Articles Tagged with gift tax

Dollarphotoclub_69690745-300x212By Brendan Daly

The Senate recently introduced two bills that include proposed changes to the federal estate tax laws. The reason?  To raise revenue due to the pandemic relief and infrastructure packages. These bills will have a significant impact on future estate planning, and may also disrupt existing plans with the increased risk of estate tax exposure.

The two bills currently under consideration are:

iStock_000016746886Small-300x300Gifting money is a nice thing to do for a friend or family member, but—as the saying goes—no good deed goes unpunished. If you’re not careful, your gift could turn out to be subject to the federal gift tax of up to 40%.

In part one of this series, we covered the annual and lifetime exclusions as well as lifetime exclusion on the first $11.7 million of your estate. We also talked briefly about the Connecticut state gift tax—the only one in the country—and which kinds of gifts are exempt from the tax.

In this second part of the series, we’re going to look at which kinds of gifts are subject to the gift tax, including gifts to minors.

iStock_GiftBy Peter J. Smith

One of the most common questions I get on a daily basis is about annual gifting.  In particular, clients ask about giving away $14,000 a year.

Can you?  Should you?  Are you limited to that amount?  How does that affect taxes?

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

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