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Heirs in Connecticut paying estate taxes after a couple or individual has passed away is generally a concern that mainly affects the highest tier of the extremely wealthy. However, upcoming legislation may cause these taxes to apply to more people - which will, in...
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...
In Connecticut, a bypass trust is a tool for avoiding some of the estate tax that would otherwise be due over the course of the deaths of a couple who leave assets for their children. It involves creating two trusts and transferring assets from one to the other at key...
Taxation is a delicate matter when you have a large estate. The impact of taxes grows as your wealth grows. No one should ever consider evading taxes, as doing so is illegal. Regardless, there are ways to eliminate or reduce taxes legally. Knowing the law is how you...
In Connecticut, if you'd like to maintain investment income and benefit one of your favorite charities, setting up a charitable trust can be an excellent way to complete both endeavors. Understanding the pros and cons will make you more informed about its benefits....
A pooled special needs trust, or PSNT, is a financial device that is designed to provide for the lifelong financial support of people with special needs, who often have ongoing medical costs as well as a limited ability to work for income. These trusts entail pooling...
High-net-worth Connecticut families might have to engage in tax-reduction strategies to avoid estate taxes, gift taxes, and the generation-skipping tax. While the current federal exemption amount is high, it might revert back to a lower amount in 2025 if Congress does...
Residents of Connecticut who want to help their families avoid having to pay taxes on their estate may want to consider setting up a dynasty trust. While dynasty trusts may not be the best solution for everyone, it may help to think about what will happen to your...
If you are looking for a great way to protect your wealth, a Connecticut family trust can have a lot to offer. It's understandable if this is your first time hearing about family trusts. Here's more information about family trusts and how they help you protect and...
Many people in Greenwich, Connecticut, don't like to think about death, but it is important to have clear estate plans for their eventual passing. If there is no estate plan, the court may decide who gets the assets. One type of estate planning tool to avoid this...