Brody Wilkinson’s Trusts & Estates Group is one of the most sophisticated and extensive practices of its kind in Connecticut. The Group provides diverse and highly personalized services to individual clients throughout Connecticut and New York related to trusts and estates, including wealth preservation and transmission, tax advice, estate administration, trust administration, planning for family members with special needs or declining capacity, charitable giving, conservatorships and family foundations.
In addition, when disputes arise related to will and trust contests, fiduciary management controversies, accounting matters, conservatorship issues and fiduciary fees, our Probate Litigation Group is well equipped to resolve these disputes through negotiation and, when necessary, litigation. We represent a substantial base of senior executives, entrepreneurs, wealthy individuals and “the family next door.”
Brody Wilkinson’s depth in the trusts and estates area extends beyond the capabilities and experience of the attorneys who practice within the Group. Our work is facilitated by a team of experienced paralegals as well as through the use of a unique and proprietary document management system. With support from the firm’s Business & Finance and Real Estate Groups, we are adept at addressing the complex business and real estate issues which often arise with respect to planning. This cross-disciplinary approach enables the firm to coordinate and manage the needs and goals of these clients, both personal and business, in a seamless manner.
Brody Wilkinson attorneys work with estate planning counsel in Florida and other states and countries to benefit clients who maintain residences or own assets located in those jurisdictions. The collaboration enables us to assist our clients and preserve valued long-term relationships. In particular, Brody Wilkinson maintains a strategic affiliation with the law firm of Jeck, Harris, Raynor & Jones, PA in Juno Beach, Florida, to serve the estate planning needs of clients who divide their time living between Connecticut/New York and Florida. While this arrangement facilitates the cooperation between our two firms, both remain independent.
Jennifer A. Basciano
Principal
William J. Britt
Principal
Douglas R. Brown
Principal
Lauren R. Cimbol
Associate
Isaac B. Ellman
Associate
James D. Funnell, Jr.
Principal
David R. Hermenze
Principal
Heather J. Lange
Principal
Edward Marcantonio
Principal
Lisa F. Metz
Principal
Peter T. Mott
Principal
Ronald B. Noren
Principal
James M. Powers
Of Counsel
Alyssa V. Sherriff
Principal
Kimberly T. Smith
Associate
Robert L. Teicher
Principal
Feb 13, 25
The IRS has released annual inflation adjustments for 2025. These include increased gift, estate and generation-skipping transfer tax (“GST”) exemptions and annual gift tax exclusions. The changes are as follows: The federal gift and estate tax exemption and GST exemption increased to $13,990,000 for an individual (from $13,610,000 in 2024). […]
Jul 3, 24
Beneficiary designations in theory sound like a wonderful idea. Clients are able to name individuals to receive the assets in the account upon their death without probate. However, having a beneficiary designation on an account is not always advisable. Our recommendations often depend on the family situation and the estate […]
Jul 3, 24
More and more, clients are integrating charitable giving into their estate plans. Private foundations and donor advised funds are effective vehicles for facilitating charitable wishes. However, each presents its own set of advantages and disadvantages that clients should consider. Pros of Private Foundations: Flexibility in Giving: Private foundations offer a […]
Dec 15, 23
The Corporate Transparency Act (CTA) defines a “beneficial owner” of a “reporting company” as any individual who, directly or indirectly, either exercises substantial control over a reporting company or owns or controls at least 25% of the ownership interests of a reporting company. How does the CTA affect estate planning […]
Dec 15, 23
The IRS has released annual inflation adjustments for 2024. These include increased gift, estate and generation-skipping transfer tax (“GST”) exemptions and annual gift tax exclusions. The changes are as follows: The federal gift and estate tax exemption and GST exemption increased to $13,610,000 for an individual (from $12,920,000 in 2023). […]
May 22, 23
Many married couples have estate plans which take advantage of the federal and state estate tax exemption of the first spouse to die by holding that exemption amount in what is commonly known as a “credit shelter trust” (also sometimes referred to as a bypass trust). When the surviving spouse […]
May 22, 23
Most people are aware that investment accounts and bank accounts can be registered with a beneficiary designation. These designations are referred to as TOD/POD (transfer/payable on death). They were made possible when Connecticut adopted the Uniform Transfer on Death Securities Registration Act (the “Act”) in 1997. What is not generally […]
May 22, 23
The world of estate planning is ever changing, and what may have been the proper way to set up a trust for a special needs individual may be different now than it was a few years ago. It is important to ensure that any beneficiary designations for individuals with disabled […]
Dec 20, 22
Federal Estate & Gift Tax Exemption The IRS announced that the federal estate and gift tax exemption for 2023 will now equal $12,920,000, which is an inflation-adjusted increase of $860,000 from 2022. This means that an individual can transfer, during lifetime or at death, $12,920,000 (or $25,840,000 for a married […]
Aug 29, 22
A disclaimer trust is a flexible estate planning tool which allows one spouse (“the first spouse”) to leave all of the first spouse’s assets outright to the surviving spouse, but allows the surviving spouse to decide to not accept (i.e., disclaim) all or any portion of the assets. The estate […]
Aug 29, 22
Many people set up an irrevocable trust decades ago and made gifts or sold assets to the trust in order to get life insurance and other appreciating assets out of their estates. An irrevocable trust is a trust that prohibits the settlor (i.e., the person who created the trust) from […]
Apr 27, 22
The IRS has released annual inflation adjustments for 2022. These include increased gift, estate and generation-skipping transfer tax (“GST”) exemptions and annual gift tax exclusions. The changes are as follows: The gift and estate tax exemption and GST exemption increased to $12,060,000 for an individual (from $11,700,000 in 2021). This […]
Apr 27, 22
Many clients are concerned about protecting their child’s inheritance if the child later divorces. While prenuptial and postnuptial agreements may effectively waive rights to a spouse’s inheritance, conversations surrounding these agreements are often avoided out of discomfort and the necessary extensive asset disclosure. In the event there is no prenuptial […]
Apr 27, 22
Kate and Mary had been together since 2008 but never married. Eager to start their family, Kate was implanted with embryos created with Mary’s egg and the two happily welcomed their son Matthew. Unfortunately for Kate, even though this was her son whom she carried for nine months, she was […]
Nov 8, 21
With an estimated $2 trillion invested worldwide in cryptocurrencies, the need to plan for these assets is real. Whether an investment in cryptocurrency is small or large, it is critical that it be accounted for within your estate. The importance of planning for crypto lies in this currency’s allure. […]
Nov 8, 21
In September 2021, the Ways and Means Committee of the House of Representatives proposed new tax legislation (the “September Bill”) that would have greatly affected estate planning. On October 28, 2021, the legislation was revised to remove those provisions. However, given that the legislation is in flux and the provisions […]
Apr 27, 21
A power of attorney form is one of the most commonly used legal documents. It allows an individual (known as the “Principal”) to appoint an agent to act on his or her behalf with regard to financial transactions and alleviates the need for a court-appointed conservator. For New York residents, the […]
Apr 27, 21
Now that President Joe Biden has taken office and the Democrats have narrowly taken control of both Houses of Congress, it is likely that there will be changes to our tax laws. We will focus on gift and estate taxes. Given that the priority right now is on the Coronavirus […]
Jul 1, 20
The SECURE Act (“Setting Every Community Up for Retirement Enhancement Act of 2019”) took effect on January 1, 2020. While the Act makes numerous changes to retirement plans, we will focus on how the Act affects the timing of payments to your beneficiaries after your death. The Act does not […]
May 4, 20
We previously discussed in our recent client alert memorandum that clients should ensure their basic documents, such as wills, revocable trusts, power of attorney, health care directives and beneficiary designations are in proper order during this unprecedented time. Beyond that, however, the pandemic crisis has created unique wealth transfer opportunities […]
Apr 7, 20
As a result of the global COVID-19 virus, the federal government and the State of Connecticut have recently adopted legislation which may affect your retirement plans, income tax planning, and gift tax filing requirements for the year 2020. The CARES Act The coronavirus-relief bill, called the Coronavirus Aid, Relief and […]
Apr 2, 20
The Uniform Trust Code, which went into effect January 1, 2020, creates new obligations for the trustee of an intervivos trust. The trustee now has a duty to provide an annual financial report to beneficiaries, unless waived under the trust agreement or by the beneficiaries. In addition, the trustee has […]
Apr 2, 20
Under the new “Connecticut Qualified Dispositions in Trust Act” that went into effect on January 1, 2020, an individual may now set up a trust (referred to as an Asset Protection Trust or APT) for his or her own benefit which protects against claims of most future creditors. Previously, Connecticut […]
Apr 2, 20
When discussing the advantages of trusts and the duties of trustees with clients, we are often asked the challenging question, “Who should serve as my trustee?” Before now, the answer to this question left clients to choose between the professional management of a corporate trust department or an individual, who, […]
Mar 27, 20
We are in unprecedented times as the COVID-19 pandemic has affected our normal, everyday lives. While our first priority is the health and safety of our employees and clients, we have implemented recommended safety precautions so that we remain open to assist you with any questions or estate planning needs. […]
Oct 2, 19
As of July 1, 2020, Connecticut will impose a “Mansion Tax” equal to a 2.25% tax on any sale of real property exceeding $2,500,000.00. This Mansion Tax applies to the portion of the sale price in excess of $2,500,000.00 and is an increase from the prior tax rate of 1.25%. […]
Oct 2, 19
Until recently, a non-resident of Connecticut who died owning real property or tangible personal property located in Connecticut could avoid Connecticut estate tax by holding that interest in an entity such as an LLC. The property interest was considered intangible personal property. Under recently passed Connecticut legislation (effective June 25, 2019), that […]
May 21, 19
New York has a current estate tax exemption of $5,740,000 (adjusted annually for inflation). However, if the New York taxable estate slightly exceeds the exemption, the exemption is completely wasted and the entire estate will be taxed at rates up to 16%. While New York does not impose a gift tax […]
Feb 11, 19
The opioid crisis in the United States presents a growing challenge for both clients and estate planners. Opioids (such as OxyContin or Vicodin) are typically prescribed to treat pain following surgery or injury, or for health conditions such as cancer. In recent years, there has been a dramatic increase in […]
Mar 13, 18
There have been major changes in the Connecticut and federal gift and estate tax exemptions due to recent legislation. The Connecticut estate and gift tax exemption, which had been $2,000,000 for many years, will increase to $2,600,000 in 2018, to $3,600,000 in 2019, and starting in 2020 will match the federal […]
Mar 13, 18
Caring for an aging parent is hard work. Between medical appointments, financial issues, and taking away the car keys, there are many moving parts that need to be considered. In order to receive proper assistance at this delicate time, parents must appoint someone to act on their behalf through a Durable Power […]
Mar 15, 17
Something most parents overlook when a child enters into adulthood is having the child execute a power of attorney, living will and HIPAA authorization. Under Connecticut law, after a child reaches the age of eighteen, parents are no longer deemed to be his or her legal representative. Having these three […]
Mar 15, 17
Digital Age Calls For Fiduciary Access To Digital Assets Today, many of us do not receive monthly bank statements or bills in the mail anymore. Rather, we receive notifications via email and access that information online. If something were to happen to us, who would know of those accounts? Even if someone knew […]
Mar 15, 17
It has become increasingly common for brokerage accounts and mutual funds to be set up as “Transfer on Death” (“TOD”) accounts. These are similar to Payable on Death accounts for bank accounts. Basically, with a TOD account, you name a beneficiary who will receive the account assets at your death. Brokers have encouraged […]
Mar 15, 17
In light of the recent presidential transition, there has been a great deal of talk about whether federal tax law changes are imminent. These changes might include a reduction in individual tax rates, limitations on deductions and significant modifications to corporate taxation. Another possibility may be changes related to estate and gift […]
Feb 22, 16
It is our recommendation that estate plans be reviewed every 3-5 years, but why? There are a host of compelling reasons why periodic review is important. When you created your plan, you discussed your family and financial situation with your Brody Wilkinson attorney. You selected someone to serve as your executor, […]
Feb 22, 16
New York State Tax Laws are never static and 2015 did not prove otherwise. The following is a reader’s digest of the more significant changes for Brody Wilkinson’s New York- and certain Connecticut- based clients to mind. Economic Nexus. Commencing in 2015, a non-New York corporation is subject to the New York […]
Feb 22, 16
The Connecticut General Assembly recently enacted legislation increasing probate court fees for the estates of certain decedents. The increase was driven by the State’s decision to decrease funding to the probate courts over the next two years, as a means to mitigate the budget cut. These new fees apply to […]
Feb 22, 16
PART OF COMPREHENSIVE ESTATE PLANNING includes planning for care during one’s advanced years. How one wants to live; where one wants to live; and how one will pay for care is critical information to be built into an estate plan. More than 60% of people over 65 years of age […]
Feb 20, 15
As you complete or review your estate planning, care should be taken in appointing a trustee. A trustee is a person appointed to manage your trust for the benefit of the trust beneficiaries. A trustee is charged with following the instructions set forth in the trust instrument, investing the trust […]
Feb 20, 15
There are a number of reasons why individuals choose to move to Florida during their retirement or split their time between Connecticut and Florida. Not only does this living arrangement allow an individual to avoid cold and snowy winters in Connecticut but Florida’s lower cost of living enables individuals to […]
Jan 9, 14
On June 26, 2013, the U.S. Supreme Court granted federal recognition and rights to legally married same-sex couples. The Court in Windsor v. United States overturned the Defense of Marriage Act (DOMA) declaring as unconstitutional its definition of marriage as only between a man and woman. The Windsor case centered on Edith Windsor’s claim […]
Nov 27, 12
Elderly individuals often prefer receiving care in their own home from a younger family member rather than receiving care from a third-party aide or in an assisted living facility. They may feel uncomfortable with unfamiliar faces or in new surroundings or they fear losing control over their lives. Other times, the […]
Nov 27, 12
You have been diligent in planning your estate. You have a Will and other documents necessary to provide for your family’s future and minimize taxes. Yet, not all of your assets are covered by your Will. Certain assets, so-called “non-probate” assets, are not distributed by a Will. Non-probate assets not only […]
Nov 1, 11
Several estate planning techniques have become extremely attractive due to historically low U.S. Treasury rates. The rates change monthly, therefore the benefits of a technique depend on the rates in effect for the month in which the transfer occurs. October 2011 rates reached a new low. In most cases, these […]
Nov 1, 11
On December 17, 2010, Congress passed a new estate tax law which unifies the estate tax and gift tax exemptions, increases the federal transfer tax and Generation-Skipping Transfer Tax (GST tax) exemptions to $5 million per person, caps the highest marginal tax rate at 35%, and adds a concept called […]
Nov 1, 11
The advent of marriage for same-sex couples in Connecticut and New York has altered the legal landscape in many respects. This dramatic change in the rights of same-sex couples has not, however, affected one important area of law: federal taxes. The federal Defense of Marriage Act prevents the Internal Revenue […]
Nov 19, 10
We spent most of 2010 waiting for new estate tax legislation. With autumn in full swing, it seems less and less likely that Congress will be able to agree on a new game plan. For 2010 only, there is no federal estate tax. (The federal gift tax and the Connecticut […]
