${site.data.firmName}${SEMFirmNameAlt}
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

It's time to think about death and taxes

Nobody really likes to think about either death or taxes, but the two are heavily intertwined -- especially since the Tax Cuts and Jobs Act of 2017 went into effect. If you haven't spent some time reviewing your existing estate plans to see what changes should be made to minimize any tax consequences since then, you should.

Here are some of the things financial experts are recommending that you do with your estate plans now:

  1. Review any trusts. Trusts are great tools for passing wealth on securely to the next generation -- but some trusts became less useful due to the new laws. You could also run into state taxes that complicate your trust. A flexible trust strategy may be needed to accomplish some of your original goals.
  2. Look at spousal exclusions. Since 2010, one spouse has been able to "piggy bank" the unused federal tax exclusion left over from the other spouse's estate. Since you and your spouse are unlikely to pass at the same time, that's an important consideration.
  3. Find out more about how you can strategically use gifts to your heirs. Lifetime gifts to your heirs reduce the federal estate tax exclusion they receive -- but there are ways to make that financial bite a little less painful.

Finally, it's time to review all of your estate plans carefully for accuracy and completeness. That's technically our suggestion -- not something that the financial experts are saying -- but it's always a good idea to look at your estate plans every few years to make sure that they still reflect your current wishes. When things change, your estate plans should change with them.

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