Taxes help fund public goods, and most taxes come from individual income, corporate income, sales and payroll taxes. Although estate tax doesn't make up a substantial portion of Connecticut's tax revenues, every family wants to avoid estate taxes if possible. Give...
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Month: January 2021
Who needs a living trust?
As you get older in Connecticut, you might find it increasingly difficult to manage your assets. Fortunately, you don't have to wait for a judge to place you under a conservatorship. You can establish a living trust and choose someone to manage your assets on your...
Charitable remainder trusts: charitable while receiving income
Many people in the Greenwich area have thought about their legacy after they are gone. Some people may have come from a long lineage of charitable giving while others are just now considering it. Besides naming a charity in a will or traditional trust, a charitable...
A crucial decision: choosing the right guardian for your children
Embracing your children is among the everyday highlights in your life. Their voices, their scents and their presence just make you feel on top of the world. You love them and provide for them the best that you know how. You do not want these scenes to ever end. But...
Pros and cons of creating an irrevocable trust
Trusts are separate legal entities designed to manage a person’s assets. For those of varying degrees of wealth, they can be vital instruments for avoiding probate upon their death and reducing tax burdens. Revocable, or living trusts, give the owner flexibility to...
Understanding the use and misuse of trusts
One of the most misunderstood legal terms is “trust.” Most Connecticut residents have heard the term, but many have no understanding of the nature and operation of a trust. The subject of trusts is far too broad for a single (or even several) blog posts. This post...
Strategies for giving for Connecticut estates
While the Tax Cuts and Jobs Act made huge changes to the tax code, the doubling of the estate tax deduction has been one of the more attractive features for families who have made significant estate plans. However, if you live in Connecticut and are concerned about...