Protecting Your Assets From Estate Taxes
According to federal law, all estates in Connecticut and elsewhere must file a tax return. Tax burdens can be quite high, depending on the overall value of the estate.
At Chipman Mazzucco Emerson LLC, we understand the importance of protecting your valued assets and their ability to transfer untouched to your heirs. With extensive tax law experience and the ability to work closely with your personal financial advisers, we can help you find ways to minimize — or possibly eliminate — your estate tax responsibilities.
Finding Exemptions And Deductions
While every estate must file a tax return, there are exemptions that may affect how much you have to pay — or whether you have to pay at all. We will carefully review your estate and help you determine whether you qualify for certain exemptions and deductions, including:
- The personal exemption, which allows all or part of an estate to be exempt from taxes. In 2017, the threshold was $5.49 million, but it is subject to change by Congress.
- The marital deduction, which allows your assets to transfer to your surviving spouse tax-free.
- Other exemptions, including funeral expenses, charitable donations and costs associated with administering the estate.
Protecting Your Assets With Estate Planning
One of the best ways to protect your estate from taxation is to create a strong estate plan. Through trusts and other estate planning tools, you can shield your assets from taxes completely or minimize your estate’s overall tax burden.
Our attorneys have helped numerous individuals in Fairfield County and throughout Connecticut craft thorough estate plans that maximized the amount of assets that passed directly to their heirs. We will strive to do the same for you.