Posts Tagged ‘Executor’


The Difference Between an Inherited Asset and a Gift Received

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Whether you receive an asset from inheritance or from a gift can have significant tax impact when this asset is sold.

Inherited Asset

For an inherited asset you generally take this asset over at the Fair Market Value at the Date of Death. This value would be listed on the probate inventory.  Additionally for a Connecticut decedent it would be listed on … Continue reading »


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.

  


6 Easy Steps to Open an Estate in Connecticut

 

1) Go to Probate Court and Get Your Appointment

A decedent will list their executor (or executrix) in their will.  If the decedent did not name one or did not have a will, the court will appoint someone to manage the affairs of the estate.

 

This person will be known as an administrator or adminstratrix. The appointment will allow you to manage the affairs of the estate.  Keep in mind the entire process will be overseen by the … Continue reading »


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