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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...
Wealth is a central factor behind estate planning. Deciding on how to value your estate in Connecticut calls for some strategy on your part. However, an estate shouldn't just be planned out for when you die. Your estate can generate more profits, reduce your taxes and...
The act of saving is enough to avoid taxes on the income you expect to have in retirement. Retirement accounts are themselves at the forefront of tax reduction strategies. If you lack a retirement fund, then now is not too late to get one. The state of Connecticut...
Estate planning can be complicated, but it may improve your quality of life and help ensure financial freedom and peace of mind for your benefactors. If you're a Connecticut resident, here are some ways that advanced estate planning can benefit you and your family....
An irrevocable life insurance trust can be a great estate planning tool for Connecticut residents. Often referred to as an ILIT, these instruments act as both the owner and beneficiary of large life insurance policies. Using an ILIT can help high net-worth individuals...
Tax policies are in constant flux. If you are one of the money-smart Connecticut residents who are eyeing the changes, it could be a good idea to investigate asset transfer strategies. Remove assets from your estate You already know that you want your kids to have a...
Giving to charity while at the same time generating income seems like an excellent way to put your savings into use. Many people in Connecticut are considering Charitable Remainder Trusts (CRT), although they lack a good understanding of how this vehicle works. A CRT...
Connecticut residents may find the federal tax code often encourages legal reduction steps. Deductions find their way into the code thanks to laws passed by Congress. Anyone eligible to take deductions or credits could cut down on what they owe, and some might receive...
A top reason people take part in estate planning and write a will with careful consideration centers on caring for family members. A person with significant assets likely doesn't want to see creditors and tax agencies take a substantial portion of the assets. However,...
As any parent will tell you, it can be quite costly to raise a child. Fortunately, there are several smart ways for parents in Connecticut to save money during tax time. With that in mind, here are several ways that parents can get a break when filing their taxes....