How Can You Minimize Your Estate Tax Exposure?

People in most areas of the country have just one estate tax to concern themselves with. The federal estate tax is applicable everywhere, but the good news is that there is a relatively large estate tax exclusion. The credit or exclusion is the amount that you can transfer tax-free. You would have no federal estate tax exposure if the value of your estate does not exceed $5.43 million. You may be relieved after you hear this if your estate is valued at less than the exclusion. However, we practice law in the state of Connecticut. In our state, there is a state-level estate tax. Most states in the union do not have their own state-level estate taxes, but unfortunately, Connecticut is among the minority in this regard. It would be possible to be exposed to the Connecticut state estate tax even if you are exempt from the federal estate tax, because there is a lower exclusion on the state level. At the present time, the Connecticut state estate tax exclusion is just $2 million. When you c


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