Law Office of Lisa E. Wnuck LLC
  • Home
  • Covid-19 Update
  • Our Attorneys
  • Staff
  • Online Payment
  • ESTATE PLANNING TO AVOID PROBATE
  • MEET ATTORNEY LISA E. WNUCK
  • MEET ATTORNEY AMANDA GILBERT-LARGENT
  • PROBATE IN CT
  • Services Offered
  • The 10 Steps to Settling a Probate Estate in Connecticut-Southbury
  • Small Estate Administration-Southbury
  • 2020 Connecticut Estate Tax and Federal Estate Tax
  • IRA Beneficiary Designations
  • What happens when there is no will?
  • Attorney Referrals
  • Photos of our office
  • Directions - Heritage Village, Southbury, Connecticut
  • New Page
Law Office of Lisa E. Wnuck, LLC
​493 Heritage Road, Southbury, CT
​(203) 586-1445

​​debbie@southburylaw.com
 or lisa@southburylaw.com

estate taxes 2020

FEDERAL ESTATE TAX:

​An executor or administrator must file a federal estate tax return if the gross estate plus adjusted taxable gifts is more than the decedent's available estate tax exemption, taking into account prior gifts. The exemption, which is indexed for inflation and adjusts annually, is $11.58 million in 2020.  

​CONNECTICUT GIFT AND ESTATE TAX:

The portability of the federal estate tax exemption between spouses enables a surviving spouse to carry over or “port” some or all of his or her predeceased spouse’s unused estate tax exemption amount ($11.58 million in 2020), allowing the surviving spouse to shelter as much as $23.16 million of net worth from the federal estate tax system in his or her estate. 
 
Unlike the federal estate tax exemption, the state exemption is not portable and therefore may not be carried over from the predeceased spouse’s estate to the surviving spouse’s estate.  Prior to 2018, Connecticut’s estate tax exemption had been $2 million for almost 15 years.  In 2019 it rose to $3.6 million.  and in 2020, $5.1 million.  It will increase to $7.1 million in 2021 and $9.1 million in 2022.  Starting in 2023 it will equal the federal estate tax exemption (which in 2020 is $11.58 million) but in 2026 will drop back to its 2017 level of $5.49 million. 
 
All this means that if a married couple’s net worth exceeds the CT estate tax exemption, a marital disclaimer trust is a simple, appropriate and flexible estate planning tool to minimize, if not zero out, Connecticut estate tax.



Posted December 26, 2019
Disclaimer
Picture
Picture
Picture
Picture
Picture


Hours

M-F:  9am - 5pm

Telephone

203 586-1445
Address​
493 Heritage Road 
PO Box 630
Southbury, CT 06488-0630

Email

Lisa@southburylaw.com

Disclaimer
Privacy Policy
  • Home
  • Covid-19 Update
  • Our Attorneys
  • Staff
  • Online Payment
  • ESTATE PLANNING TO AVOID PROBATE
  • MEET ATTORNEY LISA E. WNUCK
  • MEET ATTORNEY AMANDA GILBERT-LARGENT
  • PROBATE IN CT
  • Services Offered
  • The 10 Steps to Settling a Probate Estate in Connecticut-Southbury
  • Small Estate Administration-Southbury
  • 2020 Connecticut Estate Tax and Federal Estate Tax
  • IRA Beneficiary Designations
  • What happens when there is no will?
  • Attorney Referrals
  • Photos of our office
  • Directions - Heritage Village, Southbury, Connecticut
  • New Page