Estate Planning
At Farrell & Grochowski we have over forty years of experience in estate planning, elder law and estate administration.
Both Attorney Farrell and Attorney Grochowski hold LLM Degrees in Elder Law & Estate Planning from Western New England Law School. This is one of the few schools in the country to offer this master’s program.
Everyone knows you should have a will to make sure your assets go where you want when you die. However, a will is not the only document you need. No matter your age or wealth, you need more than a will to protect yourself and your family. At Farrell & Grochowski we can advise you and help guide you through this complicated process.
Last Will and Testament
You have worked hard all your life for the assets you have. When you die, you want to ensure that your property goes to the people you have selected. Without a will, your property will go to whomever the State of Connecticut has dictated through intestacy laws. But a will allows you to establish who will receive your property. You will also select an executor, who will be in charge of making sure your assets are distributed according to your will.
What to consider when planning a will:
- Do you have specific things that you want to leave to people, such as jewelry?
- To whom would you choose to leave your estate? If you choose someone who predeceases you, where would you want their share to go?
- If you have minor children, who would you want to raise them and be in charge of their money and inheritance? At what age would you feel comfortable with your children receiving their inheritance outright, free of trust? If you have special needs or disabled children, consider how you will provide for them without making them ineligible for government benefits.
- Who would you want to serve as your executor/trix, the person who makes the filings with the probate court and distributes your assets according to the will?
- Who will you designate to make financial and health decisions if you can no longer make them? We can help ensure that your wishes regarding life support and end of life are respected.
Click here for the Asset Information Form
Credit Shelter Trust
The current exemption on federal estate tax is $12.06 million and the Connecticut estate tax is $9.1 million. Using a Credit Shelter Trust (CST) can protect the maximum amount of assets tax free.
Living Trusts
Trusts can help accomplish a variety of objectives. For a parent with a disabled child, a trust can supplement the child’s needs without disqualifying them for state benefits. For a couple with a vacation home in Florida, the trust can help avoid having to probate in both Florida and Connecticut. Since trust assets pass outside of probate, trusts can be used to avoid probate costs.
Power of Attorney
Through a power of attorney document, you can name a person to act for you if you are no longer able to do so. The person can perform many important tasks such as applying for benefits, doing banking, paying bills, and arranging health care.
Health Care Agent
Through a healthcare agent designation, you can select someone to make healthcare decisions for you if you can no longer do so.
Designation of Person to Whom Your Body Will be Released
Both Attorney Farrell and Attorney Grochowski hold LLM Degrees in Elder Law & Estate Planning from Western New England Law School. This is one of the few schools in the country to offer this master’s program.
Everyone knows you should have a will to make sure your assets go where you want when you die. However, a will is not the only document you need. No matter your age or wealth, you need more than a will to protect yourself and your family. At Farrell & Grochowski we can advise you and help guide you through this complicated process.
We are committed to providing personal service to all of our clients.
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