There have been some updates to Connecticut law that impact Connecticut estate planning and Connecticut advance directives. Additionally, there are recent developments in the discussion regarding Connecticut Estate Tax changes scheduled for 2018.
- The MOLST Pilot Project (discussed in our July 2017 article) has been made permanent. Recently, Governor Malloy signed into law Public Act 17-70 which makes what had been a “pilot project” for certain institutions in certain parts of the State, a permanent Statewide option.
- ABLE (Achieving a Better Life Experience) accounts were authorized by the Connecticut legislature in 2015 (discussed in our April 2015 article). The enabling legislation directed the Office of the State Treasurer to establish a protocol for such accounts for Connecticut residents. That still has not occurred. As a result, a Connecticut resident wanting to establish an ABLE account must do so through a State that allows non-residents to do that. At the present time, that is either Ohio or Kentucky.
- The new Connecticut Uniform Power of Attorney Act (discussed in our October 2016 article) which became effective on October 1, 2016 was amended. For the most part, the amendments just cleaned up ambiguities in the new law that had become effective on October 1, 2016. Don’t worry if you have a Power of Attorney Instrument signed before October 1, 2016. If it was valid when you signed it, it still is.
- Public Act 17-91 adopts the Uniform Recognition of Substitute Decision Making Act in Connecticut. This is particularly important for residents who have moved to Connecticut or live part of the year in Connecticut and part of the year elsewhere. The Act says that if you have signed a Power of Attorney Instrument or Health Care Instructions valid in the State where you signed them, Connecticut must recognize the documents as valid, as well.
- As of the time we go to press, the Connecticut Estate Tax Exemption for property passing to anyone other than a citizen spouse increases, gradually, to the same amount as the federal exemption (presently $5,490,000.00). The increase is phased in over 3 years, beginning in 2018. This is very good news for many Connecticut residents as it will allow for much less complicated estate planning documents.
If you are interested in learning more about any of these subjects, please visit our website and read our blog for recent posts. For advice specific to you or your family, please contact the office. We would be glad to meet with you for a no hassle, no charge initial consultation, no matter how long it lasts.