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Connecticut Rakes in Inheritance Taxes

By Gerry W. Beyer

RakeMoney

Connecticut state officials estimated that they wouldcollect about $150 million in inheritance taxes in 2012, but due to the deathof an unprecedented amount of wealthy people, Connecticut will collect a staggering $428million. 

This unexpected record amountis also due to an increase in gift taxes, a result of wealthy individualsmaking huge transfers in gifts before the higher federal gift tax rateincreased from 35 to 40 percent on January 1, 2013. 

The wealthiest Connecticut residents to diein 2012 include Goldman Sachs investment partner Richard M. Ruzika, StandardOil heir Lucie Cunningham Warren, and Wall Street investor Barton Biggs.

See ChristopherKeating, Inheritance Windfall:Record-Breaking Year for Estate Taxes Helps Fuel Budget Surplus, HartfordCourant, May 11, 2013.

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Current Events, Death Event Planning, Estate Tax and Gift Tax