by Allison DePaola | Oct 27, 2017 | Estate Planning, Taxes
There have been some updates to Connecticut law that impact Connecticut estate planning and Connecticut advance directives. Additionally, there are recent developments in the discussion regarding Connecticut Estate Tax changes scheduled for 2018. The MOLST Pilot...
by Allison DePaola | Mar 22, 2017 | Estate Planning, Taxes, Trusts
Many married couples are concerned about Connecticut Estate Tax planning and therefore are interested in a Connecticut Credit Shelter Trust. A commonly used tool used in Connecticut Estate Tax planning that aims to reduce or eliminate the Connecticut Estate Tax is...
by Allison DePaola | Jan 14, 2015 | Connecticut Estate Planning Attorney Blog, Estate Planning, Medicaid and Long Term Care, Taxes
Gift and Estate Tax: The federal lifetime exemption for property passing to non-spouse beneficiaries has been increased to $5,430,000.00. The Connecticut lifetime exemption for property passing to non-spouse beneficiaries remains $2,000,000.00. There is still an...
by Allison DePaola | Dec 17, 2014 | Connecticut Estate Planning Attorney Blog, Estate Planning, Medicaid and Long Term Care, Taxes
Many people assume that the annual federal and state gift tax exclusion of $14,000.00 per recipient also applies if you file a Medicaid application. That is not true! Gift tax rules are very different from Medicaid eligibility rules. Gift tax rules: The current annual...
by admin | Sep 22, 2011 | Estate Planning, Taxes, Trusts
An ILIT is an irrevocable trust that enables a grantor to transfer insurance policy proceeds to family members without having the proceeds included in his or her estate. By working closely with an attorney and a financial adviser, an individual may transfer an...
by admin | Sep 16, 2011 | Estate Planning, Taxes
A GRAT is an irrevocable trust with a specific term used to achieve the goal of transferring future appreciation of an asset to family members while incurring little or no gift tax. GRATs must satisfy certain requirements under the Internal Revenue Code. To...
