THIS ARTICLE HAS BEEN SUPERCEDED: New State Budget Increases the Connecticut Estate Tax Exemption
THIS ARTICLE HAS BEEN SUPERCEDED BY: Update on the Connecticut Estate Tax Exemption
THIS ARTICLE HAS BEEN SUPERCEDED BY: Update on the Connecticut Estate Tax Exemption
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:
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.
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.