Free Report: What Are The Gift Tax Exclusions in Connecticut

There is a federal gift tax in place that is unified with the estate tax, but there are exclusions that can be used to give tax-free gifts. You can give up to $14,000 each calendar year to an unlimited number of people tax-free, and you can also pay for school tuition and medical expenses free of the gift tax. Topics covered in this report include: Annual Per Person Exclusion Educational Exclusion Medical Gift Tax Exclusion Unified Lifetime Gift and Estate Tax Exclusion Click here to read the whole article or download the PDF.
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Is There An Estate Tax in Connecticut

Is There An Estate Tax in Connecticut from Barry D Horowitz You pay taxes all of your life. Your estate is comprised of assets that you have left after paying all of these taxes. Most people would like to think that they have paid their share during their lives. Learn more about Estate Tax in Connecticut in this presentation.
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What Is Nursing Home Asset Protection?

If you are planning ahead for your retirement years and the twilight years that will follow, you should certainly consider the matter of nursing home asset protection. Nursing homes are extremely expensive around the country, but here in Connecticut, the costs are particularly high. You are looking at an annual expense of well over $100,000, and people often require multiple years of care. It can be hard to imagine a time when you will not be able to handle your activities of daily living. This is understandable, especially if you have taken good care of yourself throughout your life. However, according to the United States Department of Health and Human Services, seven out of every 10 seniors will someday need living assistance. Plus, if you are in good health, healthy people will typically live longer lives. As you reach an advanced age, it becomes more and more likely that you need long-term care. Nursing Home Asset Protection When you digest all of the information above, you can s
http://preserveyourestate.net/nursing-home-asset-protection/

What Is Nursing Home Asset Protection?

If you are planning ahead for your retirement years and the twilight years that will follow, you should certainly consider the matter of nursing home asset protection. Nursing homes are extremely expensive around the country, but here in Connecticut, the costs are particularly high. You are looking at an annual expense of well over $100,000, and people often require multiple years of care. It can be hard to imagine a time when you will not be able to handle your activities of daily living. This is understandable, especially if you have taken good care of yourself throughout your life. However, according to the United States Department of Health and Human Services, seven out of every 10 seniors will someday need living assistance. Plus, if you are in good health, healthy people will typically live longer lives. As you reach an advanced age, it becomes more and more likely that you need long-term care. Nursing Home Asset Protection When you digest all of the information above, you can s
http://www.preserveyourestate.net/nursing-home-asset-protection/

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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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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