Inheritance Tax

When you inherit money or you are making plans for who will inherit your wealth after you pass away, it is important that you understand the rules for inheritance tax and for estate tax.  If an inheritance or estate tax (or both types of taxes) will be charged after your death, this can create substantial financial hardship. You have options to try to avoid taxes triggered by a death, but you need to know specifically how these taxes work, which will apply to your estate, and what you can do … [Read more...] about Differences Between Inheritance Tax and Estate Tax

Connecticut inheritance taxes and federal estate taxes are different. In some cases, depending upon the value of your estate, taxes may be owed both to the federal government as well as to the state government. You need to know tax rules, whether your estate is subject to taxation, and how taxes will affect your ability to leave a legacy.  In many cases, it is possible to create an estate plan which incorporates tax minimization or tax avoidance strategies. By working with an experienced … [Read more...] about Connecticut Inheritance Taxes vs. Federal Estate Taxes

An inheritance tax is a tax that would be levied on distributions to every inheritor who is not exempt from the tax. In other words, there could be multiple impositions of an inheritance tax when one estate is being distributed among the heirs. The states have the ability to impose state-level inheritance taxes, but most states are not exercising this option. Only six states in the union have state-level inheritance taxes, and fortunately, Connecticut is not among them. The states with … [Read more...] about Complimentary Report: Will My Heirs Be Forced To Pay an Inheritance Tax in Connecticut