Posts Tagged ‘Trust’

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 »

How to Pay Estimated Income Taxes and Avoid IRS Penalties

Taxpayers must pay their taxes "as they go."  For many taxpayers, their income taxes are withheld from their paychecks.  For taxpayers that don't have any withholding, they will need to make estimated tax payments.

How to Double Your Estate Tax Exclusion by Using a Credit Shelter Trust

For 2011 and 2012, the federal estate tax exclusion is $5 million.  For taxable estates in excess of $5 million, the highest federal tax rate is 35%.  If there are no changes to the law, the federal estate tax exclusion will decline back to $1 million in 2013 and the highest federal estate tax bracket will be 55%.

Is Estate Planning Dead?

With the Federal Estate Tax Exclusion of $5 million, many commentators have suggested estate planning is dead.  I think this deserves a closer look.

Do I Need a Federal Tax Identification Number?

This is a familiar question a client or potential client will ask us.  Some of the more common situations in need of a tax identification number are:

  • Starting a business that will have employees
  • Having a corporation
  • Having a qualified retirement plan with $100,000 or more of plan assets
  • Opening an estate
  • Having a trust that is required to file a tax return