Posts Tagged ‘estate tax’


The Last (Really BIG) Tax-Free Gift

Under current federal estate tax law there is an exclusion up to $5.12 million in 2012. Taxable estates above this amount are taxed at 35%. This exclusion is scheduled to decrease to $1 million beginning in 2013. The tax rate will also increase to 55%. This exclusion can be used either at death or during life.  In other words, the federal estate tax and the federal gift tax are unified.

There is speculation that Congress won’t allow this exclusion to … Continue reading »


Why the Fiscal Cliff is Fiscally Irresponsible

 

The Federal Government and the country are set to go off the Fiscal Cliff on New Year’s Day.

 

The term Fiscal Cliff refers to number of laws that if they remain unchanged, could result in significant tax increases and spending cuts.

 


8 Reasons You Will Pay More Taxes in 2013…Guaranteed

 

1) Increase in Ordinary Income Tax Rates

The highest ordinary income tax rate is 35%.  This is scheduled to go up to 39.6%

 


How to Plan Your Estate and Live Happily Ever After

Ask many people if they have an estate plan and they just roll their eyes.  With the Federal Estate Tax Exclusion at $5.12 million most people will not be subject to estate taxes.  In Connecticut, the exclusion is $2 million and many people won’t be subject to this tax.  So…why do I need an estate plan?


7 Easy Steps to Manage an Estate in Connecticut

Please review 6 Easy Steps to Open an Estate in Connecticut.

 1) Post a Probate Bond

 

Unless the will specifically indicates a bond is not required, the executor will need to get a Probate Bond. The coverage and insurance premium will be based on the expected size of the estate. The executor may have to front the money to get the bond as the estate checking account may not have been open yet.

  


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