Most grandparents want to ensure a great life for their children and grandchildren, even after they pass. However, standard estate plans receive costly taxes at the federal level - taking away inheritance money from any beneficiaries.
Dealing with end-of-life matters can be a tricky subject for some people. You may feel uncomfortable thinking about your later years and eventual death, or perhaps you have particularly complex assets that feel too overwhelming to include in an estate plan. With the right help, you can overcome these concerns to establish necessary trusts and create the most comprehensive and effective estate plan possible.
The Supreme Court of the United States (SCOTUS) has agreed to hear a case that questions the ability of a state to tax trust income when the trust is located in another state.
Trusts are valuable estate planning tools that can be utilized to any number of ends. Connecticut residents can use trusts to minimize estate taxes, avoid probate and more easily pass assets to heirs. While people usually understand that selecting the right type of trust and funding it correctly is important, they often forget about what it takes to name the right trustee.