Estate Planning

Dennis C. Carroll, Esq.

Should I put my retirement account into a trust?

A trust can't own an individual retirement account (IRA) since a trust is not an individual. If you absolutely wanted to put the assets...

Dennis C. Carroll, Esq.

Does putting my house in a trust save on taxes?

If you're using a revocable living trust, meaning you can change the trust and you keep possession of house that's inside the trust, then...

Dennis C. Carroll, Esq.

Can I have a hand-written will like Aretha Franklin?

Yes, as long as it is in writing and signed by the person making the will and signed by two witnesses, Connecticut law will recognize the...

Dennis C. Carroll, Esq.

Are there benefits to gifting your home before you die?

If you own your home on the day of your death, or your life tenancy ends, then before the home can be sold to a third party, your estate...

Dennis C. Carroll, Esq.

Do I have to file a Gift Tax Return?

Yes, any time you make a gift to someone in an amount larger than $17,000. You report the gift amount that is more than $17,000 on a gift...

Dennis C. Carroll, Esq.

Who should sell inherited property?

After an estate asset is approved by the local probate court to be distributed to estate beneficiaries, the asset’s cost basis becomes...

Dennis C. Carroll, Esq.

Trust v. Will

The main difference between a trust and a will is that the will's instructions must be approved by a court before being carried out. ...

Dennis C. Carroll, Esq.

Do I have to report money I inherited on my income tax return?

No, but if you put that money into a bank account that earns interest then you'll report the interest income. If you stuff that money in...

Dennis C. Carroll, Esq.

How much money can I gift to someone?

A lot of clients ask: How much money can I gift to someone? Answer: In 2019 & 2020, you can gift $15K, to one person, without filing a gift

Carroll Tax Firm