Estate Planning for Everything
Planning for Everything
By Carl A. Glad, Esquire
Partner Law Offices of Kurt M. Ahlberg
Senior Help Desk Thanks Carl A. Glad , Esq from the Law Offices of Kurt M. Ahlberg for this resourceful senior blog.
An estate plan should truly be a Plan. Plans include provisions for all contingencies, even the worst. In an estate plan the worst contingency is of course death. Your estate plan will likely contemplate the disposition of your assets at your death but it might not contemplate the costs associated with your death.
You can include these costs in your estate plan when you purchase a prepaid funeral service contract. These contracts allow you to pay for your funeral ahead of time. These contracts cover the basic costs of a funeral including the services and the preparation of remains. This can ease the stress and financial burden on your surviving family members.
There are both revocable and irrevocable funeral service contracts. A revocable contract is simply that, a contract that can be revoked at any time. An irrevocable contract becomes important when Title 19 is potentially in your future. Connecticut law allows you to keep an irrevocable contract even if you become a Title 19 recipient. This benefits your family as you may have limited or no assets at death. Importantly, effective July 1, 2016, the allowance for an irrevocable contract was increased for the first time in 19 years. The ceiling for an irrevocable contract was increased from $5,400.00 to $8,000.00. It is also possible to increase any existing contract to the new level.
Setting up a full estate plan can be complicated as well as emotional. Planning for everything will alleviate some of those same problems for your family. Meeting with a qualified elder law attorney can help you create a comprehensive estate plan.
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