Wills and Trusts by an Established Danbury Law Firm
Let our attorneys draft your testamentary documents and devise an estate plan specifically for you
Hiring an estate planning lawyer to advise you about options to minimize the estate taxes due upon your death can make a big difference. Collins Hannafin, P.C. advises businesses, families and trustees in all aspects of estate planning. Our attorneys design and implement an estate plan fit for each client.
What are some available estate planning options?
Our attorneys aim to minimize tax liabilities and preserve asset transfers according to your will. Trusts are a useful tool to meet these needs and others, such as:
- Special needs trusts – A special needs trust provides a disabled individual with funds for medical and living expenses. A self-settled trust is created with the disabled person’s own resources, while a third-party special needs trust is created and funded by someone other than the special needs beneficiary.
- Revocable living trusts – While tax planning trusts can be incorporated into revocable living trusts, the principal benefit of utilizing these trusts is to transfer assets into the trust while the grantor is alive to minimize and sometimes eliminate the need for probate in the state of residence and other states where property is owned.
- Irrevocable life insurance trust – This type of trust serves as a vehicle for holding life insurance policies. It is a resourceful tool in estate planning, as ownership of the life insurance transfers to the trust, thereby removing it from the estate and decreasing estate tax exposure.
- Qualified terminable interest property trust (QTIP) – This allows property to pass from the decedent spouse to the surviving spouse, and later to the surviving children while minimizing estate tax.
- Credit shelter trust – This type of trust allows property to pass from a decedent parent to surviving children while protecting the assets from estate taxes.
Estate planning and administration by sophisticated attorneys
The trust and estate attorneys at Collins Hannafin diligently identify, gather and administer the estate and ensure distribution of the assets in an efficient manner according to our clients’ estate administration plan. Our estate planning and administration experience includes drafting durable financial powers of attorney, living wills, appointment of healthcare representatives, and appointment of conservators, as well as reviewing and modifying existing wills and trusts.
For estate planning in Connecticut, rely on our team of attorneys
Estate matters involve many personal and business considerations, decisions and consequences. Contact Collins Hannafin, P.C. online or by phone 203-885-1938 to schedule an appointment so we can discuss your case.