Ruth Fortune, Associate in the Private Client Services Department, has been recognized by the Hartford County Bar Association with the Judge Maxwell Heiman Memorial Award.
The Judge Maxwell Heiman Memorial Award is presented to a Hartford County lawyer in his or her first ten years of practice who exemplifies the high standards of service
Michael Clear, Chair of the Private Client Service Department at Wiggin and Dana, has been elected as a Fellow of the American College of Trust and Estate Counsel (ACTEC), one of the most prestigious designations in the field of estate planning and trust law.
ACTEC is a nonprofit association of peer-elected lawyers who are
When it comes to estate and gift taxation, non-U.S. citizens face unique challenges based on their residence and domicile status. Understanding these concepts is crucial for effective estate planning and tax management.
Determining Domicile for Estate and Gift Tax Purposes
Estate and gift taxation of non-U.S. citizens is based on residence. For estate and gift
The Financial Crimes Enforcement Network (FinCEN) has adopted an interim final rule that significantly narrows the scope of beneficial ownership information (BOI) filing requirements. The interim final rule (i) removes the requirement for U.S. companies and U.S. persons to report BOI, and (ii) revises the definition of “reporting company” to mean only those entities that
Highlighted by Daniels v. Commissioner
Navigating the complexities of estate tax can be challenging, especially when determining the domicile of a taxpayer with residences in multiple states. In the recent Connecticut Superior Court case, Daniels v. Commissioner, the court faced the intricate task of establishing the domicile of a wealthy individual who divided his
FinCEN announced on February 27 that it will not enforce the current reporting deadline of March 21 under the Corporate Transparency Act (CTA). FinCEN will not issue any fines or penalties or take any other enforcement action against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to
A federal district court judge in Texas signed an order on February 17 lifting the last remaining nationwide injunction blocking beneficial ownership information (BOI) reporting under the Corporate Transparency Act (CTA).
The Financial Crimes Enforcement Network (FinCEN) enforces BOI requirements and has promised a 30-day filing delay to allow reporting companies to comply. On February
This memorandum is designed to outline some of the basic administrative steps to be followed by the Trustee of an irrevocable life insurance trust (hereinafter referred to as an “ILIT” or the “Trust”). When properly implemented and administered, an ILIT prevents the imposition of estate tax on any life insurance policies owned by the Trust
Assets that you own at your death are included in your taxable estate. Lifetime gifting offers an excellent opportunity to remove assets from your taxable estate, yet it is often psychologically and economically difficult for people to make gifts and completely relinquish control over an asset. For a client considering a lifetime gifting program, a
GRATs Allow Transfer of Wealth Outside Your Estate With Minimal or No Gift Tax
Now is a good time to consider wealth transfer strategies that remove assets from your taxable estate. A common strategy is a grantor retained annuity trust, commonly referred to as a GRAT.
Description. A GRAT is a strategy that freezes the