With educational expenses on the rise, planning for your children’s education while they are still young is usually advisable. Many families find that a “section 529 education savings plan,” or more commonly known as a “529 plan,” works well for this purpose, but there are potential
Courts are often reluctant to enforce no-contest clauses in estate and probate matters. As noted in our prior alert on the Connecticut Appellate Court case Salce v. Cardello, even where the terms of the no-contest clause appear to have been breached, the enforcement of a no-contest clause can be
At the end of last year, the Michigan Court of Appeals issued an opinion in the case of In re Estate of Daniel K. Wallace, noting the importance for a fiduciary to administer an estate and operate the estate’s business interests in accordance with fiduciary
For many, the holidays are often spent gathering around the dining room table with family and close friends, sharing meals and regaling each other with stories or politics of the day, to the chagrin of some. It is also a time of year when we look forward to accomplishing our year-end goals and plan for
Grantor Retained Annuity Trusts, commonly referred to as “GRATs,” are an excellent tool to transfer wealth outside of your taxable estate while using a minimal amount of gift tax exemption in the process. GRATs are great estate planning vehicles for clients with appreciating assets, clients who are risk averse and clients who have used up
Prenuptial agreements are designed to address the financial rights and obligations of parties entering into a marriage rather than relying upon applicable state law in the event of death or divorce for determination of the parties’ rights. Spousal inheritance rights and divorce law can vary widely among states – the laws of the state where
A good estate plan is one that successfully protects an individual’s assets from creditors or divorcing spouses, for example. A great estate plan also considers the ever-changing tax laws and regulations surrounding the estate and gift tax basic exclusion amount (BEA) that individuals are eligible to use either during their lifetimes or upon their deaths.
There are two different systems for classifying marital property in the United States: the common law property system and the community property system. Most states, including Connecticut and New York, utilize the common law property system. Under this system, property acquired by a married person during marriage is the property of that person separately, unless
As we approach the latter half of 2022, our Private Client Service team would like to share some exciting updates in the areas of:
We trust you will find it both interesting and a reflection of
If you are considering a transfer of wealth, then you must consider obtaining a proper valuation to go with it. In the recently issued Chief Counsel Memorandum 202152018 (the “CCA”), the IRS held that a taxpayer’s valuation of assets contributed to a grantor retained annuity trust (a “GRAT”) was inadequate and, as result, the GRAT