Wills and Trusts Law Firm Ridgefield, CT
Are you shopping around for wills and trusts law firm in Ridgefield, Connecticut? This is a good thing. While Sweeney Legal would, of course, like to be the first choice for everyone who wishes to plan their final legacy, it’s important to work with an estate planning lawyer who is best suited for your particular needs. We welcome you to contact us and request a free consultation a lawyer from our Ridgefield CT wills and trusts law firm to discuss your estate planning goals. Below are some tips that you may find helpful when considering taking advantage of getting legal guidance for the important task of creating your legacy.
The Role of a Ridgefield CT Wills and Trusts Law Firm
Having a last will and testament may be important, but there are many types of estate planning tools available to you which may make the difference in protecting your assets and providing tax savings for your heirs. Our estate planning lawyer considers our clients’ best interests and takes the time to be certain that the methods chosen to plan their estate reflects their intentions. Available legal services include living trusts, power of attorney, health care directives, as well as conservatorship and guardianship arrangements.
Experienced and Compassionate Estate Planning Lawyers
As with many areas of the law, estate planning is a specialty. Without sufficient experience in their background, a lawyer may not fully understand the tax ramifications of certain scenarios to the detriment of their clients. Sweeney Legal has provided estate planning legal guidance for more than two decades. Our wills and trusts law firm in Ridgefield CT has a thorough understanding of tax laws, estate planning laws, and other relevant laws and information.
Estate planning involves acknowledging what is most important to one’s self, which may be the people closest to you and the assets you hold of greatest value. Our estate planning lawyers at Sweeney Legal understands the delicate nature of determining one’s legacy. We can help you achieve your goals in the way you intend and in a manner that is unlikely to be overturned by a probate court judge should one of your heirs wish to contest your estate plan.
Take Advantage of Tax Savings and Avoid the Pitfalls
When you work with an experienced estate planning lawyer, such as one from Sweeney Legal, he or she will have a thorough understanding of how to leverage tax breaks when creating your estate plan, and how to minimize your heirs’ tax obligations. Whether it’s by creating a type of trust and transferring your assets, or using another estate planning method, your lawyer should have the experience and skills necessary to protect your best interests.
With life’s changes, it’s important to keep one’s estate plan current in order to reflect the most recent events. When you choose an estate planning lawyer and wills and trusts law firm Ridgefield CT clients recommend, keep in mind that it will be a long term professional relationship. Sweeney Legal’s estate planning lawyer will be available to you to make sure that your legal needs are met. Contact us today to learn more about how our estate planning lawyer can assist you.
Wills and Trusts
If you have ever wondered to yourself, ‘What is the difference between a will and a trust?’ then it may be time to contact a wills and trusts law firm at Sweeney Legal in Ridgefield, CT. It seems everyone is familiar with the terms ‘wills’ and ‘trusts’, but not everyone knows the differences between the two and how to determine what documents work best for their life situations.
Most of us understand that we should have a will, and have heard the dreaded word ‘probate’ and assume that having a will can prevent your estate from having to go through the probate process. This is not necessarily true, as different types of assets have different requirements for passing on to beneficiaries. A wills and trusts law firm for Ridgefield, CT can help you evaluate your options and decide what will work best in your situation.
Basic Information About a Will
Many of your assets, such as life insurance policies and investment accounts require you to name a beneficiary and therefore these types of accounts cannot be addressed in the will as they will legally pass directly to the listed beneficiary without further instruction.
Real estate that is titled as joint tenancy with right of survivorship will be transferred to the other person listed on the title when you die and will not need any further action to be accomplished.
Bank accounts that have a ‘pay upon death’ clause will list the person that the account will be transferred to in the event of your death.
A will can only cover the distribution of property where you are the only owner at the time of your death.
Wills only become effective after you die. If you have property owned just by you, probate may be necessary to transfer the asset to whoever you mentioned in your will.
One more thing about wills, they become public record once you die and they are submitted to the probate process. Trusts never become public record.
Advantages of Creating a Trust
There are several different types of trusts, each created with a specific purpose in mind. A Ridgefield, CT wills and trusts law firm can go into greater detail about each type, but here is a basic overview.
Revocable Living Trusts
This is one of the most common types of trusts. The person who creates the trust is called the grantor. The trust is funded by the grantor’s property and assets and the grantor acts as the trustee, or manager, of the trust while they are alive. The terms of the revocable living trust can be changed, added to, or revoked during the grantor’s lifetime. A wills and trusts law firm serving Ridgefield, CT can be a big help during this process.
The assets and income in a revocable living trust are still subject to income tax. In addition, because the trustee is also the owner of the trust, assets are not protected from creditors should they decide to file a claim against the individual whose assets reside in a revocable living trust.
Irrevocable Living Trusts
Once you fund an irrevocable living trust, you cannot take things out or manage the assets. A trustee, not the owner of the trust, is placed into the control of someone you name as trustee of your trust.
There are tax benefits to placing your assets in an irrevocable living trust. Because your assets are no longer in your name, there are no personal tax implications for income generated by the trust.
A trust is never a matter of public record. A trust can also be created on behalf of minor children or those with special needs to continue to provide both financially and medically to those needing specialized care when you are no longer around to provide for them. The trustee will manage the trust according to the specifications you detailed when creating the trust.
Take your first step to securing the well being of your loved ones once you are no longer in a position to care for them, but don’t go it alone. Call a wills and trusts law firm that Ridgefield, CT families trust, Sweeney Legal today.