Estate Planning Update Summer 2019 - Connecticut Updates: Connecticut Increases Gift and Estate Tax Exemption Amounts

In the fall of 2017, the Connecticut gift and estate tax exemptions were changed to increase gradually until 2020, when they were scheduled to match the then-applicable federal exemptions. As we reported in "Connecticut Estate Tax Interim Update" in our July 2018 Update, we expected further changes to the Connecticut exemptions following the subsequent doubling of the federal gift and estate tax exemptions that took effect January 1, 2018. Those expected changes are now official—the Connecticut gift and estate tax exemptions will gradually increase from this year's $3.6 million to match the federal exemption as of January 1, 2023, as follows: