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Connecticut Estate Planning Lawyers
Call The Prue Law Group, P.C. when you need advice from knowledgeable Connecticut estate planning lawyers. A leading Eastern Connecticut attorney, Patrick M. Prue has decades of experience in legal matters regarding estate planning, asset protection and wealth management. Attorney Prue and his staff at The Prue Law Group, P.C. will work closely with you to address the issues that affect your assets and heirs. Estate Planning encompasses all services pertaining to wills, creation of trusts, drafting powers of attorney and preparing for Title 19 eligibility. Conservatorships, living wills and advanced medical directives are also taken into consideration in estate planning.

An estate plan is as individual as each family is. Estate plans are developed based on your current situation while considering the future and how you want your property distributed upon your death. The legal team at The Prue Law Group helps individuals understand their options under many scenarios and will work closely with you to help you formulate the best plan for you personally. Preparing for late-life health care needs protects your estate and assets against unnecessary loss. It is through the process of estate planning whereby you can not only protect your assets, but also your rights as a patient, and assure your personal dignity in a medical emergency. Failure to formulate an estate plan could risk significant loss due to taxes and probate costs. When Legal Matters, call the Prue Law Group, P.C.

Don’t Delay – Call Today

Achieve the peace of mind that comes with advance planning for your loved ones. Our staff of attorneys and paralegals work closely with our clients. Talk to The Prue Law Group about making an estate plan. The financial well-being of your family may depend upon it. Call today: 860-423-9231.
 

 

Connecticut Estate Planning Lawyers | Prue Law Group, PC 

Estate Planning for Alzheimer’s Disease & Dementia

Alzheimer’s Disease and Dementia are incredibly disruptive diseases. They can disrupt the everyday abilities of the person afflicted, they can disrupt the normalcy in their family, and they can disrupt their ability to plan for the future. If you or someone you love has recently been diagnosed with a form of Dementia, there are many concerns you’ll have about what affects this disease will have.

One such concern may be whether Alzheimer’s Disease would impede the ability to plan ahead for end of life and estate distribution decisions. Can an estate plan still be created? Can it be amended to reflect this diagnosis? Can you decide who’s going to have the right to make medical decisions for you when you no longer can? How can you be sure that your plans won’t go missing or end up in the wrong hands?

In addition to these concerns, with increasing research and awareness of Alzheimer’s Disease, you may be aware that you are at a high risk for being diagnosed with Alzheimer’s. If so, you may also be wondering what steps you can take in advance to create an estate plan that will cover what will happen if you are diagnosed with the disease at some point in the future.

Can I create or update an estate plan after I’ve been diagnosed with a form of Dementia?

If you’ve been diagnosed with a form of Dementia, you should start the process of creating and updating estate plans as soon as possible. It’s necessary that you are still of the right mental ability to authorize these decisions, and you’re going to want to make these decisions before the disease progresses too far. You’ll need to have an updated Will, Power of Attorney, Living Will, designation of conservatorship, and updated HIPPA forms soon after your diagnosis.

Can I create a plan that is specific to my needs related to my diagnosis? What would a plan like this look like?

By meeting with an estate planning attorney, they can discuss with you what specific measures should be taken to protect your estate.

It’s highly likely that a person who has Alzheimer’s Disease will need convalescent care. Title XIX of the Social Security Act of 1935 will pay for your convalescent and at home care. You’ll need to meet with an attorney who’s experienced in helping clients apply for Title XIX assistance. This process needs months of planning, so you’ll need to start this process right away.

Another concern with convalescent care is making sure that you don’t lose all of your estate’s assets. If you meet with an experienced estate planning attorney, they can develop a method to protect your assets through gifting and the creation of trusts. This process will look slightly different in each state.

If I’m at a high risk for Dementia, can I create an estate plan that protects my wishes in case I am diagnosed with the disease in the future?

If you know that you’re at a high risk of having Alzheimer’s Disease or another form of Dementia, it would be an excellent idea to begin estate planning before you’re diagnosed. You should consider how you can create protections, like those stated above before you are diagnosed.

Is there anything I should do after my estate plan has been created?

There are two very important things to do once you’ve created your estate plan. Both of these steps are important for anyone who has an estate plan, but even more so to persons with Alzheimer’s Disease and Dementia.

The first step to take is to make sure that your documents are stored in safe, secure locations that you and those people you trust have access to. You don’t want to lose these documents, and you want to make sure that the people you trust have access to them as needed. At The Prue Law Group, P.C., we always make sure that you sign multiple original documents. This ensures that there are enough originals for anyone who needs them, and we also keep an original in our office for safe keeping.

The second important step to take is to make sure that you’re meeting with your attorney regularly to review and revise estate plans. At The Prue Law Group, P.C., it’s our policy to meet with clients every three years to review documents. Keep in mind, you can always meet with an attorney more often than that, and an attorney should only let someone authorize a document if they are of sound mind.

 

The Prue Law Group, P.C. understands how difficult a diagnosis of Alzheimer’s Disease can be, and we would like to urge you to donate either your time or money to the Alzheimer’s Association.

For more information on Alzheimer’s Disease and Dementia, visit www.alz.org.

 

For more information about The Prue Law Group, P.C. and our services, please visit us online or call (860) 423-9231 weekdays between 9 am – 5 pm EST.

In addition to some of the other important documentation and decision-making that happens when you develop an estate plan, you can also dictate what you want to happen to you after you pass. In your estate planning documents, you can include what you want to be done with your body after your death and what services you’d like to have. Including what you want to be done after your death ensures that your wishes are upheld, and it helps to alleviate any undue stress on your loved ones.

Keep in mind, if you don’t perform preemptive estate planning, these decisions are left to your next of kin.

Also, it’s worth mentioning that the best way to ensure that your plans are executed the way you’d like is to plan ahead of time with both a funeral home/crematorium and an estate planning attorney. By doing this, you can make choices with what your crematorium/funeral home has available to you, and you can include this specific information in your estate plan.

First, decide what you’d like to be done with your body.

Some of your options for what to be done with your body include…

Leaving Your Body “As Is”

If you’d prefer that your body is not cremated your estate plan is a great place to make this request. In addition, you also have a few other related decisions you can plan for.

  • You have the option to decide whether you’d prefer to have an open or closed casket service.
  • You can determine how and where you’d like to be laid to rest. If you know that you’d prefer either a burial or space in a mausoleum, you can mention this in your plan.
  • Additionally, if you’ve predetermined a specific burial space or mausoleum, you can also mention these locations in your estate plan.

Cremating Your Body

If your preference is to be cremated following your passing, then you can mention this in your estate plan. Additionally, you can make other decisions about what’s done with your ashes.

  • Decide whether you want your ashes to be split multiple ways or kept all together. You may choose to split them multiple ways if you’d like more than one person to have them, or if you want to be spread in multiple locations.
  • If you’d prefer that your ashes aren’t spread, then you can mention in your estate plan that you’d like your ashes to be placed in an urn that is meant to remain closed.
  • If you’d prefer to have your ashes spread, you can mention that you want them to be placed in an urn that is meant to be opened to be spread.
  • Whether your wish is to have your ashes spread or to remain in an urn, you can decide who you’d like to have the ashes (either to be kept with this person or spread by them).
  • You can decide where you’d like your ashes to be kept or spread.

Donating Your Body

If you hope to have your body donated, then you have a lot of options as to where to donate your body. You also have some choices as to what can be done with your body after it’s been donated.

First, keep in mind that after you donate your body, often times you can still choose whether or not to be cremated or buried afterward. Sometimes, it’s still an option to have an open casket if that’s your wish. When you’re planning on donating your body, be sure to check ahead as to whether or not these options are available to you if they’re still a part of your wishes.

Next, once you’ve decided what you want to be done after your body has been donated, you can make a decision about where you’d like your body to be donated to. There are quite a few options to consider.

Donate Your Body to Science

If it’s your wish that your body is donated to science, there are numbers of ways in which you can do this. We’ve listed just a few below.

Medical Practice: You can donate your body to science for general research and education. Medical students use cadavers to study and practice on, and doctors use them to refine their skills. You can decide between these two options.

Medical Research: If you have (or you’re a relative of someone who has) a medical condition that could benefit from further research, you can donate your body to further this research.

A few examples of associations that use donated bodies for research include:

Tourette Association of AmericaAlzheimer’s AssociationLewy Body Dementia AssociationParkinson’s Disease FoundationALS AssociationDepartment of Veteran Affairs Biorepository Brain BankConcussion Legacy Foundation, and National Multiple Sclerosis Society to name a few.

Body Farms: You can donate your body to a “Body Farm” where studies are performed on the ways in which bodies decompose. In this case, your body will not be returned to your loved ones.

One such place you can donate your body is the Forensic Anthropology Center at the University of Tennessee, Knoxville.

Become an Organ Donor

The process of becoming an organ donor is done at your Department of Motor Vehicles when you get your driver’s license, or you can sign up online.

Second, ask yourself, “How do I envision my service?”

Religious or Cultural Practices

If there are specific religious and/or cultural practices you want to be performed or respected at your service, you should mention these in your estate plan.

On the other hand, if you’re not religious, and you wouldn’t want your service to be religious, you should dictate this specifically in your estate plan as well.

Service Type

Would you prefer a traditional wake/funeral service, or do you think that a celebration of life is more in line with your preferences? Make sure to mention your preferences in your estate plan.

Finally, consider any other requests you’d like to make in your estate plan?

“In Lieu Of …”

Commonly, flowers are gifted to family and loved ones for someone’s services, but that may not be your wish. Instead, you may choose to dictate that you’d rather people donate to a trust or a charitable organization in lieu of flowers. This statement can be included in your obituary in order to let people know that this was your wish.

Officiants and Funeral Homes

It’s not uncommon for families to use specific funeral homes or officiants over the years. If you want to dictate exactly who you’d like to be used, your estate plan is the best place to make this clear.

Additionally, if you know which funeral home, funeral director, officiant, or even crematorium you’d like to use ahead of time; it’s always a good idea to meet with these people and share your wishes with them as well. The more clearly you can plan ahead with these people, the more you can share in your estate plan, and the easier it will be to follow your wishes.

Other Personal Touches

Are there certain flowers, songs, prayers, pictures, etc. that you’d like to be included at your service? Are there certain clothes you’d like to wear when you’re being laid to rest or cremated? Are there certain items you’d like in your coffin?

 

The Prue Law Group, P.C has been helping clients develop estate plans for over 4 decades. To set up an appointment with one of our legal professionals to begin your planning, call (860) 423-9231.

An often overlooked aspect by a small business owner is taking steps to protect their business in the event of their death.  So much time is spent on building and maintaining the business that little time is spent thinking about what happens when the principal business owner passes away.  And yet, estate planning for the small business is just as vital as for an individual or family.

The first step of estate planning for the small business is to think about how the business will continue to operate after your death. Take a moment right now to really think about that possibility!   Do you have people designated to run the business after you? Is there sufficient cash on hand or insurance proceeds to fund the business? One cannot close down the business for several days and then just “reopen” the doors assuming that business will not be affected. The highest and best value of a business is a “going concern.” This means that the value of a business will suffer a serious decrease once the doors are locked.

One of the biggest problems that the small business owner faces is the situation where there is more than one beneficiary to inherit the business but not all are active in the business itself. There is the dilemma of providing equal distribution to the heirs, while preventing the beneficiaries who are not active from interfering with the business operation. The formation of a corporation, limited liability company and/or limited partnership can become a valuable tool in dividing the economic and management interests of the business.

If the business is operated as a sole proprietorship, then the business will be inherited by beneficiaries listed in your Will or, if you do not have a Will, by the beneficiaries as designated by State law. Are those beneficiaries ready, willing and able to step in and operate a business? If not, you need to identify and designate individuals who have the ability and desire to maintain the business immediately following your death.  If the beneficiaries are not interested in keeping the business in the future, you should consider making an arrangement for the sale of the business to a particular individual or company prior to your death.

The transfer of the management and/or ownership of a company is much easier if the company is a corporation or limited liability company. But even in these cases, there is very often one key owner or key person operating the firm.  Buy/Sell agreements which will transfer the ownership of those shares or membership interests to remaining stockholders or members become much more frequent in this situation.

One big advantage that a corporation or a limited liability company has in the estate planning arena is that the key owner has the ability to distribute an interest in the company to his or her beneficiaries during their lifetime. This is especially useful on the tax planning of the decedent’s estate, and these transfers can be set up while simultaneously minimizing the impact on the management decisions for the company.

A basic “Simple” Estate plan should be on everyone’s ‘to-do’ list. It protects you and your family in the most efficient cost-effective manner and makes the most sense considering the problems and issues it helps to avoid. The following documents should be included in your estate plan……

 Last Will and Testament (or simply The Will) is clearly your first and most necessary document.  It can protect your spouse from convalescent expenses, appoint a guardian for your minor children, take care of your grandchildren and designate your executor as well as determine how and to whom your assets pass.

Designation of a Health Care Agent is vital.  In the event, that for whatever reason you cannot make your own decisions concerning medical care or end of life decisions your designation of a health care agent will authorize a person of your choosing to carry out your wishes.   Without this document, all medical and health decisions will be left to family and that can be a complicated matter.

Living Will is an important document that notifies your family and health care provider what your wishes are when it comes to end of life decisions.   To take, or not take, extraordinary medical and health measures is one that should be given serious consideration with this document that will let others know what you desire should such a situation arises.

Power of Attorney.   This is a document that can be used for one time only, a short period of time, or it can be drafted for future use to allow someone of your choosing to manage your day-to-day life decisions, financial interests or otherwise,  in the event you cannot do so.    A Power of Attorney is especially important if you own a business in order to maintain continuity of running that business.

Designation of a Future Conservator is a smart choice for long term help in the event that we lose our ability to manage our own life choices.  Though similar in tasks, one benefit of the Conservator over a Power of Attorney is that the probate court will supervise the conservator while your power of attorney, is unsupervised now that you can’t watch over them.  And again, if you do not name the person you want to be Conservator, the Probate Court will appoint an outside individual.

“HIPAA” Form is the last, but equally important to execute as it declares who you wish to share your medical information with.  Most people appoint their spouse and children but with the form you can appoint, or not appoint, whomever you wish.

What Documents are Part of a “Simple” Estate plan? | The Prue Law Group, P.C.

 

The answer to that is anything you own either in your name alone, with someone else in survivorship, or in your name but with a designated beneficiary is all part of your estate. That bank account in only your name, your house that is owned with your spouse or a life insurance policy or retirement account that you own but that will pass to a designated beneficiary are all your assets for estate planning purposes and eventually probate. That is the easy part to understand.

More confusing is what goes through probate and how. The only assets that pass through probate are those assets in your name alone. Any assets other than those that are solely owned must be reported for tax purposes—they go directly to 1) the survivor if owned in survivorship, such as the house mentioned above, or 2) the designated beneficiary like your life insurances or IRA’s. In an estate plan, assets in your name alone get distributed under your will. For example, an estate where the deceased had $2.8 million in assets but only $20,000 as solely owned property, only the $20,000 goes through probate to be distributed through the will. The remainder had designated beneficiaries or were owned in survivorship and those assets are reported for tax purposes only.

Now is the time to compile an inventory of all assets in your name alone, as well as those assets that will go directly to a beneficiary or survivor. Then with that inventory on hand, you can make decisions regarding to whom you want to leave those assets to and how they will be handled in probate. All this needs to be taken into account when creating your estate plan and a well developed estate plan will make the probate process easier to navigate.