On June 24, 2024, Partner Erin Nicholls was quoted in the Hartford Business Journal article titled, “Great Wealth Transfer Expected to Fuel Surge in New Family Offices.”
The article explores the growing popularity of family offices—which are entities designed to manage the wealth and personal affairs of ultra-high-net-worth families—in light of the upcoming $84.4 trillion
In what undoubtedly is welcome news to trustees of Connecticut irrevocable trusts, effective January 1, 2025, Connecticut will join the growing list of states that specifically authorize “decanting” the assets of an otherwise irrevocable trust into a new trust with improved terms. While most Connecticut practitioners believe that decanting has always been available under Connecticut
Discover the intersection between founding ventures and estate planning on today’s episode of Future Focused. Wiggin and Dana Partner Jack Sousa, a founder of wiggin(x) and co-chair of our Emerging Company and Venture Capital Group sits down with Partners Erin Nicholls and Michael Clear and offers invaluable insights into the client experience on Wiggin(x)
Like individuals, trusts are subject to income tax by the federal government and a majority of states. If a trust is characterized as a “grantor” trust, then its income is reported by the grantor thereof, who is usually the trust creator, and taxed as if earned by the grantor individually. If the trust is characterized
Business owners have their own set of challenges to address when considering estate planning strategies, including family concerns, personal concerns and operation of the business itself. On this episode, Partner Michael Clear supplies a roadmap of estate planning options for business owners that seek to address these challenges. He reviews the three phases of estate
Income tax reporting obligations do not cease at death. In fact, there may be multiple taxpayers required to file income tax returns after the death of an individual. For example, the decedent, the executor of the decedent’s estate and trustees of trusts created by the decedent each has income tax reporting requirements. The basics of
While historically high federal transfer tax exemptions remain in effect, the Spousal Lifetime Access Trust (“SLAT”) (also sometimes referred to as a Spousal Estate Reduction Trust, or “SERT”) remains one of the most effective planning techniques for married clients.
Congratulations, you just signed your Will and your Revocable Trust. You set out clear directions on how your assets should pass at your death. Your heirs will be grateful. But there is more you can do to ease the burden of estate administration – you can fund your Revocable Trust while you are alive. Set
A directed trust is a sophisticated planning technique that divides the traditional duties of a trustee among more than one person or institution. Unlike a standard trust with multiple co-trustees, all of whom would share the same duties, a directed trust makes each “trust director” responsible for a different type of task on behalf of
On this episode, Partners Michael Clear and Erin Nicholls review the requirements under the Corporate Transparency Act (“CTA”) now in effect. They discuss what exemptions are available to entities, who the beneficial owners are, when to file reports, and other insights into what is needed to comply with the CTA. Be sure to tune into