Understand Complex Estate Taxes

Although the Connecticut Estate and Gift Tax, like the Federal Estate and Gift Tax, is a unified system of taxing gifts and estates, there is no longer any direct connection between the state and federal taxes. The Connecticut Estate and Gift Tax will be determined with reference to the tax table set forth in Connecticut General Statutes §12-39(g).

Connecticut taxable estate means:

• The gross estate less allowable deductions, as determined under Chapter 11 of the IRS Code, plus
• The aggregate amount of Connecticut taxable gifts, as defined in C.G.S. §12-643, made by the decedent.

Connecticut taxable gifts means:

• Taxable gifts made during a calendar year that are for residents of Connecticut, taxable gifts wherever located, but excepting gifts of Real estate or tangible personal property located outside Connecticut, and for nonresidents of Connecticut, gifts of real estate or tangible personal property located within Connecticut.

An effective estate plan can provide peace of mind for you and your family. Please contact Attorney Elizabeth A. Edwards to discuss your estate planning needs.