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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...
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....
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...
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...
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...