Law Office of Lisa E. Wnuck, LLC
493 Heritage Road, Southbury, CT
(203) 586-1445
jessica@southburylaw.com or lisa@southburylaw.com
493 Heritage Road, Southbury, CT
(203) 586-1445
jessica@southburylaw.com or lisa@southburylaw.com
estate taxes 2018
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 exemption amount. The exemption, which is indexed for inflation and adjusts annually, is $11.2 million in 2018.
CONNECTICUT GIFT AND ESTATE TAX:
A SIGNIFICANT REDUCTION IN CT ESTATE TAX was signed into law on October 31, 2017, when Governor Malloy signed the Connecticut State Budget for the Biennium Ending June 30, 2019. The new budget included a change to the Connecticut Estate and Gift Tax Regime. Effective January 1, 2018, the Connecticut exemption amount for estate and gift tax was increased from $2,000,000 per individual to $2,600,000. A further increase to $3,600,000 will take effect on January 1, 2019, and beginning January 1, 2020 the Connecticut estate and gift tax exemption will match the federal exemption.
RECAP: For estates of decedents dying on or after January 1 , 2018, the Connecticut estate and gift tax applies to Connecticut taxable estates of more than $2.6 million. This increases to $3.6 million in 2019 and, in 2020, is scheduled to match the federal estate and gift tax exemption.
An executor or administrator must file a federal estate tax return if the gross estate plus adjusted taxable gifts is more than the exemption amount. The exemption, which is indexed for inflation and adjusts annually, is $11.2 million in 2018.
CONNECTICUT GIFT AND ESTATE TAX:
A SIGNIFICANT REDUCTION IN CT ESTATE TAX was signed into law on October 31, 2017, when Governor Malloy signed the Connecticut State Budget for the Biennium Ending June 30, 2019. The new budget included a change to the Connecticut Estate and Gift Tax Regime. Effective January 1, 2018, the Connecticut exemption amount for estate and gift tax was increased from $2,000,000 per individual to $2,600,000. A further increase to $3,600,000 will take effect on January 1, 2019, and beginning January 1, 2020 the Connecticut estate and gift tax exemption will match the federal exemption.
RECAP: For estates of decedents dying on or after January 1 , 2018, the Connecticut estate and gift tax applies to Connecticut taxable estates of more than $2.6 million. This increases to $3.6 million in 2019 and, in 2020, is scheduled to match the federal estate and gift tax exemption.
Posted February 5, 2018
