As the World Turns: Is Your Estate in Taxable Territory?

Estate planning is not something that can be completed in one sitting if you are responsible enough to put an estate plan in place long before you would expect to pass away. Over the years, things will invariably change in your life, and these changes will affect the relevancy of your estate plan. As a result, you should view estate planning as an ongoing process, and you should be prepared to make adjustments along the way. With the above in mind, one major factor to take into consideration is the matter of taxation. Since you pay so many taxes throughout your life, you may assume that your death will not be a taxable event, but the tax man adopts a different perspective. There is a federal estate tax that everyone in all 50 states must contend with, and there are a number of states in the union that impose state-level estate taxes. Our practice is located in the state of Connecticut. As luck would have it, there is a state-level estate tax in our state. On both levels, you can trans


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