When you consider how you will distribute your assets in your will, it is crucial to consider the tax ramifications. You may want to leave something to a struggling friend or family member to make life easier for him or her, but leaving them an asset of value can have far reaching implications. What you intend as a final gift can end up being a burden unless you consider every aspect of the situation.
Tax is an important aspect of probate in Newington, which many people forget to consider when creating a will. Under Connecticut law, there are a few types of taxes that become due as the result of a death. In addition to the federal taxes that apply to any asset, there is also Connecticut Estate and Gift Tax. Additionally if you live in another state, the recipient may have to pay taxes to that state. All in all, even a small gift can result in a large financial obligation.
As a result of these tax obligations, many assets end up being sold. Consulting a qualified probate attorney in Newington CT is the only way to ensure that you have thought about every aspect of bequeathing property to someone you love. Though you may not know every aspect of the other person’s financial situation, you can get an idea of how much a particular asset may cost in taxes, and make an informed decision before you complete your will.
For more information regarding Probate in Newington CT,contact Allaire Elder Law today!