THIS ARTICLE HAS BEEN SUPERCEDED: New State Budget Increases the Connecticut Estate Tax Exemption
THIS ARTICLE HAS BEEN SUPERCEDED BY: Update on the Connecticut Estate Tax Exemption
Estate Tax
Key Figures to Remember in 2015 Estate Planning
Happy New Year! Some of you may wonder how much you can give this year without having to file a gift tax return and whether you need to do some estate tax planning. Here are the key figures to keep in mind for 2015:
All I Need is A Simple Will, Right?
For many people, the decision to prepare a Will is easy, but the motivation to follow through is missing. The thinking goes something like this:
What’s the rush? I am in good health. There are more pressing matters. I’ll get to it eventually. I plan on being around for a long time. Right now, I need to focus on supporting my family, saving for college and retirement, and paying for health care. I’ll prepare a Will at the end of the year when things slow down.
Two Trusts That Can Save Estate Taxes
For many people, the new $5.34 million applicable exclusion amount is more than adequate to avoid the federal estate tax. But, if you transfer more than $5.34 million upon your death, you will be taxed at the estate tax rate of 40 percent.
