The IRS recently issued regulations that affect the reporting responsibilities of an estate executor or administrator. If an executor is required to file a federal estate tax return, they must also file with the IRS a separate form stating the value of certain items included in the decedent's estate. Each beneficiary who receives property from the decedent must receive information regarding the property he or she receives or could receive. This requirement applies to all estates if the required estate tax return is filed after July 31, 2015.
Governor Malloy of Connecticut has proposed a budget for the 2018-2019 fiscal year that would change the state estate tax exemption so that it matches the Federal exclusion. This would increase the exemption from the current $2,000,000 to approximately $5,500,000 over three years.
Mr. Hendel has been practicing wealth preservation planning for over thirty years.