How is the Connecticut Succession Tax determined?
The Connecticut Succession Tax is currently being phased out and will be totally eliminated by January 1, 2005. The amount of property exempted from the tax varies depending upon the relationship of the decedent to those who will receive the property. The succession tax on amounts passing to most beneficiaries (formerly Class AA, A and B) was eliminated. Currently there is one class of inheritors with Succession Taxes: Class C Relationship to decedent: any other beneficiary. For example, uncles, aunts, cousins, sister-in-law, brother-in-law, stepbrother, stepsister, unrelated individuals, associations, corporations. Exemption amount for property inherited by Class C: Property under $1,500,000, effective January 1, 2004. Tax on Class C will be eliminated January 1, 2005. Tax Tables may be obtained from the Department of Revenue Services (860.297.5737) or from your local probate court.
