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As a single person who has worked your entire life, you have accumulated significant wealth. If you have no family or heirs to leave your assets to, you may wonder what you can do with your wealth. Connecticut residents can create a single-life annuity that can keep...
The IRS allows many ways for individuals to reduce their income taxes. This allows you to better prepare yourself for the future while allowing more of your income to go where you want it to. Whether you live in Connecticut or another state, you can take advantage of...
Intentionally defective grantor trusts have become a popular estate planning tool in Connecticut. They allow you to transfer assets to your children or other beneficiaries while minimizing the amount of gift and estate taxes that will be due. If you are looking to...
For many people in Connecticut, the house is among the most important assets to consider when it comes to estate planning. Deciding on the best way to manage the house can be complicated, but placing it in a living trust is one of the most common options. Living...
If you're in declining health and you have a substantial estate to deal with in Connecticut, you're probably worried about preserving that wealth for your heirs. However, if you end up entering a nursing home, your estate could dramatically decrease as it will go to...
The more diverse your estate plan is, the more secure you can be in protecting your money. Your property in Connecticut, however, is subject to taxation. Even when you're ready to retire, the withdrawals that you make get reduced because of taxes. The same happens if...
Providing for beneficiaries after your passing takes on a special significance if you have a disabled child who often has significant living expenses. Fortunately, Connecticut residents have several options that will provide income to help keep their disabled children...
If you want to transfer assets to your loved ones in Connecticut without paying any estate or gift taxes, then you should consider a Grantor Retained Annuity Trust (GRAT). Here's an overview of how GRATs work, why you should consider them, and some caveats. What is...
Charitable giving allows people to support organizations and causes they care about. Making charitable contributions can also offer tax benefits to people in Connecticut. Charitable gifts can help to reduce income taxes by providing deductions and might also help...
One of the most simple ways to transfer assets is with gifts. This can play a big role in estate planning and other wealth preservation strategies. However, people often do not realize that gifts in Connecticut can have complex tax implications. Minimizing that tax...