SYNOPSIS: Connecticut’s estate tax picture is interesting for 2023. The state has raised its estate tax exemption to $12.92 million, which is in line with the federal exemption, and it now applies a flat rate.
Laws on Estate Tax Include Special Gift for Heirs
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Connecticut has revised its estate taxation rules for 2023, beginning with the state estate tax exemption is moving up and into alignment with the federal exemption at $12.92 million. Toss out those outdated scales, the state is now applying a flat estate tax rate of 12 percent, which is good news. However, HNW and UHNW Connecticut residents need to beware of the cumulative gift tax and how it factors into the estate taxation rules. There are a variety of deductions that apply, and this is why you need an ally like The Unger Company. We work with high-net-worth individuals and families to build a plan to protect your financial legacy from Connecticut’s estate and gift taxes.
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