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 ensuring that proper protections are in place against 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 also includes 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 to provide a vehicle for gifting or estate tax planning.
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. While Probate Courts oversee decedent’s estates, they also have oversight of various 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 available. 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. Our attorneys 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 taxable estates over the years and are able to prepare and file Federal 706 Estate Tax Returns, CT-706/709 Estate and Gift Tax Returns and Federal 1041 Income Tax Returns on your behalf, while taking steps to minimize any tax burden through advanced planning.
As attorneys, Lahan & King, LLC owe a fiduciary duty to act in the best interest of all our clients. 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 has vast experience and resources in taking on a fiduciary role in ensuring that one's affairs are in order and assets are properly safeguarded.
Elder Law involves planning so that one’s assets are preserved to sustain through one’s golden years and to also plan that, with aging, assets will be protected in the event of disability, dementia, or incapacity. Elder law planning often requires that trusted individuals will be named to manage one’s affairs in the event of such disability. It also includes planning in the event increased medical care becomes required through in-home nursing, skilled nursing facilities, residential care facilities, or long term care facilities. With the substantial cost of such services, advance planning can often be paramount to the preservation of assets. In the event that advance planning is not possible, there are 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 and the process of applying and qualifying for Medicaid (Title XIX).
Monday-Friday 8:30 a.m.-5:00 p.m.
53 Lafayette Street
Norwich, CT 06360