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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?
With the Federal Estate Tax Exclusion of $5 million, many commentators have suggested estate planning is dead. I think this deserves a closer look.
Recently my son turned 18. In Connecticut this is considered the age of majority. In other words, he can make his own decisions. Well, that's what the law says. However, he's still living under my roof, so he’s got to deal with me. It's probably more accurate, though, to say that I have to deal with him.
Mr. Dan Duncan passed away in March of this year. It is estimated his net worth was $9 billion, making him one of the top 100 most affluent people in the world. A self-made man, he amassed his fortune in energy. He was also very philanthropic, giving away hundreds of millions of dollars.