Exciting news for estate planning practitioners and their clients!
Recently, on the very last day of its legislative session, Connecticut’s General Assembly enacted HB 7104 “An Act Concerning Adoption of the Connecticut Uniform Trust Code” (the “Act”).
On January 1st of this year, many tax changes were introduced and implemented – and all tax payers are affected. Here are just some of what’s new for this year…with more changes sure to come.
STANDARD DEDUCTION
The 2019 standard deductions go up a bit.
If this happened to you…
“Honey, I’m stuck on 91 and Triple A says the car needs a new alternator. Don’t we have an extended warranty?”
… Which one of the following scenarios would best describe you?
a) Your spouse quickly locates the paperwork and heads over to pick you up. On the way home you stop by the dealer and drop off the warranty. The alternator is covered.
b) Your spouse picks you up and the two of you ransack the house looking for the warranty. After several hours, you find it in the bottom of a closet in a recycle bag full of unsorted mail.
c) Your spouse picks you up and the two of you ransack the house looking for the warranty. It’s nowhere to be found. Unfortunately you bought the car in another state and the dealer went out of business. Looks like you’ll have to pay for the alternator. Continue reading
By Carol Frances
As both a mother and a daughter, my roles have always been clear. As part of the sandwich generation, caring for and guiding my precious children and my aging parents have been part of my life for years. I never doubted the value of my roles – I whole-heartedly loved being able to provide guidance, support and comfort. And as much as I can hope to know, I believe I made a positive difference in their lives.
So why would I be surprised how shutdown I became when, in a span of 6 weeks, my mom passed away and my last child flew the nest?
The Department of Defense announced that military benefits are now going to be available to married couples of the same sex.
This landmark decision comes in response to the Supreme Court’s ruling against DOMA, which essentially prevented agencies and departments of the federal government to recognize same-sex marriages. This ruling is a national issue that affects same-sex couples in Connecticut.
Good News – Bad News
This is great news for married gay couples but there’s a caveat. Even though the federal government now recognizes same sex marriage, Veteran’s benefits are not covered under the Department of Defense, they fall under the Department of Veterans Affairs (VA).
So what’s the problem? Around three dozen states still do not recognize same sex marriage, and some of these states have large numbers of veterans, including Florida, Pennsylvania and Texas. So a variety in state laws may prevent some couples from receiving benefits. Continue reading
Connecticut Estate Planning Attorneys Blog