Connecticut Attorney Skilled in Estate, Gift and Income Tax Planning
Providing experienced tax advice in a wide range of personal and business areas
The Law Offices of Matthew J. Lefevre in Hartford and Torrington is a full service estate planning law firm that works with people who want to prepare for the future. We help them organize their business affairs and estate and trust matters in ways that are tailored to their unique individual situations and needs, providing well-informed advice about the tax implications of their decisions. This includes use of trusts and other property-management tools to avoid or lessen the impact of estate, gift, income and generation-skipping transfer taxes so that the maximum amount of wealth can pass to your intended beneficiaries.
Skilled counsel on managing estate and gift taxes
Whether property is transferred through under a will or during your lifetime, it may be subject to state and/or federal estate or gift taxes. However, there are sizeable exemptions and credits that we can help you use to optimal advantage.
Connecticut law currently provides an exemption of up to $3.6 million from state gift and estate taxes in 2019. Federal law allows for a significantly larger exemption. An individual can leave more than $11 million free of federal estate and gift tax, and the exemption is doubled for married couples. Beginning in 2020, Connecticut is scheduled to increase its gift and estate tax exemption. Assets left to a spouse are generally not subject to state or federal gift or estate taxes.
State and federal gift tax laws generally apply to any property transferred without receiving something in return. The person making the gift is generally responsible for paying the tax. Federal and State of Connecticut law allows a person to make gifts of up to $15,000 a piece each year to any individual person without being subject to the gift tax process (the annual exclusion). Anything over that limit counts toward the current federal gift and estate tax exemption of $11.4. Connecticut’s current lifetime gift and estate tax exemption is $3.6 million.
Guidance in other areas of tax planning
We provide tax advice concerning the use of trusts to seek to reduce the impact of estate, gift and income taxes. We also deal with tax implications of charitable donations, §1031 like-kind exchanges, alternate valuation elections, real estate capital gains and profits from partnerships, limited liability companies and corporations. Our goal is to help you make proper legal decisions with a complete understanding of the resulting tax consequences.
How a Connecticut estate planning attorney can help
If you are looking to create or update an estate plan or are grappling with other tax-related issues, the Law Offices of Matthew J. Lefevre can help. We draw on decades of legal experience to offer a wide range of legal services. Call us at 860-967-3033 or contact us online to schedule an appointment at our Hartford or Torrington offices.