Posted tagged ‘estate planning’

Seminar: How Resilient is Your Estate Plan? Will Your Plan Work as Things Change?

October 8, 2019

Estate Planning Seminar!

October 17, 2019

We invite you to a free seminar on October 17, 2019, at the Ethan Allen Hotel in Danbury, Connecticut (21 Lake Avenue Ext).

Topic: How Resilient is Your Estate Plan?

The presentation will start at 6:30 PM.

To register, call 203-744-1929 (please provide your email address) or email us at dvv@danburylaw.com.  You also can register here: Seminar Registration.

Informative and fun. Come learn and have a great time.

We intend to cover changes of all kinds (not just law and taxes) that will most affect your estate plan.

Reconnect with all the attorneys in our estate planning and probate practice group.

Topics include:

  • Probate Courts
  • Issues related to Change of Residence
  • Coping with the Surge of Conservatorship Proceedings
  • How Estate Planning Changes with Each Stage of Life
  • Changes in Law that Could Affect Your Estate Plan.

The presentation will start at 6:30 PM. Light refreshments will be served.

To register, click below or call us at 203-744-1929 or email us at
dvv@danburylaw.com.

REGISTER HERE


The Presenters and Their Topics:

Richard L. Emerson

Topic: Insights from a Former Probate Judge

The Probate Courts have been affected by important changes. Attorney Richard L. Emerson will inform us about the workings of the Probate Courts as only a former Probate Court Judge can.

Attorney Richard L. Emerson served as the Probate Judge in Redding, Connecticut, for over thirty years. His legal practice concentrates on estate administration, probate, estate planning, trust and estate disputes and general corporate representation. He also has mediated contested probate matters and has appeared as an expert witness for other attorneys.

James J. Flaherty, Jr.

Topic: Thinking About Moving Out of Connecticut? Consider
This.

We often hear about people moving out of Connecticut. Is this merely a case of “the grass is always greener…”? James J. Flaherty, Jr., will discuss issues related to a change of residence. Whether you stay or go, if you are wondering about leaving, this is information you need.

Attorney James J. Flaherty, Jr., practices from the firm’s Southbury office and is a member of the estate planning and probate group. Jim’s practice focuses on assisting high net worth individuals, including closely held business owners, in the creation of wealth succession plans. In addition to estate planning, Jim works with individuals on Medicaid (Title 19) and asset protection planning.

Alyson R. Marcucio

Topic: Coping with the Surge in Conservatorship
Proceedings

The increasing number of conservatorship proceedings creates additional demands on our Probate Courts. Alyson R. Marcucio will discuss planning steps to work around crowded court dockets and long wait times.

Attorney Alyson Marcucio is a member of the firm’s estate planning and probate group, with an emphasis on elder law and
planning for those who have chronic disabilities. Alyson’s practice includes long term care, incapacity and special needs planning, eligibility for Medicaid and other public benefits, and conservatorship proceedings.

 

Elizabeth J. Hartery

Topic: Estate Planning for Each of Life’s Stages

Life is often thought of as having twelve stages. Estate planning starts with the sixth stage and ends with the twelfth: late adolescence; early adulthood; midlife; mature adulthood; late adulthood; and death and dying. Liz Hartery will discuss how the planning focus changes as we pass through each stage.

Attorney Elizabeth J. Hartery is an associate in the firm’s estate planning and probate group, assisting with estate planning, estate settlement, probate matters, and elder law issues.

 

Richard S. Land

Master of Ceremonies

Attorney Richard S. Land heads up the firm’s estate planning and probate group, helping individuals from all walks of life to manage and dispose of their assets in an orderly fashion through lifetime transfers and through transfers at death by wills and trusts.

Richard has authored and produced dozens of educational videos on estate planning and trust and estates topics, authored several computer generated estate planning document assembly systems and authored an online estate plan review program.

No Admission Charge

Our seminars are always strictly educational and well attended.  Space is limited so please let us know if you plan to attend.

Light snacks, desserts and beverages will be offered.

To register, click on this link: Seminar Registration.

Please join us at the Ethan Allen Hotel (21 Lake Avenue Ext., Danbury, CT) on October 17, 2019.

We look forward to seeing you.

Chipman Mazzucco Emerson LLC
Attorneys at Law
44 Old Ridgebury Road
Suite 320
Danbury, CT 06810
203-744-1929

 

Maximizing Pass-Through Income Deductions (Third Video in a TCJA Series)

December 9, 2018

We recently posted our third video covering the Tax Cuts and Jobs Act provisions that provide a 20% deduction for “pass through income.”  The first two videos (Part 1 and Part 2) covered the rules that apply.

In Part 3 we will be covering planning to optimize the deduction for pass-through income.

Our video posted on December 8, 2018, is the first section of Part 3 and covers planning to maximize deductions by aggregating tax attributes of separate trades or businesses according to proposed regulations which were issued on August 8, 2018. 

The video closes with a discussion on how the rules apply to real estate rental activities.  Can income under a triple net lease qualify for the deduction equal to 20% of pass through income?  Probably not.  Can the lease be tweaked to qualify the rental income for the deduction?  Probably.

Additional sections will be added to Part 3 in the future. 

Watch Section 1 of Part 3 below.

In previous video posts, Part 1 describes how the Tax Cuts and Jobs Act changes the most widely used income tax deductions related to state and local taxes, mortgage interest deductions and personal exemptions.  It also covers how the increased standard deduction and lower rates may make up for lost deductions.

Part 2 explains the income tax deduction available under Internal Revenue Code Section 199A for individuals who receive “pass through income” (aka trades or businesses that generate self-employment income).

As mentioned above,  Section 1 of Part 3 is the first of several sections.  Future sections will cover additional planning opportunities.

We hope these videos are helpful.  Please let us know if you have any questions.

Posted by Richard S. Land on December 9, 2018.

Chipman Mazzucco Emerson
Attorneys at Law

Chipman Mazzucco Announces New Partners, Firm Name and New Location

October 22, 2018

Four luminaries of the local bar have joined us to form a new law firm that will go by Chipman Mazzucco Emerson LLC.  Our annual Estate Planning seminar on October 25 will be your first opportunity to meet them.

Richard L. Emerson, Thomas J. Rickart, and James J. Flaherty, Jr., will become members of the firm, and Frank J. Scinto will become of counsel, as of October 22, 2018.

Jim (in our new Southbury, Connecticut, office) and Dick (in our Danbury office) are well known members of the Connecticut trusts and estates bar and join Chipman Mazzucco’s Richard S. Land, Alyson R. Marcucio and Elizabeth J. Hartery to form one of the deepest pools of experienced and dedicated Trusts and Estates attorneys in Western Connecticut.

Tom joins the commercial real estate department in Danbury and Frank will concentrate on land use and litigation and will divide his time between the Danbury and Southbury offices.

Chipman Mazzucco Emerson LLC now has 11 lawyers engaged in four principal practice areas: business law; civil litigation; commercial real estate and land use; and estate planning, estate administration, and elder law.

Estate Planning for Beginners; Elder Law in a Nutshell; How to Make Certain Your Estate Plan Works as Everything Else Changes

September 30, 2018

FREE Estate Planning Seminar!

October 25, 2018

We invite you to a free seminar on October 25, 2018, at the Ethan Allen Hotel in Danbury, Connecticut (21 Lake Avenue Ext).

Topics: Estate Planning for Beginners and Elder Law in a Nutshell

Including: How to Make Certain Your Estate Plan Works as Everything Else Changes (including Trump Tax Changes)

The presentation will start at 6:30 PM. For more information, click here:  Seminar October 25.

To register, call 203-744-1929 (please provide your email address) or email us at dvv@danburylaw.com.  You also can register here: Seminar Registration.

The presenters and their topics:

Make Certain Your Estate Plan Works as Everything Else Changes

As everything around you changes, you may not recognize the impact the changes have on your estate plan.

Laws change; your health and financial condition change; the health and financial condition of your beneficiaries change; maybe your beneficiary designations change as your assets change; and the fates of the people you are depending on to act as your Executors, Trustees, agents under a power of attorney and health care representatives change.

Attorney Richard S. Land will discuss how to make certain that such changes will not interfere with, or totally disrupt, your estate plan.

Elder Law in a Nutshell

Alyson's Favorite Photo

What is Elder Law and how can an Elder Law attorney help you through the complex issues associated with aging?

The special needs of the elderly are not unique to the elderly, however. Persons of all ages may suffer from chronic conditions resulting in special needs requiring specialized legal help.

Attorney Alyson Marcucio will cover legal issues and solutions related to the special needs of the elderly and all others with special needs.

Estate Planning for Beginners: Features of Wills, Trusts and Powers of Attorney

 

What is the difference between a will and a revocable trust? What are the powers in a Power of Attorney? Do I even need an estate plan?

Attorney Elizabeth J. Hartery will answer those questions and many others in her presentation, which will explain the basic features of wills, trusts, Powers of Attorney, living wills and more.

 

No Admission Charge

Our seminars are always strictly educational and well attended.  Space is limited so please let us know if you plan to attend.

Light snacks, desserts and beverages will be offered.

To register, click on this link: Seminar Registration.

Please join us at the Ethan Allen Hotel (21 Lake Avenue Ext., Danbury, CT) on October 25, 2018.

We look forward to seeing you.

Chipman Mazzucco
Attorneys at Law
44 Old Ridgebury Road
Suite 320
Danbury, CT 06810
203-744-1929

 

Good News about Connecticut Estate Taxes (Avoid Accidental Disinheritance of Surviving Spouse)

November 26, 2017

Good News about Connecticut Estate Taxes. Governor Malloy recently signed a new state budget into law, including significant changes to the Connecticut estate tax exemption that will phase in over the next three years.

The current exemption of $2 million will be increased to $2.6 million in 2018; $3.6 million in 2019; and will be set to match the federal estate tax exemption (currently $5.49 million) in 2020 (after Connecticut made the change to its exemption, the federal exemption was increased to $11,000,000; how Connecticut will react is unclear). While this is good news for those who are worried about estate taxes at death, it could also cause unintended consequences for those with a particular kind of estate plan designed to avoid or minimize estate taxes.

Warning for Surviving Spouses! In many cases, the surviving spouse could be disinherited as the estate tax exemption increases over time. Under the terms of many Wills and revocable trust agreements, the increasing estate tax exemption will effectively shift more of the estate away from the surviving spouse and to an “Exemption Trust” or to family members other than the surviving spouse.

The Devil is in the Details. Many married couples in Connecticut, who expected their combined estates to exceed the pre-2018 $2,000,000 estate tax “exemption,” chose an estate plan (an “Exemption Trust Plan”) that distributes a portion of the estate that is equal to the estate tax exemption into a trust (the “Exemption Trust”) for the benefit of the surviving spouse and descendants. Usually, in an Exemption Trust Plan, the remaining assets pass either outright to the surviving spouse or to a “Marital Trust” for the surviving spouse’s benefit.

The Exemption Trust Plan eliminates the estate tax when one spouse passes away with the other spouse surviving. By the time both spouses have passed away, two exemptions ($4,000,000—the exemptions of both husband and wife) have shielded up to $4,000,000 from the Connecticut estate tax.

The Exemption Trust Plan uses a formula based on the size of the exemption available at the time of death. As the exemption increases, more passes to the Exemption Trust leaving less to pass to the surviving spouse. For example, suppose that you chose the Exemption Trust Plan when you prepared your documents many years ago and suppose that, when you pass away, your estate is worth $5 million. If you were to pass away in 2017, that would mean $2,000,000 (the 2017 Connecticut exemption) would go to the Exemption Trust, while the remaining $3,000,000 would go to your surviving spouse, either outright or in trust. However, if you were to pass away in 2020. after the new estate tax exemption reaches its maximum, your entire estate of $5 million would go to the Exemption Trust, with nothing left for the surviving spouse.

Avoid Accidental Disinheritance of Surviving Spouse. This accidental disinheritance of the surviving spouse can be avoided with proper planning. For example, documents could be amended to modify the formula described above, perhaps requiring that a minimum amount will pass to the surviving spouse regardless of the estate tax exemption that would apply at death. This would be particularly helpful in plans where the marital share is supposed to pass outright to the surviving spouse, since it would guarantee some kind of outright gift to the spouse.

If you have an estate plan that could be impacted by these new tax changes, or if you simply have not revisited your estate plan in some time, please contact our office to discuss the best way to take care of your family after you pass away.

Posted November 26, 2017, by Chipman, Mazzucco, Land & Pennarola, LLC.  For a related treatment of the topic see: Video on Basic Estate Planning after ATRA Updated for 2017.

Video of October 5, 2017, Seminar Posted to YouTube

November 26, 2017

On November 19, 2017, we posted to YouTube the video of our annual fall estate planning seminar (held on October 5, 2017).

senior couple in parkIn Part I (How to Make Certain Your Estate Plan Works as Everything Else Changes), Richard S. Land covers the reasons why an estate planning review might be necessary. Approximately 40 minutes.

In Part II (Senior Autonomy: A Guide to Families as Roles are Reversed), Alyson Marcucio covers planning to maximize autonomy throughout the elder care continuum: health and ability issues (powers of attorney, living trusts, conservatorships, living wills and other health care directives); home care and alternatives (independent living, assisted living, retirement communities, nursing homes); the cost of care and how to plan for it; and public benefits to help pay for care. Approximately 40 minutes.

Both Part I and Part II include planning strategies for the prevention of financial elder abuse including properly structured estate planning powers of attorney, living trusts and related documents.

Although the turnout was great (as usual), many of you could not attend. Here is your chance to find out what you missed. Click on the images below to go to the presentations.

We hope these videos are helpful.  Please let us know if you have any questions.

Chipman Mazzucco
Attorneys at Law
Matrix Corporate Center
39 Old Ridgebury Road
Suite D-2
Danbury, CT 06810
203-744-1929

October 5, 2017, Seminar: Senior Autonomy for Families as Roles are Reversed

September 2, 2017

Save the Date October 5, 2017
FREE Seminar!

 

We invite you to a free seminar on October 5, 2017, at the Ethan Allen Hotel in Danbury, Connecticut (21 Lake Avenue Ext).

Topic: Senior Autonomy: A Guide for Families as Roles are Reversed

Including: How to Make Certain Your Estate Plan Works as Everything Else Changes

The presentation will start at 6:30 PM. For more information, click here:  Seminar October 5.

To register, call 203-744-1929 (please provide your email address) or email us at rsl@danburylaw.com.  You also can register here: Seminar Registration.

The presenters and their topics:

Make Certain Your Estate Plan Works as Everything Else Changes

Richard S. Land, Attorney

As everything around you changes, you may not recognize the impact the changes have on your estate plan.

Laws change; your health and financial condition change; the health and financial condition of your beneficiaries change; maybe your beneficiary designations change as your assets change; and the fates of the people you are depending on to act as your Executors, Trustees, agents under a power of attorney and health care representatives change.

Attorney Richard S. Land will discuss how to make certain that such changes will not interfere with, or totally disrupt, your estate plan.

Preserving Autonomy as Independence Declines

Alyson R. Marcucio, Attorney

How do you plan to maintain autonomy as your independence declines?

To help guide our clients, last year we invited Attorney Alyson R. Marcucio to join us as a Member of the firm after an exhaustive search for an attorney with her skills, knowledge and experience performing long-term care and estate planning services for seniors and the chronically disabled.

Alyson’s presentation will cover planning techniques designed to preserve autonomy as independence declines with aging including home care options, resources available to help create and maintain a safe home environment, planning techniques to maintain control through properly prepared trust agreements, powers of attorney and health care directives, and the relationships necessary to protect your independence when you are most vulnerable.

No Admission Charge

Our seminars are always strictly educational and well attended.  Space is limited so please let us know if you plan to attend.

Light snacks, desserts and beverages will be offered.

To register, click on this link: Seminar Registration..

Please join us at the Ethan Allen Hotel (21 Lake Avenue Ext., Danbury, CT) on October 5, 2017.

We look forward to seeing you.

Chipman Mazzucco
Attorneys at Law
Matrix Corporate Center
39 Old Ridgebury Road
Suite D-2
Danbury, CT 06810
203-744-1929

%d bloggers like this: