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PLANNING FOR THE VERMONT ESTATE TAX – A DELICATE BALANCING ACT

August 26, 2019 By McCann Morgan & Getty Leave a Comment

By:  Ron Morgan In recent years, there have been significant, and frequent, changes to both federal and Vermont estate and gift tax laws, and there is no sign that there will not be more changes in the foreseeable future.  In this post, I will attempt to set out a framework for considering transfer tax minimization […]

Filed Under: Other Tagged With: estate planning, estate tax, income tax, vermont

Vermont Probate Small Estate Procedure

February 26, 2019 By McCann Morgan & Getty Leave a Comment

By:  Matt Getty Legislation has been introduced in the Vermont House to increase the value threshold for implementing the “small estate” procedure in probate.  This bill will ease the administration of estates in certain circumstances.  An executor or administrator would still have a number of tasks and legal responsibilities, and the streamlined procedure would still […]

Filed Under: Probate Tagged With: probate, vermont

Vermont Property Transfer Tax: Sale of Controlling Interest in Legal Entity

February 25, 2019 By McCann Morgan & Getty Leave a Comment

By:  Matt Getty and Ron Morgan The Vermont State Senate is considering a bill, S.67, that would extend the scope of the Property Transfer Tax to apply to the sale of 50% or more of a corporation or other legal entity that owns real property in Vermont.  Currently, the Property Transfer Tax is imposed on […]

Filed Under: Tax Tagged With: property transfer tax, vermont

Vermont Estate Tax Legislation

February 19, 2019 By McCann Morgan & Getty Leave a Comment

By:  Matthew Getty New legislation (H.231) has been introduced in the Vermont House of Representatives to increase the Vermont estate tax exclusion to $5.75 million by 2022.  The text and status of the bill can be found here:  https://legislature.vermont.gov/bill/status/2020/H.231.  The Vermont exclusion would remain separate from the federal exclusion, which is currently $11.4 million per […]

Filed Under: Tax Tagged With: estate planning, estate tax, vermont

Short-Term Rentals and the Vermont Meals and Rooms Tax

September 23, 2018 By McCann Morgan & Getty Leave a Comment

By:  Matthew Getty Winter is, indeed, coming, but nearly every season in Vermont attracts tourists (Mud Season and Black Fly Season excepted).  Many people, both Vermonters and out-of-staters, own vacation properties that are rented for short periods of time in order to offset the cost of ownership.  Recent years have seen an increase in such […]

Filed Under: Tax Tagged With: Meals and Rooms, Rental, Tax, vermont

What Is A Revocable Trust, And Do I Need One?

April 12, 2018 By McCann Morgan & Getty Leave a Comment

By:  Matthew Getty I frequently receive questions about revocable trusts from clients who have heard something about them but aren’t quite sure what they are.  Sometimes these clients have become convinced that they need to have a revocable trust, but they don’t have a clear understanding of what a trust will do and whether it […]

Filed Under: Life Planning, Other Tagged With: estate planning, estate tax, probate, revocable trust, vermont

What To Bring: Meeting An Attorney About Opening a Vermont Probate Estate

April 10, 2018 By McCann Morgan & Getty Leave a Comment

By:  Denise Tuttle Imagine you have just lost a dear loved one. Your thoughts are jumbled and your world has been turned upside down.  You have an appointment scheduled to meet an attorney for the first time to discuss where to go from here.  You may be anxious about this appointment, despite having enough already […]

Filed Under: Probate Tagged With: estate, probate, vermont, will

Do I Need a Will?

April 9, 2018 By McCann Morgan & Getty Leave a Comment

By:  Matthew Getty A common threshold question in estate planning is “Do I need to do anything?”  The answer to that question depends a great deal on your personal preferences and whether you will be satisfied with the default results. The disposition of your assets will depend on the form of ownership and Vermont law.  […]

Filed Under: Other Tagged With: estate planning, heir, joint ownership, probate, second marriage, vermont, will

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