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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...
Families in Connecticut with disabled members who are not able to work have options to help provide financial support for those members. Two key tools are the special needs trust and the ABLE trust, which differ in important ways. Special needs trust vs. ABLE trust...
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...
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...