Estate Planning

Estate Planning is the process of ensuring that one’s assets are properly structured so that they will pass to the intended beneficiaries on one’s death, while also taking into consideration that certain protections are in place so to minimize or eliminate any potential creditor or estate tax liability.

Specific planning may also be implemented for the families of special needs children; parents of minor children; blended families; farm or business owners; or individuals with substantial real estate holdings. Planning often requires the drafting of a Will, which may delineate one’s desires for distribution, may create testamentary trusts for a specific purpose, or may name guardians of minor children.

Estate Planning may also include planning for incapacity, so that a trusted individual may manage one’s affairs, in the event you are unable to do so, through the naming of a Power of Attorney and Health Care Proxy.

Trusts created during one’s lifetime may serve a variety of roles dependent on the desired outcome, including assistance in asset management; protections from creditors or estate tax liability; or to provide a vehicle for gifting or estate tax planning.

Estate planning often overlaps with other areas of law, including real estate law and business/commercial law. We are highly knowledge about how these areas overlap and value our ability to collaborate with our countless strong professional relationships in furtherance of client goals.

Probate Administration

Probate of a decedent's estate refers to the transfer assets at the time of one’s death to their intended beneficiaries or to their heirs-at-law.  Probate Courts generally oversee this process and also have oversight of various other areas including certain Trusts, Conservatorships, Adoptions, and Guardianships of Minor Children.

While Probate can sometimes be viewed as insurmountable and intimidating, our firm is highly equipped to guide you through the probate process, as well as the ancillary issues which can commonly arise, in the most efficient manner possible. Our firm has handled hundreds of decedent’s estates over the years and upon engaging our services, we will prepare all required filings, beginning with the application process, inventory and CT-706NT filings, the transfer and distribution of assets, final financial report, and any other required filings.

We are also well versed in all tax implications relative to an estate and are able to advise and plan for any estate tax, income tax, or capital gains tax consequences. Lahan & King, LLC has settled a large number of estates subject to estate tax over the years and are able to prepare and file Federal 706 Estate Tax Returns, CT-706/709 Estate and Gift Tax Returns on your behalf, while taking steps to minimize any tax burden through advanced planning.

Fiduciary Services

As a law firm, Lahan & King, LLC owe a fiduciary duty to act in the best interest of all our clients which is paramount to the trust and confidence required within the attorney-client relationship.

Our firm commonly provides legal advice to individual and institutional fiduciaries - including those acting as an Executor of a decedent’s estate; Trustee of a Trust; or as a designated Power of Attorney and/or Conservator in the event of incapacity.

On occasion this is taken a step further when our clients request that our firm take on the role of fiduciary by acting as Executor, Trustee, Conservator, or Power of Attorney.  Lahan & King, LLC has vast experience and all resources necessary to take on a fiduciary role in the best interest of those involved.

Elder Law

Elder Law involves planning for the financial and physical complications that come with aging. This commonly involves planning so that assets will be protected in the event of disability, dementia, or incapacity, including the event that in-home care, memory care or long term care may become necessary.

Elder law planning will allow trusted individuals be named to manage your affairs so that your wishes are met.  It also includes planning for necessary medical such as in-home care, skilled nursing, residential care, memory care, or long term care.

With the monumental cost of such services, advance planning can often have a substantial effect on one's ability to preserve of assets.  In the event that advance planning is not possible, there are also strategies to spend down assets in a manner that is advantageous towards one's spouse or children.  Our firm is well-versed in the programs available for seniors, including the process of applying and qualifying for Medicaid (Title XIX).