Westport Magazine Features Sebastian D’Acunto in Article on Estate Planning
Trusts and estates attorney Sebastian D’Acunto was featured in the September Money Matters column in Westport Magazine and other Moffly Media publications throughout Fairfield County. As Sebastian says in the column, wills and estate planning are “intimate issues, the type of topic you don’t really want to think about. There’s a mental block and it’s understandable.”
Sebastian counsels clients in general estate planning and business succession planning, and is particularly in tune with the specific needs facing residents of Fairfield County. Here are some highlights of what Sebastian shared in the Money Matters column headlined “The State of Your Estate.”
“I tell clients to at least get your basics in order. As soon as you reach adulthood, and even during childhood, you’re never too young to have peace of mind.” … Once these basics are in order, revisit your plan “every five years or so, or as you experience life milestones,” like getting married or divorced, buying a house or business, having a child or coming into money, D’Acunto says.
Estate planning is also critical for business owners, two-thirds of whom don’t have a clear business succession plan, says the attorney. “We have a large concentration of wealth here in lower Fairfield County, including a number of wealthy families with small businesses. This is where the rubber meets the road; high-net-worth and ultra-high-net-worth individuals and families are going to have a complex estate. You want to maximize asset protection and minimize estate tax exposure,” D’Acunto says. “I’ve seen a lot of businesses get into disputes, with everyone fighting for a piece of the pie or control. You don’t want to create animosity. You want to keep the peace in the family first and foremost. We have different vehicles to protect estates so as to not force heirs to liquidate assets.”
In a sidebar titled “Maximize Your Gifts,” Sebastian explains something else that ultra-high-net-worth individuals should know. The Tax Cuts and Jobs Act sunsets at the end of 2025, and the estate tax exemption lowers from $13.61 million to $5.6 million.
“For ultra-high-net-worth individuals, gift it now, before that sunsets,” says D’Acunto, who recommends setting up a trust to receive those gifts and protect those assets. “If you’re getting on in years, you want to give away the estate below that taxable threshold.”
Read the full column on page 58 of the September/October issue of Westport Magazine.