In this paper we have provided some things for you to think about, but there are no hard and fast rules with regard to a legacy plan. You simply ask yourself how you would like to be remembered, and you take steps to leave a lasting impression. Learn more about Connecticut legacy planning in this presentation.
Deciding to pursue guardianship is a highly personal decision; however, some common signs that your loved one may need one include: excessive and/or consistent “bumps and bruises” that cannot be sufficiently explained, increasing bouts of memory loss, misplaced items of value, late notice for bills, services being shut off for non-payment, worsening health condition that may be the result of failing to take medication or failing to follow-up with doctors. Learn more about guardianship in Illinois in this presentation.
Why Would I Want a Revocable Living Trust in Connecticut?Barry D Horowitz
You don't lose control of the assets in the trust while you are living, but after you die, the resources are distributed among the beneficiaries outside of the probate process. Learn more about revocable living trust in Connecticut in this presentation.
To understand why so many people include probate avoidance strategies in their estate plan though you need to have at least a rudimentary understanding of the probate process in New York. Learn more about probate process in New York in this presentation.
When Personalities Clash: Finding the Right Estate Planning Team in OhioBarry H Zimmer
Ever wonder if you’re being treated fairly in the relationship between you and your estate planning or elder law attorney? Learn more about estate planning team in Ohio in this presentation.
A revocable living trust is a very effective asset transfer tool. There are various different benefits that a living trust will provide. However, there are some limitations.
Long Term Care Planning - Why It Should Be Part of Your Estate PlanRobert Nash
When you sit down to create your estate plan your primary objective will likely be to ensure that your estate assets are handled according to your wishes when you die. Learn more about long term care planning in this presentation.
Estate Planning for Seniors in Oklahoma: Specific IssuesLarry Parman
Incapacity plans are collections of tools you develop before losing capacity that will appoint representatives who will make choices for you. Learn more about estate planning for seniors in Oklahoma in this presentation.
Deciding to pursue guardianship is a highly personal decision; however, some common signs that your loved one may need one include: excessive and/or consistent “bumps and bruises” that cannot be sufficiently explained, increasing bouts of memory loss, misplaced items of value, late notice for bills, services being shut off for non-payment, worsening health condition that may be the result of failing to take medication or failing to follow-up with doctors. Learn more about guardianship in Illinois in this presentation.
Why Would I Want a Revocable Living Trust in Connecticut?Barry D Horowitz
You don't lose control of the assets in the trust while you are living, but after you die, the resources are distributed among the beneficiaries outside of the probate process. Learn more about revocable living trust in Connecticut in this presentation.
To understand why so many people include probate avoidance strategies in their estate plan though you need to have at least a rudimentary understanding of the probate process in New York. Learn more about probate process in New York in this presentation.
When Personalities Clash: Finding the Right Estate Planning Team in OhioBarry H Zimmer
Ever wonder if you’re being treated fairly in the relationship between you and your estate planning or elder law attorney? Learn more about estate planning team in Ohio in this presentation.
A revocable living trust is a very effective asset transfer tool. There are various different benefits that a living trust will provide. However, there are some limitations.
Long Term Care Planning - Why It Should Be Part of Your Estate PlanRobert Nash
When you sit down to create your estate plan your primary objective will likely be to ensure that your estate assets are handled according to your wishes when you die. Learn more about long term care planning in this presentation.
Estate Planning for Seniors in Oklahoma: Specific IssuesLarry Parman
Incapacity plans are collections of tools you develop before losing capacity that will appoint representatives who will make choices for you. Learn more about estate planning for seniors in Oklahoma in this presentation.
A basic estate plan will cover the essentials, but you may want to take a more comprehensive approach. Legacy planning is a broad-based, holistic form of estate planning. Learn more about North Dakota legacy planning in this presentation.
What Questions Should I Ask an Elder Law Attorney in ConnecticutBarry D Horowitz
The elder law field is very relevant at the present time, because so many people are reaching retirement age at the same time. The Social Security Administration is accepting some10,000 applications every day, and this is due to the aging of the baby boomer generation. Learn more about elder law attorney in Connecticut in this presentation.
The Compass & Clock program is comprised of your neighbors. We are grateful for the support of our participants, for without them Compass & Clock would not exist. This collection of knowledgeable and myriad resources is designed to help you navigate your journey through middle age, retirement, and senior years. Welcome to a community conceived to guide you into your best future.
We publish 2 print editions a year. Here is the Spring/Summer edition, and the Fall/Winter edition will be out by November 1st.
Please feel free to write to us with feedback, suggestions, and info you would like to see in our next publication or on the website, etc.
compassandclockmc@gmail.com
What Drives Giving: The Heart or Brain: Major Gifts, Planned Gifts & Donor Retention was presented at the 2023 Nonprofit Academy in St Mary's PA and focuses on the power the heart plays in Major Gifts and Planned Giving through conducted research and the personal experience of Gary Bukowski in his fundraising effort to make a difference in Higher Education, with Intellectually Challenged Individuals and most recently at Sarah A Reed Children's Center with children with behavioral challenges. Six donor case studies are reviewed. Recent research is used from the recent book The Embodied Mind by Thomas Verny MD and recent fundraising research. Plus, the author has provided a plethora of resources for the fundraising professional to help them in developing a major gift and planned giving program or enhance their present efforts.
Trinity Kings World Leadership: Stewarding Your InheritanceTerrell Patillo
1 Corinthians 4:1-2Amplified Bible (AMP)
Servants of Christ
4 So then, let us [who minister] be regarded as servants of Christ and stewards (trustees, administrators) of the mysteries of God [that He chooses to reveal]. 2 In this case, moreover, it is required [as essential and demanded] of stewards that one be found faithful and trustworthy.
A Guide for United Methodist Church AmbassadorsRodney Bowen
2013 marks the 125th anniversary of The Permanent Fund which was established to provide a permanent source of funding for the ministries of The United Methodist Church. With your help, we can ensure it will continue to grow into the future. Between 2004 and 2010, The Permanent Fund contributed more than $3 million to provide a permanent source of funding for the ministries of The United Methodist Church and for missions around the world.This Ambassador Guide is designed to give you easy steps to assist us in educating members of The United Methodist Church about the critical role of The Permanent Fund and how they can be involved. http://www.umcglobalimpact.org
You have to be aware of the existence of transfer taxes when you are engaged in your estate planning efforts. There is a federal estate tax that high net worth individuals must contend with, and this tax can take a significant bite out of your legacy, because it carries a 40 percent maximum rate. Learn more about gift tax exclusions in Connecticut in this presentation.
Retirement Account Options: A Guide for Connecticut ResidentsBarry D Horowitz
You should begin saving for retirement as early as you can. The sooner you begin to put aside money, the less it is necessary to save each month. Learn more about retirement account options in this presentation.
When Shoud You Retire: A Guide for Connecticut ResidentsBarry D Horowitz
Deciding when to retire is a big decision that you must think carefully about. When you give up your job, your life will change in many ways. Learn more about retirement planning in this presentation.
A basic estate plan will cover the essentials, but you may want to take a more comprehensive approach. Legacy planning is a broad-based, holistic form of estate planning. Learn more about North Dakota legacy planning in this presentation.
What Questions Should I Ask an Elder Law Attorney in ConnecticutBarry D Horowitz
The elder law field is very relevant at the present time, because so many people are reaching retirement age at the same time. The Social Security Administration is accepting some10,000 applications every day, and this is due to the aging of the baby boomer generation. Learn more about elder law attorney in Connecticut in this presentation.
The Compass & Clock program is comprised of your neighbors. We are grateful for the support of our participants, for without them Compass & Clock would not exist. This collection of knowledgeable and myriad resources is designed to help you navigate your journey through middle age, retirement, and senior years. Welcome to a community conceived to guide you into your best future.
We publish 2 print editions a year. Here is the Spring/Summer edition, and the Fall/Winter edition will be out by November 1st.
Please feel free to write to us with feedback, suggestions, and info you would like to see in our next publication or on the website, etc.
compassandclockmc@gmail.com
What Drives Giving: The Heart or Brain: Major Gifts, Planned Gifts & Donor Retention was presented at the 2023 Nonprofit Academy in St Mary's PA and focuses on the power the heart plays in Major Gifts and Planned Giving through conducted research and the personal experience of Gary Bukowski in his fundraising effort to make a difference in Higher Education, with Intellectually Challenged Individuals and most recently at Sarah A Reed Children's Center with children with behavioral challenges. Six donor case studies are reviewed. Recent research is used from the recent book The Embodied Mind by Thomas Verny MD and recent fundraising research. Plus, the author has provided a plethora of resources for the fundraising professional to help them in developing a major gift and planned giving program or enhance their present efforts.
Trinity Kings World Leadership: Stewarding Your InheritanceTerrell Patillo
1 Corinthians 4:1-2Amplified Bible (AMP)
Servants of Christ
4 So then, let us [who minister] be regarded as servants of Christ and stewards (trustees, administrators) of the mysteries of God [that He chooses to reveal]. 2 In this case, moreover, it is required [as essential and demanded] of stewards that one be found faithful and trustworthy.
A Guide for United Methodist Church AmbassadorsRodney Bowen
2013 marks the 125th anniversary of The Permanent Fund which was established to provide a permanent source of funding for the ministries of The United Methodist Church. With your help, we can ensure it will continue to grow into the future. Between 2004 and 2010, The Permanent Fund contributed more than $3 million to provide a permanent source of funding for the ministries of The United Methodist Church and for missions around the world.This Ambassador Guide is designed to give you easy steps to assist us in educating members of The United Methodist Church about the critical role of The Permanent Fund and how they can be involved. http://www.umcglobalimpact.org
You have to be aware of the existence of transfer taxes when you are engaged in your estate planning efforts. There is a federal estate tax that high net worth individuals must contend with, and this tax can take a significant bite out of your legacy, because it carries a 40 percent maximum rate. Learn more about gift tax exclusions in Connecticut in this presentation.
Similar to What is Connecticut Legacy Planning? (20)
Retirement Account Options: A Guide for Connecticut ResidentsBarry D Horowitz
You should begin saving for retirement as early as you can. The sooner you begin to put aside money, the less it is necessary to save each month. Learn more about retirement account options in this presentation.
When Shoud You Retire: A Guide for Connecticut ResidentsBarry D Horowitz
Deciding when to retire is a big decision that you must think carefully about. When you give up your job, your life will change in many ways. Learn more about retirement planning in this presentation.
Considerations When Choosing The Executor of an Estate: A Guide for Connectic...Barry D Horowitz
When you create a will, you should include a clause in your will to name someone executor of your estate. Learn more about executor of an estate in this presentation.
A power of attorney is a legally binding device. When you execute a power of attorney you, empower someone else to act on your behalf. Learn more about incapacity planning and powers of attorney in this presentation.
If you die without a last will or a trust, you will die intestate.The state will be forced to step in and take charge. Learn more about intestacy in this presentation.
There is a process of estate administration that is initiated after someone passes away.If you use a will to direct the transfer of your personally held property, the process of probate would enter the picture. Learn more about probate and the role of the executor in this presentation.
Alzheimer's Disease, Guardianship, and Incapacity PlanningBarry D Horowitz
When you plan your estate, you tackle some difficult realities that people are not especially anxious to think about. You address things that will take place after you are gone, but you should also consider the eventualities that could present themselves toward the end of your life.
Three Objectives a Living Trust Won't Accomplish in ConnecticutBarry D Horowitz
You may assume that a will is a will and a trust is a trust. In fact, there are different types of trusts that can be used when you are planning your estate. Learn more about living trust in this presentation.
What Is the Medicaid Maintenance Needs Allowance in ConnecticutBarry D Horowitz
Medicaid will pay for help with your activities of daily living. In fact, it pays for most of the long-term care that seniors are receiving. Learn more medicaid monthly maintenance needs allowance in Connecticut in this presentation.
When Will My Heirs Receive Their Inheritances in ConnecticutBarry D Horowitz
There are certain tasks that must be completed after you pass away to bring your final wishes to fruition. Learn more about inheritances in Connecticut in this presentation.
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There are many different estate planning tools that can be utilized to address various different respective sets of circumstances. One of these focused legal devices is the qualified domestic trust. Learn more about qualified domestic trust in Connecticut in this presentation.
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Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
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Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
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Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
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Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
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Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
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1. What Is a Supplemental Needs Trustin Connecticut? www.preserveyourestate.net
1
WHAT IS
CONNECTICUT
LEGACY PLANNING?
“In this paper we have provided some things for you to think
about, but there are no hard and fast rules with regard to a
legacy plan. You simply ask yourself how you would like to
be remembered, and you take steps to leave a lasting
impression.”
BARRY D.HOROWITZ
Connecticut Estate Planning Attorney
2. What Is a Supplemental Needs Trustin Connecticut? www.preserveyourestate.net
2
When you think about estate planning, and you have not looked into it
thoroughly, you may reduce the matter to the creation of a last will. You do
have to utilize asset transfer methods when you plan your estate, but there
is considerably more to think about if you want to be fully prepared.
Leaving the people that you love behind is an extraordinarily profound act.
Yes, it is important to think about financial matters, but there are also
matters of the heart that can enter the picture if you look at it right.
Legacy planning is a more complete form of estate planning. Your legacy is
the way that you will be remembered, and you can be proactive about
influencing these memories.
3. What Is Connecticut Legacy Planning? www.preserveyourestate.net
3
In this paper, we will provide you with some suggestions with regard to how
you may be able to shape a lasting legacy when you are engaged in your
planning efforts.
ETHICAL WILL
The last will or last will and testament is not the only type of will that is
used in the field of estate planning. Another type of will is called an ethical
will. These wills stem from the Judaic tradition, and they have been used
since biblical times. You use an ethical will to record moral and spiritual
values for your loved ones to draw from after your passing.
4. What Is Connecticut Legacy Planning? www.preserveyourestate.net
4
People in your family have undoubtedly come to you for guidance during
difficult times throughout their lives. You will not always be around to
provide insight, but you can make your "rules to live by" available if you
take the time to compose an ethical will.
FAMILY HEIRLOOMS
They say that a picture is worth 1000 words, and this is something to take
into consideration when you are crafting your legacy. The heirlooms that
you have in your possession are like time capsules that contain sentiment,
history, and love. You may want to take stock of all of the heirlooms that
you have, and carefully consider the perfect recipient for each item.
5. What Is Connecticut Legacy Planning? www.preserveyourestate.net
5
CHARITABLE GIVING
While you have been traversing your path through life, you have
undoubtedly been touched by different causes and organizations that are
meaningful to you. You may be in a position to give something back when
you are creating a legacy plan.
There are various different ways that you can facilitate transfers to
charities. It is clearly
possible to give direct
gift, but there are other
possibilities.
There are those who
create private charitable
foundations. When you
think about the most
well-known
foundations, like the Ford Foundation, the Rockefeller Foundation, and the
Bill and Melinda Gates Foundation, you may assume that you have to be a
billionaire to start a foundation. In fact, when you look into the subject, you
find that most foundations in the country are operating with less than $1
million.
6. What Is Connecticut Legacy Planning? www.preserveyourestate.net
6
If a foundation is not right for you, you could consider a charitable trust.
These trusts can provide tax advantages along with the personal benefits.
Donor advised funds are also used by many people who want to indulge
their philanthropic urges.
FAMILY HISTORY
There is no substitute for longevity when it comes to experience. As an
elder, you have interacted with family members who are long gone, and you
are an irreplaceable link in a chain that younger people can barely access.
7. What Is Connecticut Legacy Planning? www.preserveyourestate.net
7
You are in a unique position to share your family history in writing. This
profound act could be part of the plan.
SUMMARY
In this paper we have
provided some things for
you to think about, but
there are no hard and fast
rules with regard to a
legacy plan. You simply
ask yourself how you
would like to be
remembered, and you
take steps to leave a
lasting impression.
There are many different
ways that you can cast a
long shadow. If you
would like to discuss
everything with a licensed
professional who has
experience with legacy planning, schedule a consultation with an estate
planning attorney.
8. What Is Connecticut Legacy Planning? www.preserveyourestate.net
8
Many attorneys will provide free consultations. When you consult with an
attorney, you can have all of your questions answered, and you can go
forward with guidance if you decide to put a legacy plan in place.
REFERENCES
American Bar Association
http://www.americanbar.org/groups/real_property_trust_estate/resource
s/estate_planning/estate_planning_faq.html
CNN
http://money.cnn.com/retirement/guide/estateplanning_basics.moneyma
g/index.htm
9. What Is Connecticut Legacy Planning? www.preserveyourestate.net
9
About the Author
Barry D. Horowitz
Barry D. Horowitz is a founding partner in the law firm of
Nirenstein, Horowitz & Associates, P.C. He received his
diploma from the Loomis Chaffee School and his Bachelor
of Arts from Bennington College, where he dual majored
in philosophy and music.
Mr. Horowitz was awarded his Juris Doctor degree with
honors from the University of Connecticut School of Law.
While attending law school, Mr. Horowitz received the
American Jurisprudence Award in Legal Ethics and the
Nathan Burkan Award.
After graduation from law school, Mr. Horowitz continued his legal education at New
York University School of Law where he received a Post Doctorate Law Degree in
Taxation. He has also recently received a national achievement award.
Mr. Horowitz is admitted to practice before all the state courts in the State of
Connecticut and the United States District Court. He is a member of the Hartford
County Bar Association, a charter member of the American Academy of Estate Planning
Attorneys, and has recently received the American Academy Award. Mr. Horowitz is
also an active member of the Connecticut Bar Association where he is a member of the
Elder Law Section, the Estate Planning and Probate Section, and the Professional Ethics
Committee. Mr. Horowitz practices exclusively in the area of Estate Planning where he
has earned a reputation as a dynamic and entertaining speaker. He also has recently
published a book entitled “Guiding Those Left Behind in Connecticut.”
Nirenstein, Horowitz & Associates, PC
Living Trust and Estate Planning Attorneys
Serving the State of Connecticut with Offices in Greater Hartford, Fairfield County, CT
www.PreserveYourEstate.net
HARTFORD WESTPORT
Gothic Park 191 Post Road West
43 Woodland St., Suite 520 Westport, CT 06880
Hartford, CT 06105 Phone: 203-221-2617
Phone: (860) 548-1000