Recent Posts in Taxes Category

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What Events Trigger Changes to the Estate Plan? Part Three

Most events can be broken down into three categories Personal, Financial and Legal. A note on “Legal” changes Legal changes that can affect a plan include changes in the tax law, asset ...
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What Events Trigger Changes to the Estate Plan? Part Two

Most events can be broken down into three categories Personal, Financial and Legal. The following is a review of several common events in the Financial category, but it is by no means exhaustive: ...
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What Events Trigger Changes to the Estate Plan? Part One

Most events can be broken down into three categories Personal, Financial and Legal. The following is a review of several common events in the Personal category, but it is by no means exhaustive: ...
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Simple Charitable Planning Tips - Part Two

1) Make a list of organizations, and do your due diligence – it is important to be sure that the charitable institutions you plan to assist are actually furthering your objectives. ...
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Simple Charitable Planning Tips - Part One

Since we are in the midst of the season of giving, we thought this next blog series apropos. It is estimated that approximately 30% of a charity’s yearly donations are given to them in December. ...
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Am I Too Old to Redo My Will? Part Two

Am I Too Old to Redo My Will? Part Two There are also many events that may have occurred in your life that may alter your Estate Plan, even if you didn’t realize it. The following events are ...
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Am I Too Old to Redo My Will? Part One

Am I Too Old to Redo My Will? Part One I’ve mentioned before that many people question whether they are too young to consider drafting a Will or an Estate Plan, but on the other end of the ...
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ABLE ACCOUNT: Is it the right tool for me? - Part Four

Uses of the ABLE Account A person receiving needs-based government benefits often has a dilemma when it comes to saving, whether for education or for unexpected events, all while maintaining public ...
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ABLE ACCOUNT: Is it the right tool for me? - Part Three

Tax Benefits ABLE accounts have tax benefits similar to 529 accounts. Qualified distributions from the account are not counted as taxable to either the contributor or the beneficiary. Qualified ...
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ABLE ACCOUNT: Is it the right tool for me? - Part Two

Financial Limitations on ABLE Accounts There are currently limitations as to the amount of savings that can be held in an ABLE account. The first such limitation deals with the annual contribution ...
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ABLE ACCOUNT: Is it the right tool for me? - Part One

There are many unique components of special needs planning, one of which is to ensure that individuals with special needs remain eligible for important needs-based government benefits such as ...
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The 7 Levels of Asset Protection for Business Owners - Part 2

There are several levels of asset protection planning that can be implemented. Each level provides an additional layer of protection. Level One – Exemption Planning: Some assets are ...
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The 7 Levels of Asset Protection for Business Owners - Part 1

What is “Asset Protection?” The best way to answer this inquiry is to explain what asset protection isn’t. Asset protection is not hiding or concealing assets. Asset protection is ...
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How Can an Irrevocable Trust Benefit You? Part 2

Last time, we discussed asset protection and protection against estate, income, and capital gains taxes through irrevocable trusts. Here are some other benefits of irrevocable trusts: Special Needs If ...
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How Can an Irrevocable Trust Benefit You? Part 1

Estate Tax Protection Insurance, real estate, brokerage and bank accounts, and other personal property can be transferred to your irrevocable trust to insulate the assets in your trust from inclusion ...
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Life Insurance and Estate Planning in Connecticut

Many people are not aware of the benefits of life insurance when it comes to estate planning. The following will explore some of the uses of life insurance that are often overlooked. Common Uses for ...
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Estate Tax Return in Connecticut?

Today's blog post is dedicated toward one of the more frequent issues we come across when working with widows and widowers. Mny times a client wants us to draft a revocable living trust for them ...
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Estate Planning for non-taxable estates in Connecticut

Many people in Connecticut are concerned about other aspects of estate planning than just estate taxes. Many others would be concerned about these other aspects if they knew more about estate planning ...
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The "New" Medicare Surtax on Trusts and Estates

There is a new tax in town. As of January 1, 2013 a 3.8% Medicare surtax may be applied to certain trusts and estates. The surtax does not apply to Revocable Living Trusts during the grantor's ...
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Will the Estate Tax be Repealed?

No one can deny the struggling state in which our economy has found itself; nor can anyone deny that drastic measures need to be taken in order to rectify the troubled times in which we are living. ...
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What is the Estate Tax in 2013?

So, it is 2013. The dust has cleared, and we have avoided the fiscal cliff for estate, gift and generation skipping transfer tax purposes. What does that mean? Well, first the facts - The American ...
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What will happen to the Estate Tax in 2013?

With less than 2 days to go until the Fiscal Cliff, many folks are still wondering and asking what is going to happen to the Federal estate tax. The latest news seems to suggest that as expected the ...
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3 Common Gifting Mistakes

Tis the season to be gifting...or so many of the headlines would suggest these days. Gifting can be a very effective estate planning tool, and for some, it accomplishes their more personal objective ...
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Year-End Gifting in Connecticut for 2012

Many folks have been asking me about the gifting that they can do throughout December to take advantage of the current gift tax exemption being at $5.12 million. It is important to understand that ...
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Estate Planning For Married Couples in an Uncertain Tax Environment

The "Fiscal Cliff" refers in part to the huge tax increases that are set to occur on January 1, 2013 if Congress does not take action to avoid this by then end of the year. This article in ...
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