The accumulation of wealth is a very good thing. However, from an estate planning perspective, it can present some added challenges depending on the extent of your resources. 2023 Connecticut State Estate Tax Exclusion There are 12 states in the union and have state-level estate taxes. As luck would have it, Connecticut is among the unfortunate dozen. That’s the bad news, but there is good news for most residents. This tax is only applicable on the portion of an estate that exceeds the … [Read more...] about Connecticut Estate Tax Exclusion Will Rise Next Year
Can You Give Advance Inheritances to Get Around Estate Taxes?
You pay many different types of taxes throughout your life, including income taxes, property taxes, capital gains taxes, sales tax, gas and hospitality taxes, and on and on. Since you are taxed at every turn while you are living, you would hope that the IRS will leave your estate alone. Unfortunately, if you have been very successful, your estate can be subject to taxation because there is a federal estate tax. Here in Connecticut, we have a state-level estate tax to add to the potential … [Read more...] about Can You Give Advance Inheritances to Get Around Estate Taxes?
Is There a Connecticut Inheritance Tax?
Some people are confused about taxes that enter the picture when assets are transferred after someone dies. The terms “estate tax” and “inheritance tax” are used, and there are state and federal levels to consider. In this post, we will provide an explanation so you can go forward with a firm understanding of taxes on inheritances as a Connecticut resident. Estate Tax vs. Inheritance Tax The best place to start is to look at the core differences between an estate tax and an inheritance tax. … [Read more...] about Is There a Connecticut Inheritance Tax?
How Tax Reform Could Change Estate Tax Rules
Hartford estate planning attorneys provide assistance to clients with larger estates who are potentially going to have to pay estate taxes after they pass away. Estate taxes can substantially reduce the value of an inheritance and can cause significant problems for families with lots of illiquid assets, as there may be insufficient funds available to pay estate tax. If there is a possibility that you will owe these taxes, it is vitally important that you talk with an experienced attorney to … [Read more...] about How Tax Reform Could Change Estate Tax Rules
How Connecticut Estate Taxes Could Affect Your Family Business
Connecticut estate taxes can be assessed if the value of your estate exceeds a certain dollar value. Federal estate taxes can also be charged. In many situations, ownership of a family business will result in your estate being over the excludable amount, and thus being taxed. This, in effect, means the value of your company and business assets end up being taxed. The effect that this can have on ongoing company operations can be detrimental. Nirenstein, Horowitz & Associates can provide … [Read more...] about How Connecticut Estate Taxes Could Affect Your Family Business
Is the Estate Tax Applied on Transfers to My Spouse?
There are many things to take into consideration when you are planning your estate, and there are those who make mistakes that yield negative consequences, because they do not know all the facts. This certainly comes into play when it comes to taxation, especially in the state of Connecticut. You pay taxes all of your life, on virtually everything: your property, your purchases, your income, your capital gains, hotel rooms, gasoline, etc., etc., etc. It would be logical to assume that you can … [Read more...] about Is the Estate Tax Applied on Transfers to My Spouse?
Estate Taxes: Five Things You Need to Know
There are some misconceptions out there about estate taxes. In this blog post, we will provide you with the five essential facts about death taxes that everyone should understand. Federal Estate Tax We have an estate tax on the federal level that is applicable in all 50 states. There is a certain amount that can be transferred before the estate tax would be applied. This is called the credit, exemption, or exclusion. The exclusion is inflation-adjusted each year. For the rest of 2016, the … [Read more...] about Estate Taxes: Five Things You Need to Know
Is There An Estate Tax in Connecticut
Is There An Estate Tax in Connecticut from Barry D Horowitz You pay taxes all of your life. Your estate is comprised of assets that you have left after paying all of these taxes. Most people would like to think that they have paid their share during their lives. Learn more about Estate Tax in Connecticut in this presentation. … [Read more...] about Is There An Estate Tax in Connecticut
Complimentary Report: What Are the Gift Tax Exclusions in Connecticut?
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. The estate tax is not applicable on asset transfers between spouses, as long as the people in question are American citizens. Transfers to others are potentially taxable. It would be logical to … [Read more...] about Complimentary Report: What Are the Gift Tax Exclusions in Connecticut?
What is Connecticut Qualified Domestic Trust
What is Connecticut Qualified Domestic Trust from Barry D Horowitz The estate tax is not applicable on asset transfers between spouses You could use the unlimited marital deduction to transfer any amount of property to your spouse free of taxation. Learn more about Connecticut Qualified Domestic Trust in this presentation. … [Read more...] about What is Connecticut Qualified Domestic Trust