You worked your whole life to build something worth passing on. The last thing you want is for a divorce to redirect part of that inheritance to someone outside your family. It’s a real risk, and one that careful planning can eliminate entirely. Inheritance Isn’t Automatically Off-Limits in a Divorce Most people assume that money … [Read More]
Is There a Simplified Probate Process in Connecticut?
Is there a simplified probate process in Connecticut? The short answer is yes, Connecticut does have a streamlined procedure for certain very small estates, but it applies to so few situations that most families will never qualify for it. For the vast majority of estates, the standard probate process is the only path through the … [Read More]
Connecticut Estate Tax Exclusion Will Rise Next Year
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 … [Read More]
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 … [Read More]
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 … [Read More]
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 … [Read More]
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 … [Read More]
Is the Estate Tax Applied on Transfers to My Spouse?
Estate Taxes: Five Things You Need to Know
estate is being administered. There is no inheritance tax on the state level, but a handful of states have their own state-level inheritance taxes. This time, there is some good news to report to Connecticut citizens. There is no state-level inheritance tax in our state. Nebraska, Iowa, Kentucky, Pennsylvania, Maryland and New Jersey are the … [Read More]
Is There An Estate Tax in Connecticut
Is There An Estate Tax in Connecticut from [Read More]
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