Small-business owners and other individuals have likely spent years building their lives. They have made investments, built a nest-egg, and want to ensure that their family gets the money when they pass away. While you aren’t likely to want to talk about death, it is a certainty that it will happen at some point, so it is best to be prepared with estate and tax planning in Connecticut so that the government doesn’t take it all and leave your family without financial security.
Estate planning in Connecticut can give you more options for your business and investments. You can create a will, choose a power of attorney and build a trust fund that will keep most of the money with the family instead of giving it to anyone who comes along and lays claim to it.
Similarly, these plans will help to ensure that the business remains intact if you have one. If you do not own a business, it will make sure that the money is given to family members according to your wishes. You may want some to go to charity and some to go to your minor child. Likewise, you may want to care for your wife after your death. These plans will help to ensure that the money you have will go where you want, even when you’re not around to tell people.
Estate planning in Connecticut can also help with tax needs. When new tax breaks become available, you will automatically be included, and you can also keep taxes low. Your family members won’t have to pay exorbitant taxes just because you have passed away and debts are now due. However, it is imperative that you choose the right law firm to help you achieve this legally.