Estate Planning: What Do I Need to Know?

You may not take estate planning especially seriously if you are not aware of the facts. Some people figure that they can simply create a last will when they are old and gray, and that is the long and short of it. Indeed, studies are conducted periodically, and they consistently find that most people have not executed the appropriate estate planning documents. In this blog post, we will endeavor to provide some food for thought, and hopefully, you will recognize the need to take action if you are currently unprepared. Estate Taxes If you are in possession of a considerable store of resources, estate taxes could significantly impact the legacy that you want to leave behind to your loved ones. There is a federal estate tax, and it is applicable on asset transfers that exceed $5.43 million. The tax carries a 40 percent maximum rate. There are a number of states in the union that impose state-level estate taxes. We practice in Connecticut, and Connecticut is one of these states. The Conne


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