How Can I Gain Estate Tax Efficiency?

There is no one-size-fits-all estate plan, because every situation is different. Steps that one person must take would not be necessary for the next. This comes into play when it comes to estate tax efficiency strategies. The federal estate tax is potentially applicable on large estates. In 2015, the amount of the federal estate tax exclusion is $5.43 million. You can transfer up to $5.43 million tax-free, but anything that you transfer that exceeds this amount may be subject to the estate tax. There is an unlimited marital deduction that allows you to transfer unlimited assets to your U.S. spouse tax-free, but you would be using a portion of your $5.43 million exclusion to leave resources tax-free to anyone else. The maximum rate of the federal estate tax is a rather hefty 40 percent. We practice law in the state of Connecticut. There are a number of states in the union that have state-level estate taxes, and Connecticut is among them. The Connecticut state estate tax exclusion is j


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