Articles Posted in Estate Planning

AdobeStock_61297585-300x200By David Green

Contrary to popular belief, a Will or Last Will and Testament, isn’t always written in stone.

Quite frequently, disputes arise over the contents of a Will and the parties who are at odds must seek outside help to resolve the issues. Because there are often conflicts of interest around such disputes, it’s important for each party Continue reading

tree-of-love-4-1330924-m-250x300Finding love for the second time is a beautiful thing, but amidst all the fireworks and violins, it’s important to be aware that second marriages typically create the need for some fairly in-depth estate planning.

To ensure wedded bliss and family harmony far beyond the wedding day, it’s critical to proactively address how your nuptials will affect your financial liabilities, existing benefits, and distribution of your assets to loved ones.

1.      Communicate Like a Pro

The first step to ensure success in such matters is to have open and comprehensive conversations with your spouse and your family. You must clearly articulate your wishes and your concerns, and you must also provide a forum in which family members can share their thoughts and concerns. Continue reading

more-questions-1238452-m-300x225By Paul T. Czepiga

Well, well, well, what  do you know. Congress once again might tinker with the estate tax.

This is something they are wont to do with new administrations and when certain legislators want to make a statement.

Given the recently failed “repeal and replace” of the Affordable Care Act and what appears to be President Trump’s next focus—income tax reform—it is hard to tell whether estate tax concerns will get sufficient attention for any legislative changes. Or whether sufficient votes could be mustered for any changes to the estate tax. Continue reading

AdobeStock_108191911-300x200By Paul T. Czepiga

I just read a lot of detail on the Governor’s proposed budget that he released this week. In the midst of the drastic news about expenditure cut, there was actually some good news.

The Governor is proposing to increase Connecticut’s gift tax and estate tax exemption to be at the same level as the federal government’s.

Currently the Connecticut exemption amount is $2.0 million and the federal exemption is $5.49 million. The increase in

Continue reading

AdobeStock_13026636-3-300x205As parents, we all want what’s best for our children, but we also realize that they don’t always know what’s best for them.

When considering how your financial assets will be distributed upon your death, assessing your children’s level of financial responsibility is a critical component of making effective choices and creating a solution for a lasting legacy.

The truth is, developing good money management skills can take an entire lifetime.

AdobeStock_72976655-300x200If you decided not to make any resolutions for the New Year, we’d like to encourage you to reconsider:

Make it a point in 2017 to review your estate plan!

Why?

You may think once you’ve had it drafted that, like the old infomercial tagline, you can just “set it, and forget it.”

Wrong!

Even a plan that is only a few years old can be seriously outdated. Continue reading

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By Paul T. Czepiga

Connecticut residents are exposed to both a federal estate tax and a Connecticut estate tax if their net worth at death exceed a certain level.

Unfortunately, the net worth level at which these taxes apply, and how they apply, is different for the federal estate tax and for the Connecticut estate tax. (Watch Paul spell it out in this video.)

Here is a quick walk through of how these taxes work and the tension that is created by having two different thresholds:

The federal estate tax threshold is $5.49 million (it is indexed for inflation and will likely increase each year). This means that Continue reading

fun young woman scolding or reprimanding with softnessWe spend our lives doing everything we can to provide for our loved ones. We work hard to make sure they have the material, emotional, and financial resources they need to feel secure and cared for.

We do whatever we can to help them achieve their goals.

But, life can be unpredictable; and you can’t plan for every potential eventuality. Life insurance provides a means by which you can preserve your family members’ well-being and ensure their ability to pursue their dreams.

And yet, many people choose not to purchase life insurance. Go figure! Continue reading

AdobeStock_78299489-300x211By Paul T. Czepiga

Wow.  What a difference a few weeks can make.

Donald Trump’s election to the Presidency has all those political pundits, talking heads, and pollsters re-examining the old shiboleths and trying to be prognosticians.

Well, I won’t try to be a fortune teller, but I will pass on what I just heard.

I recently spent an entire day at the New England Tax Institute. There were speakers from Washington D.C.’s largest law firms and nationally known speakers. These speakers have their fingers more on the nation’s economic and tax pulse than I do and I will cede to them the task of predicting the future. Continue reading

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