Connecticut Phone: 203-661-5222 | New York Phone: 914-397-2400 | Florida Phone: 239-302-2768

Your Leading Estate Planning, Taxation, Real Estate and Trust & Estate Litigation Firm.

ABA American Bar Association NYSBA WCBA Worcester County Bar Association Connecticut Bar Association CTLA ASPPA

Connecticut prepares to raise the estate tax exemption

Estate planning sounds like it only applies to people with large fortunes or complicated assets, but anyone who wants their descendants to have an easier time sorting out who gets what. There are several restrictions and taxes on how Connecticutians can dispose of their assets and properties after death, but most apply to the higher echelon of owners and earners.

The U.S. Tax Cuts and Jobs Act raised the federal exemption on estate taxation to $11.18 million worth of assets, properties and financial instruments. The Nutmeg State is also incrementally raising these exemptions to cover more and more valuable estates. The 2018 gift tax exemption in Connecticut rose to $2.6 million, and it is poised to increase again.

The new year will bring a higher exemption, as estates conferred in 2019 will not be taxed if their collective values are $3.6 million or lower in value. In addition, the government in Hartford has scheduled an increase in 2020 to match the federal exemption at over $11 million.

People who still see the possibility of taxation on their valuable estate may decrease their liability through a variety of legal and financial options. Gifts to family members during an estate holder's lifetime or the creation of trusts may shield some assets from taxation.

Anyone looking to secure the future of their estates for their children and organizations may seek legal representation during preparation, hearings in probate court or other times in which an attorney may make a difference. A lawyer can help take a larger view of estate planning and find the right options.

No Comments

Leave a comment
Comment Information

Greenwich Office
25 Field Point RD
Greenwich, CT 06830

Phone: 203-661-5222 CT
Fax: 203-661-1197
Greenwich Office Location

White Plains Office
1 North Lexington Avenue
Suite 701
White Plains, NY 10601

Phone: 914-397-2400 NY
Fax: 914-437-6354
Map & Directions

Bridgehampton Office
2317 Montauk Highway
Bridgehampton, NY 11932

Phone: 203-661-5222 CT
Fax: 203-661-1197
Map & Directions

Naples Office
500 Fifth Avenue South
Suite 526
Naples, FL 34102

Phone: 239-302-2768
Fax: 239-325-1813
Map & Directions