Estate Planning Mistakes in Stamford, Connecticut: The Number 1 Mistake People Make in Estate Planning is to Not Plan at All!

By
Education & Training with Tax Rep LLC

A significant focus of our practice is assisting clients in Stamford, Connecticut and elsewhere with their estate planning.  Whatever a client’s goals are, or what their asset level is, the number one mistake they can make is to not plan at all.

A well thought out estate plan will plan for the guardian of minor children, reduce or avoid estate and succession taxes, arrange for the management of assets, and handle any planning necessary for a spouse and/or children that have special needs. 

When we handle these situations for taxpayers we work with clients to find out what they want to happen and how they want their affairs managed and we create a plan and execute documents to make sure the plan operates the way the client wished.

A common plan for our clients in Stamford, Connecticut as well as elsewhere may involve any combination of the following:

1.    Wills

2.    Living Wills and Health Care Proxies

3.    Durable Power of Attorney

4.    Revocable Trusts

5.    Life Insurance Trusts

6.    Qualified Personal Residence Trusts

7.     Charitable Trusts

Failing to do any planning can create chaos and wreak havoc on families.  Without a valid Will a court may decide who becomes guardian of your children.  You may lose tens of thousands of dollars to taxes and probate court fees.  Your assets will be divided based on your state’s statutory scheme, not your wishes.  And for families with special needs, state benefits will be lost until the estate assets are used up paying for very expensive care.

If you have any questions regarding estate planning in Stamford, Connecticut or any other area of Connecticut do not hesitate to contact me at (203) 602-5550 or by email at egreen@convicerpercy.com

Eric L. Green, Esq.

Convicer, Percy & Green, LLP

60 Long Ridge Rd., Suite 202

Stamford, CT 06902

Ph. (203) 602-5550

Fax (203) 286-1311

www.convicerpercy.com

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Connecticut Fairfield County Stamford
Tags:
insurance
special needs
wills
estate planning
trusts
living wills
eric l green
stamford connecticut
estate planning mistakes

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Rainer
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Diane Grady
Endless Summer Realty - Saint Augustine, FL

Yes, getting your will or living trust done should be the first thing on everyone's new year list! I know it is on mine and I am giving myself a Friday deadline. Ready set go!!

Jan 01, 2012 07:10 AM #1
Rainer
388,143
Thomas F. Scanlon
Borgida & Company P. C., CPA's - Manchester, CT
CPA, CFP

Eric,

Nice post.  Lets hope more people kick off the New Year and make all of their appropriate plans.

Happy New Year.

Tom

 

 

Jan 02, 2012 09:10 AM #2
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Rainmaker
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Eric L. Green

Your IRS Tax Litigator
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