Discuss Legacy Planning With Your Estate Planning Attorney

The process of estate planning can be looked at as a bare bones, basic necessity, or you could take things a step further. If you discuss things with an estate planning attorney, you will learn about the process of legacy planning. This is a conscious, proactive effort to make a lasting impact after you are gone. If you schedule a consultation with our firm, you can get a detailed explanation, but we will provide an overview in this blog post. Estate Tax Efficiency High net worth individuals must be aware of the potential impact of estate taxes. We practice in the state of Connecticut, and there is a state-level estate tax in our state. We also have to be concerned about the federal estate tax. This tax carries a hefty 40 percent maximum rate, and this can significantly reduce the wealth that you are passing along to your loved ones. The federal estate tax credit is $5.45 million during the 2016 calendar year. This is the amount that you can transfer to anyone other than your spouse b

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