Opportunities to Shelter Assets
Under the Uniform Trust Code for Connecticut, effective January 1, 2020, one may form a Domestic Asset Protection Trusts (akin to Foreign Asset Protection Trusts), which allows powerful provisions for one to shield assets from creditors.
It also allows for trusts to last up to 800 years thus allowing Family Dynasty Trusts for not only continued sheltering of assets from estate taxes but also protection of wealth for the benefit of generations of descendants.
These opportunities are especially beneficial for doctors, surgeons, business owners and other high-net worth people.
Long-Term Care and Medicaid Planning
Besides reviewing and updating your estate plan and documents, consider also discussing Long-Term Care Planning. Remember, if one ever needs Medicaid assistance there is a 5-year look-back period in which one may not make gifts or transfers of assets. Protecting your home, sheltering assets in an Irrevocable Life Insurance Trust or Family Dynasty Trusts, and Funeral Trusts, in which one could use anywhere throughout the country, are all options to discuss and consider for end-stage planning. In addition, there are many options with life insurance for assistance with long-term care. A review of existing life insurance plans may determine more efficient options for protection.
New Power of Attorney Act
As of July 2, 2016, Connecticut also has a new Power of Attorney Act, which includes newer, more robust, provisions, especially for elder law matters.