Hartford Business Journal

HARTFORDBUSINESS.COM | JUNE 16, 2025 23 is article is for educational purposes only and is not intended as an offer or solicitation for the sale of any financial product or service or as a determination that any investment strategy is suitable for a specific investor. Wilmington Trust is not authorized to and does not provide legal, accounting, or tax advice. Information used in the preparation of this article has been obtained or derived from sources believed to be reliable, but no representation is made as to its accuracy or completeness. Wilmington Trust is a registered service mark used in connection with various fiduciary and non-fiduciary services offered by certain subsidiaries of M&T Bank Corporation. Shannon A. Saltos serves as Wealth Market Manager for Wilmington Trust in Hartford. She has more than 25 years in the financial services industry. G rowing up, my family and I would have game nights where we would break out a Monopoly board (I had to own Park Place and Boardwalk!), a big drawing board for Pictionary, or the game of LIFE. I loved this because it was something we all did together, while learning many important lessons from my parents and grandparents that stick with me even today. When Wilmington Trust's Investment committee released this year's economic forecast, "Investing in a Chutes & Ladders Economy", it especially resonated with me. Little did I know that we would be playing this "game" for most of 2025. We are buckled in to ride the "Ladders" up, hoping for the headwinds in the economy, and bracing for the "Chutes", the setbacks, lack of clarity, and market volatility. For our clients – especially Connecticut's families, businesses, and investors — 2025 has truly been a time of intense and sudden ups and downs. e financial markets have been a rollercoaster ride created by all sorts of short-term economic worries including tariffs, international tensions, and proposed tax changes. Connecticut business owners are faced with proposed tax changes and regulations that could lead to additional compliance costs, creating uncertainty in the future. e state's budget deficit and challenges could also lead to higher taxes or cuts in essential services, impacting all sorts of potential quality-of-life issues. Connecticut families should be considering state-specific tax situations. For example, we're the only state that still has a separate gift tax. is matches the federal exemption, so it doesn't change the math much, but it does add a nuance to planning. e Connecticut estate tax is the same as the federal exemption amounts, which today is at $13.99 million per person. If the federal exemption were to sunset, that means the state exemption would as well. If it doesn't, which seems to be the current expectation, it may be increased to $15 million. Connecticut families will also want to keep an eye on the new proposed SALT deduction, which the House increased to a $40,000 cap from $10,000. You may ask yourself how we manage through these constantly changing and evolving proposals that are sure to have some impact. It is never too early to engage a trusted team of advisors. My Hartford team and I are here to help to navigate the complexities that you and your family may face, taking into consideration trust, estate, and tax proposed changes, to protect and preserve your legacy. We arm you with the knowledge you need to make informed decisions. We often hear from our clients how challenging it is to start these conversations and engage all family members. For us, the conversation with the family matters the most. It is sometimes the most difficult piece to get going. We engage to ask the thought provoking, meaningful questions, which will help to define our clients' goals and objectives. Consistent themes are brought up time and again from our Connecticut business owners and families. Such as: • What will my family do if I am not here tomorrow? • Is my family equipped with the knowledge and resources to step into my shoes? • Is my business ready for the next generation to take over? Does the next generation want to take over and if not, what is my alternative plan? • Do my heirs understand what I want my legacy to be? • Are we aligned on our charitable and philanthropic goals? We are committed to our Hartford community and clients — that means being there to always provide honest and direct feedback. Businesses are transitioning either via sale, bringing in the next generation, or converting to employee ownership. Wealth has been created and will be passed on. Baby Boomers are becoming an enormous generation of retirees, and it is expected that by 2045, about $84 trillion of wealth will be transferred — more than $30 trillion to women. It is critically important to engage multiple generations in creating a business transition plan or wealth roadmap that takes into consideration unique tax and estate law implications. In what is being called the 'great wealth transfer' we want to ensure that all stakeholders have a similar level of knowledge and comfort in facing the future. Demographics in Connecticut suggest that women live significantly longer than men. Ask yourself: Do I have a basic comfort level? We are here as a trusted advisor for all our multi-generational families. So, getting back to our family game nights. Learning from the generations before us and really interacting with each other can help create legacies that live on and sustain a family's wishes for generations. In a year of profound "Chutes & Ladders" it's what we do best! Managing 2025: Creating Wealth Roadmaps for Families, Businesses, and Investors By Shannon A. Saltos SPONSORED CONTENT

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