Author: Legal Sweeney

Connecticut State Tax Amnesty

Author: Legal Sweeney November 15, 2017 In Uncategorized Comments (0)
Sometimes you can get away with murder.  Well, maybe not murder but tax evasion.  On 12-7-17 Governor Malloy of Connecticut announced an amnesty program for CT state taxes.  In most instances, you will want to talk to a tax lawyer […]

Estate, Gift and Retirement Taxes in the new Bill

Author: Legal Sweeney November 7, 2017 In Uncategorized Comments (0)
The first shot has been fired in the Tax Wars.  In the Republican’s new bill, two items are relevant to Estates and Trusts. First, the estate tax is repealed effective 12-31-23.  The exclusion is doubled until then to $10M per […]

Connecticut Estate Tax

Author: Legal Sweeney November 2, 2017 In Uncategorized Comments (0)
The new Budget which was passed on 10-31-17 changed Connecticut Estate Taxes.  Previously, Connecticut Estate Tax started when assets were over $2M and the federal amount was $5.49M.    With rates up to 12%, the Connecticut tax was material.  However, […]

Social Security COLA 2018

Author: Legal Sweeney October 20, 2017 In Uncategorized Comments (0)
The Social Security Administration announced the 2018 cost-of-living increase Friday. Social Security recipients and other retirees will get a 2 percent increase in benefits in 2018 after rising only .3% in 2017 and no increase in 2016.  It is the […]

Special Needs Trusts and Planning in Connecticut and New York

Author: Legal Sweeney September 22, 2017 In Uncategorized Comments (0)
What are Special Needs Trusts? Under means-tested benefit programs like Medicaid and Supplemental Security Income (SSI), disabled people can only qualify for benefits if they have no more than about $2,000 in countable assets. Special needs trusts allow disabled people […]

How Much Does Social Security Pay?

Author: Legal Sweeney September 15, 2017 In Uncategorized Comments (0)
So how much will you get from Social Security when you retire and how much does it change if you retire early (62) or delay payments till late (70)?  Well in 2017 the average monthly Social Security payment was $1,360.  […]

Social Security is Complicated

Author: Legal Sweeney September 1, 2017 In Uncategorized Comments (0)
Bottom line, you will use your Social Security and it will be meaningful to you. However, it was not designed to be your primary source of income in retirement.  Your average life expectancy at 65 is about 20 years, longer […]

Connecticut is an Expensive Place to Die – Estate Taxes and Probate Fees

Author: Legal Sweeney August 25, 2017 In Uncategorized Comments (0)
Connecticut is an expensive place to die.  First, you have an estate tax that starts at $2M.  The federal exemption and most other states start at $5M +.  Second, the estate tax ranges up to 12%.  Then, it has a […]

Contribute to your Child or Grand Child’s Retirement Plan

Author: Legal Sweeney August 18, 2017 In Uncategorized Comments (0)
The Wall Street Journal has an interesting article on why a parent or a grand parent would want to contribute to a child’s retirement plan right after they got out of college.  This is a technique not often mentioned that has a […]

The Ethics of Qualifying for Medicaid

Author: Legal Sweeney August 11, 2017 In Uncategorized Comments (0)
The New York Times just published an article entitled, “The Ethics of Adjusting Your Assets to Qualify for Medicaid” and they ask a very relevant question. Is it ethical to arrange your financial affairs so you qualify for Medicaid?  After […]