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 […]
Vermont Probate Small Estate Procedure
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 […]
Vermont Property Transfer Tax: Sale of Controlling Interest in Legal Entity
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 […]
Vermont Estate Tax Legislation
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 […]
Short-Term Rentals and the Vermont Meals and Rooms Tax
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 […]
What Is A Revocable Trust, And Do I Need One?
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 […]
What To Bring: Meeting An Attorney About Opening a Vermont Probate Estate
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 […]
Do I Need a Will?
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. […]