Law for Everyday Life

What are the two types of retirement plans?

Individual and Employer plans

What are the two types of individual retirement plans?

IRA and Roth IRA

Individual retirement plans

accounts you set up yourself, no connection to your employer

IRA

Pre-tax; pay taxes on withdrawals

Roth IRA

After-tax contribution; withdrawals are tax free

What are the two types of employer plans

Defined benefit and defined contribution

Employer plans

employer may or may not contribute, or employer and employee contribute

Defined benefit

expected amount upon retirement (grows taxed deferred)

two types of defined contribution plans

401k and Roth 401k

401k

•Most common

•Employer established plan

•Employee can contribute portion of earnings

•Employer might contribute, or not

•Employee directs investments (mutual funds, money market accounts, bond funds…)

•Contribution limits in 2025 ($23,500 per year)

Roth 401k

•Can be added to traditional 401(k) plan, cannot exist on its own

•Employee can contribute part of their salary

•Only after-tax salary can be deposited

•No employer contributions permitted

•No tax when withdrawn in retirement

•Penalties for early withdrawal of contributions or earnings

•Same contribution limit as 401(k)

What are the two rules pertaining to taking money out of retirement accounts?

Early withdrawals and required minimum distributions

Early Withdrawal

before 59 1/2 is penalized with major financial penalties

Required minimum distributions (RMD)

mandatory withdrawals once you turn 73

What are the types of social security benefits?

Retirement, disability, dependent, survivor, Supplemental security income (SSI)

Retirement Benefits

about one percent of what you're earning (start at age 62, increases till you're 70), based on individual work history

Disability Benefits

younger than 66, qualify as disabled under program's medical guidelines; benefits equal about retirement benefits

Dependent Benefits

Monthly payments for certain family members of a worker who receives SS retirement or disability benefits

What is social security

A number of related programs that provide workers with $ when the normal flow of income shrinks because of an 'event'

Survivor Benefits

Payments to a deceased person's eligible family member

Supplemental Security income (SSI)

A small monthly payment to those older than 65 or disabled who have low income and assets; For seniors not eligible for SS retirement or disability benefits

Universal requirements for eligibility

The worker on whose earning record the benefit is to be paid must have worked in "covered employment" for a sufficient number of years (earned work credits) by the time the claim for benefits is made.

Sources of landlord and tenant law

federal/local/state, statutes, case law, local ordinances

landlord's responsibilities

habitability (plumbing, electricity, heat, etc.)

tenant's reponsibilities

pay rent on time, let landlord know of any repairs that need to be done

month-to-month rental is…

typically not in writing

provisions of a written lease agreement

how much is rent, when rent is due and when it starts/ends, area of lease (specific), defining and outlining security deposits, and more

when is a tenant permitted to break the lease?

When the landlord doesn't make repairs or if the terms of the lease were violated

legal/financial consequences for tenant who breaks lease without cause

doctrine of mitigations of damages (landlards must take reasonable measures to lesson the damages and take the proper steps, such as abandoning the property, acting in good faith, being flexible, making a reasonable effort to re-rent)

Fair housing act

can't discriminate against a tenant based on race, gender, religion, etc.

Security deposit purpose

held by the landlord to cover any damage to the apartment caused by a tenant.

what is the typical amount of a security deposit?

no more than two months rent; if 62 or over it's one month

Where is a security deposit held?

in an escrow account

rules for return of a security deposit

within 30 days of when tenant moves out unless it's used to cover damages

when can a landlord may terminate lease?

when the terms of the lease have been violated

what is the evictions process?

1. Serve tenant with notice to quit

2. if tenant doesn't leave by specified date, marshal can serve summons and complaint

Tenants and privacy rights

landland can enter but with advance notice (usually 24 hours and during a reasonable time of day) or if it's an emergency

What are the non-discriminatory reasons to deny a rental application?

valid business reasons, min. income, references from past landlords, credit history, past behavior, number of people

what are the two types of mortgages?

Fixed and ARM

Fixed mortgage

A type of mortgage where the interest rate and payments per month are locked, they will not change throughout the lifespan of the mortgage.

ARM mortgage

interest rate is periodically adjusted

Points of mortgages

1% of lean percentage that covers administrative costs

Interest of applying for a mortgage

mortgage interest is calculated as a percentage of the loan's principal and can be subject to different terms

what is a will?

a written declaration of a person's instructions for the distributions of his or her property after death, executed in accordance with specific legal procedures

Requirements of a will in CT

must be at least 18, of sound mind, written by a testator and two neutral non-benefitting witnesses

can you disinherit one spouse in CT?

No

Can you disinherit one child in CT?

Yes but you must properly cite it

pretermitted heir

if you created a will before another child was born, the statute will recognize that the child will inevitably be included

per stirpes

by the root; sharing of estates by descendants according to generations

per capita

dividing assets equally "by head" among all surviving beneficiaries at a certain generation

holographic wills

Entirely handwritten and signed by the testator with no witnesses

probate

is the court-supervised legal process of verifying a will, paying the deceased's debts, and distributing their remaining assets to heirs

steps to probate

1. file a petition

2. appoint a personal representative

3. notify all interested parties

4. inventory and appraise the assets

5. pay all outstanding debts and taxes

6. distribute remaining assets

7. close the estate

what kind of property avoids probate?

jointly owned property in survivorship

intestate succession

a person dies and has no descendants, so state takes it all (specifics depend state)

purpose of living will

legal documents expressing individual's wishes for medical treatment/ care and appointing someone to act on their behalf

legal requirements of living will in CT

must be at least 18, sign & date document with presence of two witnesses (not the person you appoint)

revocation of living will in CT

orally or by physically destroying it

purpose and role of health care representative

someone to make medical decision on your behalf if you can't

who can't you name as your health care representative?

a doctor or physician

legal requirements of a health care representative in CT

must be 18, sign and date in the presence of two witnesses (same as living will)

revocation of health care representative

must do so in writing with two witnesses signing (in CT), inform those who had a copy of previous document (may NOT do it orally)

terri schiavo case

The medical condition: In 1990, Terri Schiavo collapsed from cardiac arrest, leading to severe brain damage and a persistent vegetative state from which she never recovered. A feeding tube was required to keep her alive, as she was unable to eat or drink normally.

The legal battle: Her husband, Michael Schiavo, sought to have the feeding tube removed, believing it was her wish to not be kept alive in such a condition. Her parents, Robert and Mary Schindler, fought to keep her alive, and the legal struggle lasted for years, involving state courts, the Florida legislature, and even the U.S. Congress.

Government intervention: The case became a national issue, with politicians intervening to try and influence the outcome. A Florida law was passed to allow Governor Jeb Bush to intervene on her behalf, but federal courts deemed it unconstitutional.

The final outcome: After multiple legal challenges and the feeding tube being reinserted and removed multiple times, it was disconnected for the final time on March 18, 2005. Terri Schiavo passed away 13 days later on March 31, 2005.

Legacy: The case sparked a national debate on end-of-life care, the role of government in personal medical decisions, and the importance of advance directives like living wills.

cohabitation

when a couple lives together but are not married

What are some laws protecting property rights of unmarried couples?

property ownership, inheritance (will), advance directives, cohabitation agreements

Right of survivorship in cohabitation

if one partner dies, house goes to survivor

tenancy in common in cohabitation

shared partnership where two or more people hold individual undivided interest in a property

percentage in ownership in cohabitation

legally defined share of an asset

right of refusal in cohabititation

gives one parent the first opportunity to care for a child before getting babysitter

palimony

financial support paid to an ex-partner, like alimony, but with reference to former cohabitants

domestic partnerships

household partnerships in which an unmarried couple lives together in a committed, sexually intimate relationship and is granted some of the same rights and benefits as those accorded to married heterosexual couples (more limited rights)

domestic partnership benefits

health insurance, hospital visitation, make medical decisions for the other

domestic partnership disadvantages

can't file joint taxes, no survivor benefits

civil union

a legally recognized union of a same-sex couple, with rights similar to those of marriage.

civil union benefits

might be able to obtain a certificate, inheritance rights, joint parental rights

civil union disadvantages

not recognized at federal level (can affect tax breaks, SS benefits, etc.)

defense of marriage act (DOMA)

U.S. act that defined marriage as the union of one man and one woman

US v. Windsor

Overturned DOMA based on due process (5th amendment)

Obergefell v. Hodges

States obligated to recognize same-sex marriage from other states.

premarital agreement purpose

how things will be split in the event of a divorce (must be in writing because of statute of frauds)

provisions of a premarital agreement

property, assets, debts, alimony, etc.

alimony

payments made regularly to an ex-spouse after divorce

two types of marriage

ceremonial and common law

spousal rights and obligations

many including joint taxes, SS benefits, intestate succession, insurance breaks, enter jail and hospital as guests, etc.

marriage license

authorizes the marriage

marriage certificate

proves you're married/result of a ceremonial marriage

state restrictions on marriage

age, married to one person at a time, can't be someone in the family, mental capacity (consent), public policy (fraud purposes)

what are the types of grounds for divorce?

fault and no-fault

Fault divorce

when one person is to blame (cheating, abuse, etc.)

No-fault divorce

no one is to blame, marriage broke itself

legal requirement to seek a divorce within a state

must live in the state for a specific amount of time (usually 6-12 months), or have a significant connection to that state in order to file for divorce

two types of property division

equitable distribution state and community property state

equitable distribution state

not necessarily 50/50 - marital property only

community property state

splitting property 50/50

grounds for civil annulment

incest and concealment (did not intend to get married)

impact of civil annulment

acts like marriage never happend

legal separation grounds

court-ordered

impact of legal separation

comes with all the necessary financial decisions (live apart but still married; can help with child custody and beliefs

pendente lite orders

pending the litigation; temporary orders that the attorney would want to get so both parties can survive (during a divorce or separation)

Custodial parent

parent who primarily takes care of the child