Chipman Mazzucco Emerson LLC

estate planning Archives

Digital assets increasingly important in estate planning

Many Connecticut residents possess digital assets that could cause complications upon their deaths if not addressed in an estate plan. Email accounts could contain information and photographs of interest and emotional importance to heirs, and the executors of estates increasingly find that utility bills and banking are tied to online accounts. Access to these accounts is generally necessary to manage the financial affairs of an estate.

Estate plans under current tax law

Connecticut residents may have heard about the changes to the tax code brought about by the Tax Cuts and Jobs Act that was passed in December 2017. One of the biggest changes was the increase to the federal estate and gift tax exemption. The exemption currently stands at $11.18 million for individuals and $22.36 million for married couples. However, these rates are set to expire in 2026 if no changes are made to the current legislation.

Choosing a trust

People in Connecticut may find that using a trust to hold and manage assets for their heirs or beneficiaries can be advantageous in a number of ways. When deciding whether to use a trust as part of an estate plan, there are several factors to consider.

Why now is the time to review an estate plan

Due to recent changes in the federal tax code, Connecticut residents and others may need to schedule an estate plan review. This may be true regardless of how recently the plan was created. One of the most significant consequences of recent tax reform was the increase in the federal estate tax exemption. Couples may now have an exemption of up to $22 million compared to just $600,000 in 1997.

Estate planning for art collections

Wealthy people in Connecticut often enjoy collecting art, buying it for personal and aesthetic reasons while also enjoying its appreciation in value. While some of these collections may be invaluable, many collectors fail to properly plan for how they will be passed on to beneficiaries.

When and why should you update your will?

As the minutes pass, the hours tick by, the weeks rolls by, and the months peel off the calendar, many things in your life will change. This happens regardless of whether you have a will or not. But when you do have a will, these changes in your life take on new meaning, aside from their literal one. When a major life event occurs, or a change in your life circumstances occurs, you need to think about your will.

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