Practice Spotlight: Trusts & Estates
FLB’s Trusts & Estates Practice represents individuals throughout Connecticut with estate and tax planning and probate administration. They develop creative, effective solutions to preserve and distribute clients’ personal and generational wealth in ways that comply with local and federal tax laws. Services include drafting wills, creating trusts, tax advice, and probate administration. Clients encompass a broad spectrum of people, from high-net-worth individuals and CEOs on the Fortune and Forbes lists to local Fairfield County business owners.
Our team of attorneys includes Leslie Grodd and Enrico Costantini and legal assistant Linda Lauricella. They leverage their more than 100 years of experience to address complex tax matters, changes in tax laws, and related concerns. When probate is required, they efficiently manage probate proceedings and estate administration during what can be an emotional time for our clients. In several cases, our attorneys have represented four generations from the same family.
The Trusts & Estates Practice is poised to address changes in tax laws expected as a result of the new administration.
“It is likely the Biden Administration will seek to reduce the lifetime estate and gift tax exclusions from their current $11.7 million, indexed for inflation,” explains Les. “But by how much and will it be indexed for inflation are the questions. The lifetime gift tax exclusion is likely to be reduced to $1 million regardless of what estate tax exclusion is passed.”
Les also noted that Connecticut is expected to abide by the reduction in the federal exclusion, and the IRS has said it will not claw back moneys gifted in excess of that amount, if they are made before the effective date of the reduction.
“Thus, wealthy clients might consider giving gifts of the amount presently excluded now, while others, could have a wait and see attitude.” Les said.
