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Greenwich Connecticut Estate Planning Law Blog

Planning an estate in Connecticut

It is never pleasant to think about end-of-life issues, but a little planning can go a long way to preserving a person's estate for their family, friends or beneficiaries. Connecticut residents may want to consider their liability for federal and state taxes on their property and assets upon death.

Under state law, estates valued below $2 million are tax free. Rates for larger estates range from 7.2 percent to 12 percent payable to the Nutmeg State if an estate soars above $10.1 million in value. These taxes are due to the government within six months of a deceased person's passing.

Choosing an executor

You put a lot of thought into making a will that disposes of your assets in the way you deem appropriate. There remains one more step to ensuring the carrying out of your will's provisions: appointing the right executor.

Many states' laws have basic technical rules for who may serve as an executor. In addition, you may wish to consider some additional factors when making your choice. Speaking with a knowledgeable attorney can help you further define the characteristics to look for.

What can I expect in a Connecticut probate court?

Probate courts in Connecticut have a wide range of responsibilities, including cases regarding estates in the case of no or contested wills. These institutions and their judges also deal with the disposition of children and people with limited abilities to manage their own affairs.

The Nutmeg State's 54 probate courts are designed to offer simple and direct access to legal proceedings. However, an attorney is often recommended in these cases to make sure claimants and others are properly represented.

2 estate planning strategies for high-value estates

It seems that the more money and wealth you have in Greenwich, the more problems that come with it. When it comes to estate planning, if you do not plan things out right, your loved ones could end up with far less than you intend for them to inherit due to taxes and other expenses. 

No matter how you earned your wealth and assets, it is important for you to use estate planning to your benefit to protect it. Here are strategies you can use to ensure that everything you own gets distributed according to your wishes. 

Ten mistakes to avoid in estate planning

Estate planning is an important part of planning for your future. Many people are not aware of this, but it is much better to create an estate plan now rather than later. Such a plan can help protect the future wellbeing of your family and loved ones after you are deceased.

This important process should not be set aside. That’s why it is important to understand some of the fundamentals of estate planning.

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