Connecticut Bar Foundation’s Post

The article amplifies the need for a careful analysis of whether an SMSF is the right strategy for you.

𝗪𝗶𝗹𝗹𝘀 𝗪𝗲𝗲𝗸 𝟮𝟬𝟮𝟰: 𝗔 𝗩𝗶𝘁𝗮𝗹 𝗢𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝘆 𝗳𝗼𝗿 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗣𝗹𝗮𝗻𝗻𝗶𝗻𝗴 Wills Week, running from 16th to 20th September 2024, is a crucial initiative organised annually by the Law Society of South Africa. It provides the public with access to free basic will-drafting services through participating law firms. It’s important to note that this service is exclusively for the drafting of new wills and does not include amendments to existing documents. Recently, HACT, in partnership with Marsh Fidelity, hosted a FREE WILLS Workshop, which was featured in the Highway Mail. In this article, 𝗛𝗔𝗖𝗧’𝘀 𝗖𝗘𝗢, 𝗖𝗮𝗻𝗱𝗮𝗰𝗲 𝗠𝗼𝗼𝗹𝗺𝗮𝗻, 𝗵𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀 𝘁𝗵𝗲 𝗶𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝗰𝗲 𝗼𝗳 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗹𝗶𝘁𝗲𝗿𝗮𝗰𝘆 and how having a last will and testament is often overlooked yet essential. “𝘏𝘢𝘷𝘪𝘯𝘨 𝘢 𝘭𝘢𝘴𝘵 𝘸𝘪𝘭𝘭 𝘢𝘯𝘥 𝘵𝘦𝘴𝘵𝘢𝘮𝘦𝘯𝘵 𝘪𝘴 𝘢 𝘬𝘦𝘺 𝘱𝘢𝘳𝘵 𝘰𝘧 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘭𝘪𝘵𝘦𝘳𝘢𝘤𝘺. 𝘐𝘵 𝘰𝘧𝘧𝘦𝘳𝘴 𝘱𝘦𝘢𝘤𝘦 𝘰𝘧 𝘮𝘪𝘯𝘥 𝘢𝘯𝘥 𝘩𝘦𝘭𝘱𝘴 𝘦𝘢𝘴𝘦 𝘵𝘩𝘦 𝘣𝘶𝘳𝘥𝘦𝘯 𝘧𝘰𝘳 𝘭𝘰𝘷𝘦𝘥 𝘰𝘯𝘦𝘴 𝘥𝘶𝘳𝘪𝘯𝘨 𝘢 𝘥𝘪𝘧𝘧𝘪𝘤𝘶𝘭𝘵 𝘵𝘪𝘮𝘦. 𝘕𝘰 𝘮𝘢𝘵𝘵𝘦𝘳 𝘵𝘩𝘦 𝘴𝘪𝘻𝘦 𝘰𝘧 𝘺𝘰𝘶𝘳 𝘦𝘴𝘵𝘢𝘵𝘦, 𝘢 𝘸𝘪𝘭𝘭 𝘪𝘴 𝘢𝘯 𝘦𝘴𝘴𝘦𝘯𝘵𝘪𝘢𝘭 𝘥𝘰𝘤𝘶𝘮𝘦𝘯𝘵 𝘧𝘰𝘳 𝘦𝘷𝘦𝘳𝘺𝘰𝘯𝘦,” 𝘴𝘢𝘪𝘥 𝘔𝘰𝘰𝘭𝘮𝘢𝘯, 𝘢𝘴 𝘴𝘩𝘦 𝘦𝘮𝘱𝘩𝘢𝘴𝘪𝘴𝘦𝘥 𝘏𝘈𝘊𝘛’𝘴 𝘩𝘰𝘭𝘪𝘴𝘵𝘪𝘤 𝘢𝘱𝘱𝘳𝘰𝘢𝘤𝘩 𝘵𝘰 𝘦𝘮𝘱𝘰𝘸𝘦𝘳𝘪𝘯𝘨 𝘤𝘰𝘮𝘮𝘶𝘯𝘪𝘵𝘪𝘦𝘴. Read the full article in the Highway Mail. #WillsWeek2024 #FinancialPlanning #LegalAdvice #EstatePlanning #SouthAfricaLaw #FreeWillService #PeaceOfMind #FamilyPlanning #FinancialLiteracy #EmpoweredCommunities #unconditonalloveandhope

🔐 Top 5 Things to Include in Your Trust 📜 Creating a trust is a smart way to protect your assets and ensure they’re distributed according to your wishes. At Gateville Law Firm, we specialize in crafting personalized trusts that meet your needs. Here are the top 5 things to include in your trust: 1️⃣ Trustee Designation: Choose a reliable and trustworthy person or institution to manage your trust according to your instructions. 2️⃣ Beneficiaries: Clearly name the individuals or organizations that will receive the benefits from your trust. 3️⃣ Detailed Asset List: Include a comprehensive list of assets you want to place in the trust, such as real estate, bank accounts, investments, and valuable personal property. 4️⃣ Distribution Terms: Specify how and when the assets will be distributed to your beneficiaries, whether it’s a lump sum, staggered payments, or based on certain conditions. 5️⃣ Contingency Plans: Outline what should happen if a beneficiary predeceases you or if the primary trustee is unable to fulfill their duties. Creating a trust is a key step in safeguarding your legacy and ensuring your loved ones are taken care of. Contact Gateville Law Firm today to start planning your future. 📞 630-780-1034 🌐 www.gatevillelawfirm.com #EstatePlanning #Trusts #Trustees #Beneficiaries #AssetProtection #GatevilleLawFirm #SecureYourFuture #LegalTips #Top5

Many people underestimate the role of a trustee. When selecting a trustee, it is essential to take into consideration the responsibilities this individual (or corporation) must undertake in order to properly manage a trust. There are many cases in which a poor choice in trustee has led to the trustee mismanaging funds, and declining to serve in the best interests of the trust's beneficiaries. #trust #estate #estatebattles #trustee https://lnkd.in/egg8R3an

When clients appoint an adult child under a power of attorney for property (PoAP), it may seem like a natural choice. However, it's not always the best one. Recent cases have shown that even with the best of intentions, things can go wrong. Learn more about the risks and considerations in Akua Carmichael, LL.B, J.D., TEP's latest article. https://lnkd.in/gM-weuFc #estateplanning #powerofattorney #poa

Navigating the Challenges of CMS Financial Investigations For many receiving parents, the Child Maintenance Service (CMS) Financial Investigation Unit (FIU) plays a vital role in securing fair maintenance payments, especially in cases involving hidden incomes. However, while the FIU can lead to more accurate assessments, its involvement often triggers prolonged legal processes and once a decision is made it has long-term implications despite changes in circumstance. In this short read we have for you Michelle Counley of NACSA LTD comments on the alternatives that could be considered before opting for an FIU investigation and what the drawbacks can be of FIU involvement. See the link for more information https://lnkd.in/ddNDpE_E #CMS #ChildMaintenance #FamilyLaw #LegalSupport #FinancialInvestigations

When appointing an adult child as your Power of Attorney, it’s essential to choose wisely. While it's common to entrust financial decision-making to family members, this role comes with significant responsibilities, and in some cases, legal risks. Before selecting an adult child for this role, consider these key factors: - Trustworthiness: Can they responsibly manage money that isn’t theirs? - Money management skills: How well do they handle their own finances? - Record-keeping abilities: Are they organized enough to maintain accurate financial records? Choose carefully to avoid potential conflicts and serious consequences. https://lnkd.in/gi_iK37J #EstatePlanning #PowerOfAttorney

Dilemma of the Day. In the "old" days (pre-COVID) I could get referrals to all kinds of needed people and be able to get a quote to be approved by the Probate Court, but now my client has called 10 people and received the same quote but as soon as she says she wants it in writing for the Court to approve, they don't return the call. WOW - the funds are there. We have a job to do. And NO ONE wants it. I am looking for a business who opens SAFES in homes that the loved ones were not privy to the combination or keys. This quote for the safe will be filed with the Court to get full instructions on the Inventory of that safe and who must be present, and who can be present. Further, the loved ones would like to SELL the safe and want to know if it has value, and if the Business can help us. The court will approve and a check will be ready at the date of the appointment which we work with the Business to make. Any one out there have some contacts for me? Also as a side note, I just heard a Probate Mediator say he had a case the family fought about the safe. The Court Ordered it opened and there was nothing in it. In this case, we already had a Bank Safe Deposit Box that had to be opened and cost the estate $200.00 AND there was nothing in it. When family's fight and don't just get together for agreement on how to proceed and get the Court Order, they cost everyone time and money. So make sure to clear out your Safe Deposit Box and Safes OR provide the Trusted individual with the Legal Documents (POA, Will, Trustee) and keys or combinations to be able to get your estate completed in a timely manner. Probates are only bad when you have people that don't follow the rules and don't cooperate with each other. In most cases, the Decedent knew who would be a problem AND should have put a Trust in place to allow things to get completed timely, with less aggravation and less cost. #Probate #EstatePlanning #forwardthinking #painatdeath https://lnkd.in/d-KfPrdP

Can’t I just add my kid’s name to my bank accounts? 🧐 We've heard this a lot, and while it seems like a simple solution—there’s a catch! Sure, your adult child might be trustworthy and well-intentioned. But what happens when creditors come knocking? 👀 If your adult child faces financial difficulties, those creditors can access the funds in your account—just because their name is on it. 😱Here’s a smarter move: Create a trust and let your child be a trustee instead. Problem solved. 🙌 Need help? We’re here to guide you through the process—just send us a message! 💬 #EstatePlanning #Trusts #SecureYourFuture Neighborhood Notary Plus are not attorneys in any state and cannot provide legal advice or representation. The information in this post is not to be construed as legal advice.

🤔”I can avoid probate just by setting up beneficiaries on all my accounts, so why do I even need to fund a trust during lifetime?” Because, when it is all said and done - you want to work SMARTER, not HARDER. 👉People often forget that not only are estate plans designed to help transfer assets after death, they are also designed to help a loved one or trusted fiduciary access assets in the event of incapacity during lifetime! There can potentially be more barriers with a Power of Attorney gaining access to a mentally incapacitated person’s assets versus a Successor Trustee. Banks and custodians are very cognizant of having strict policies regarding the review and acceptance of POAs (because they are afraid of being sued for granting access to the wrong person with all the elder abuse in society). So, when submitting a POA to be added to an account, advisors can potentially run into any number of pitfalls that could delay or restrict a preferred agent's access to a client's account. Trusts can offer a more streamlined way for a succesor trustee to step into the role and gain access to the trust funds versus the potentially more difficult process of having a POA accepted. Of course a POA is still essential since not everything can get into the trust during lifetime (i.e. IRAs). 💡But knowing how use estate planning tools and what to fund into a revocable trust can save headaches and delays later on! #estateplanning Thomas Kopelman