trust (ILIT) to provide more control over a life insurance policy than a typical last will and testament. The peace of mind is worth the investment. However, it’s not for everyone. Before... Continue reading

Posted 7 days ago at Legacy Counsellors, P.C.

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Be Prepared for the Risks of Retirement

Just as being flexible during your working life can make the bumps along the way easier to manage, a retirement plan that assumes a certain level of risk can give you peace of mind. The ability to adapt to change is an important skill at any stage of life. During... Continue reading

Posted Aug 14, 2019 at Legacy Counsellors, P.C.

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A Checklist for Retiring Early

Retiring early always sounds like a good idea, until something happens and suddenly, you’re back in the workforce again. Before you give up steady income from working, make sure you are really prepared to retire. How many people do you know who retire early, only to find themselves back in... Continue reading

Posted Aug 13, 2019 at Legacy Counsellors, P.C.

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Can We Talk About Money and Your Parents?

The difficulty your parents had with talking with you about the birds and the bees when you were young, is about the same you face when talking with them about finances. The topic is awkward, but the conversation is very important. Waiting until your family experiences a health, legal or... Continue reading

Posted Aug 12, 2019 at Legacy Counsellors, P.C.

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Why You Need an Estate Planning Attorney

There’s a saying that we don’t know what we don’t know. That’s especially true, when it comes to creating a will and estate planning. Having a will created to protect your family is not that difficult, if you have the help of a good estate planning lawyer. The amount of... Continue reading

Posted Aug 8, 2019 at Legacy Counsellors, P.C.

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Young Families Need More Than a Basic Will

Consider the average 18-year-old, suddenly inheriting a million or even a few hundred thousand dollars. Would you have been ready for that? That’s just one reason why basic wills aren’t the best estate plan for parents with young children. Most millennials are minimalists. They like to keep things simple. Thumbs... Continue reading

Posted Aug 7, 2019 at Legacy Counsellors, P.C.

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Using a Life Estate to Transfer Real Estate

Life estates are used for a number of estate planning purposes, but the most common way to use a life estate is to help a parent transfer a home to a child, while staying in their home. There are pros and cons to using a life estate, when a parent... Continue reading

Posted Aug 6, 2019 at Legacy Counsellors, P.C.

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What Happens to Credit Card Debts When You Die?

If you don’t pay them off, your heirs will. That may not be the legacy you have in mind. Some things don’t disappear when you die, and that includes your credit card debt. It doesn’t matter whether you have the high status titanium card or a simple green one, your... Continue reading

Posted Aug 5, 2019 at Legacy Counsellors, P.C.

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Is It Really Possible to Age in Place?

Nine out of ten older Americans told AARP that they wanted to live in their own homes for as long as possible. Known as “aging in place,” staying home instead of moving to a retirement community or a skilled nursing home, is a welcome alternative for many. However, it takes... Continue reading

Posted Aug 2, 2019 at Legacy Counsellors, P.C.

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Using Estate Planning to Prepare for Your Future

Planning a vacation is a lot more fun than planning for death, disability or needing long-term care. However, putting off estate planning means missing an opportunity to gather our thoughts on what kind of a legacy we want to leave behind, how we want to be cared for if we... Continue reading

Posted Aug 1, 2019 at Legacy Counsellors, P.C.

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Surprises from Gloria Vanderbilt’s Estate

After a glamourous life that spanned many decades and was featured in many headlines, it turns out that Gloria Vanderbilt’s estate was nowhere near as big as expected. Details are slowly coming to light about heiress Gloria Vanderbilt’s estate. A New York City apartment is being left to Leopold “Stan”... Continue reading

Posted Jul 31, 2019 at Legacy Counsellors, P.C.

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Why You Might Want to Plan Your Own Funeral

Everyone knows the saying that nothing is certain but death and taxes. We have to pay our taxes. However, do we want to plan for our own deaths? It would be better for all concerned, if we did. The National Funeral Directors Association asked people if they thought it was... Continue reading

Posted Jul 30, 2019 at Legacy Counsellors, P.C.

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How to Select the Long-Term Care Insurance That’s Best for You

Having long-term care insurance is much better than not having it. Buying it during your 40's or 50's, is a far better time to purchase it than in your 60's, when health issues may make you uninsurable. Your insurance agent will be able to explain the different types of long-term... Continue reading

Posted Jul 29, 2019 at Legacy Counsellors, P.C.

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How Do TOD Accounts Work?

A Transfer on Death (TOD) account is a way to have accounts pass to beneficiaries immediately upon death. There are situations where this simple solution can work, and others where it creates a lot of headaches for families. With an estimated 57% of Americans not having a will, a TOD... Continue reading

Posted Jul 26, 2019 at Legacy Counsellors, P.C.

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Selling a Recently Departed Parent’s Home

It's an emotionally trying time. Mourning the loss of a parent is magnified, when the family home has to be emptied out and sold soon after they pass away. If other siblings live far away, it usually falls to the one living closer to handle, regardless of their experience. Finding... Continue reading

Posted Jul 25, 2019 at Legacy Counsellors, P.C.

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How Does a Spendthrift Trust Work?

There are many different kinds of trusts, including ones designed to safeguard an inheritance. The spendthrift trust is a good tool in the estate planning toolbox for individuals who, for whatever reason, can’t manage money. Sometimes families need to recognize that despite all of their efforts, some of their members... Continue reading

Posted Jul 24, 2019 at Legacy Counsellors, P.C.

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Robert De Niro Prenup May Send Shock Waves Through New York

The stakes are high in a second-time divorce between film icon Robert De Niro and Grace Hightower. He is busy with lots of real estate deals and hates this kind of bad publicity. According to a recent article in Wealth Advisor, “Robert De Niro Prenup Breakdown Can Rock NYC Real... Continue reading

Posted Jul 23, 2019 at Legacy Counsellors, P.C.

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Before Saying “I Do” The Second Time Around, Make a Plan

Chances of a second marriage lasting ‘til death do us part’ aren’t great, according to the U.S. Census. Only 40% of second marriages make it, and a whapping 60% end in divorce. Given these numbers, invest some time and serious thought to the business aspects of marriage, says Forbes in... Continue reading

Posted Jul 22, 2019 at Legacy Counsellors, P.C.

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Do T-Bonds Fit in a Retirement Portfolio?

Saving for retirement involves a variety of investments, including domestic and international stocks, mutual funds, cash and bonds. T-bonds are liked by many people, because they are backed by the “full faith and credit” of the U.S. federal government. However, are they right for everyone? T-bonds are generally used as... Continue reading

Posted Jul 17, 2019 at Legacy Counsellors, P.C.

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If Your Family Counts on You, You Need an Estate Plan

People who depend upon each other take their responsibilities seriously. For a family, that includes more than just making sure everyone gets up and out the door in the morning. An estate plan is part of preparing for life’s realities. Estate planning allows parents to plan for their children’s well-being... Continue reading

Posted Jul 16, 2019 at Legacy Counsellors, P.C.

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