In a previous Wiggin and Dana advisory, we highlighted a new “decanting” statute in Connecticut. As described in that advisory, effective January 1, 2025, Connecticut will specifically authorize “decanting” the assets of an otherwise irrevocable trust into a new trust with improved terms. The statute outlines precisely what kinds of trusts can and cannot be
Navigating estate planning amidst divorce can be complex. On the third episode of our speaker series, Partner Matt Smith emphasizes the need for adaptable and forward-thinking strategies to protect assets across varying state laws. Highlighting cases where outdated estate plans clash with the modern realities of marriage, divorce, and inheritance, Matt delves into crafting lifetime
Navigating the emotional and logistical complexities of administering a loved one’s estate after their death can be difficult. The additional burden of having to decide what to do with all of their stuff (also known as tangible property) highlights the critical role of effective estate planning. The clarity and directives provided by a well-structured estate
Highlighted by Lyden v. Lyden (In re E. Earl Lyden Trust)
In early April, the Michigan Court of Appeals issued an opinion in the case of In re E. Earl Lyden Trust, which highlights the importance of a comprehensive review of the estate plan during the pendency of a divorce.
Background of Case
Denice
Who should I nominate as the Executor of my Will? Who should be the Trustee of my Trust? Should the Executor and Trustee be the same person? Should I nominate my children? Can I name multiple people in these roles? What if I don’t have anyone appropriate to name?
These are questions that every estate
“I notice that your account does not have a beneficiary listed, would you like to list one now? Listing a beneficiary can avoid the expense and delay of probate.”
This is a question more and more of our clients are being asked (and encouraged to prepare) by representatives at financial institutions. However, for many of our
In the latest podcast episode, host Michael Clear introduces the “Future Focused: Private Wealth Insights” blog, a platform designed to help optimize and protect your financial future. Explore domestic and international estate planning strategies, tax optimization, and more, with regularly updated content to keep you informed about the latest trends and developments. Visit www.privatewealthinsights.com to
Sometimes, a Trustee of an irrevocable trust needs guidance on properly administrating a trust or seeking formal approval for their actions. Historically, in Connecticut, the Probate Courts have served that function. Probate Courts provide a forum for a Trustee to raise questions or to seek formal approval of the Trustee’s actions. That could include seeking clarification
Following up an advisory we published last year (click here to read), we offer this update on recent developments in the case of Salce v. Cardello that may have meaningful implications for the use and enforcement of no contest clauses in wills and trusts.
In a narrow and unusual ruling, the Connecticut Supreme Court denied
Highlighted in re Jones v. Jones, 103 Mass. App. Ct. 223 (2023)
In a troubling ruling that potentially could impact estate planning across the country, a Massachusetts appellate court ruled that the corpus of a discretionary trust created by a parent in Michigan, for the benefit of an adult child living in Massachusetts, could be