You may think that you can just arrange for the distribution of your assets to your loved ones after you pass away without worrying about taxation. However, there is in fact a federal estate tax in place. Many people question the fairness of this tax. The money that you are able to accumulate throughout your … [Read More]
Do I Have to Pay Taxes When Someone Leaves Me Money?
It can sometimes seem as though you are taxed at every turn, and taxation potentially comes into play when you are planning your estate. We will look at the matter in this post. Inheritance Recipients If you are the recipient of an inheritance, do you have to pay income taxes on this windfall? This is … [Read More]
What Is the Annual Gift Tax Exclusion in Hartford Connecticut?
You may hear that there is a federal gift tax that is unified with the estate tax. This is true. There is a unified exclusion or credit. It could be said that this is the amount that can be transferred before taxes would kick in. In 2014, the amount of the annual gift tax exclusion … [Read More]
Should I Use My Unified Exclusion in Hartford Connecticut While I’m Living?
There is an estate tax in the United States, and there is also a gift tax. The two taxes are unified, so there is a unified exclusion. What Is the Unified Exclusion in Hartford Connecticut? The exclusion is also called a credit, and this is the amount of property that you can transfer to others … [Read More]
Connecticut Estate Planning: What Is the Marital Deduction?
Most people have heard of income tax deductions, and there are income tax issues that involve married couples specifically. However, the term “marital deduction” has relevance within the estate planning community. It has nothing to do with income taxes in this context. What this refers to is the ability of a surviving spouse to inherit … [Read More]
Are You Exposed to Transfer Taxes?
One of the first things that you must do when you are planning your estate would be to inventory your assets. To be able to know what you are passing along to your loved ones you need to know exactly what it is that you have to give. The quantity of what you have is … [Read More]
Marital Estate Tax Deduction Limited to United States Citizens
In the United States we have an estate tax on the federal level. At the present time the estate tax exclusion is $5.25 million, and the maximum rate is 40%. This $5.25 million figure is subject to ongoing adjustments for inflation on an annual basis. What this means is that anything that you pass along … [Read More]
Lack of Estate Tax Exposure Doesn’t Eliminate Need for a Plan
Though some people would prefer that it was otherwise we have an estate tax in place on the federal level. This is applicable in all 50 states. The amount of the estate tax exclusion in 2013 is $5.25 million, and the top rate of this death levy is 40%. Not every state has an estate … [Read More]
Unified Credit Increased for 2014
The [Read More]
GRAT Can Be Good Gamble
There are various different acronyms that are used in estate planning, and they oftentimes shorten rather wordy names for certain types of trusts. We like to highlight one of these from time to time, and in this post we will look at the GRAT or [Read More]
( By appointment only )