Vincent Marino practices primarily in the areas of commercial and residential real estate, land use and estate planning and administration. While at law school, he served as President of the Student Bar Association and President of the senior class.
Vincent represents clients before local land use regulatory boards and commissions. He has represented Wesleyan University in its real estate development projects for many years. In addition, Vincent regularly handles cases in probate courts throughout Connecticut and related matters in Superior Court.
Vincent is active in community affairs in various capacities in both Middletown and Durham. He is a former member of the Middletown Exchange Club and served as its President from 1981-1982. He has also served as a member of the Durham Board of Finance (1979-1981), the Durham Labor Negotiation Team (member from 1980-1981; Chief Negotiator in 1982), the Library Site and Building Committee (1982-1986), and the Library Fund Raising Committee for which he served as Co-Chairman (1983-1985). He has also served as a member of the Durham Republican Town Committee, including terms as Vice Chairman (1982-1984) and Chairman (1985-1990). He was a Durham Little League Coach (1982-1984). He also served as a member of the Durham Planning and Zoning Commission from 1989-1995, the Durham Zoning board of Appeals (1996-2008) and the Durham Library Building Committee. He has been a member of the Middlesex County Bar Association since 1971 having served as its president (1998-1999) and the Connecticut Bar Association.
Vincent has served as a trial referee for the Superior Court for the Judicial District of Middletown since 1987 and as Small Claims Commissioner from 1979 through 1982.
He and his wife, Donna, reside in Durham, Connecticut. His daughter Elizabeth is employed by the federal government and resides in McLean, Virginia.
Client Alert: Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010
H & S Client Alert, 12/27/2010
The Senate and the House passed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (the Act), and the President signed it into law on December 17, 2010. Most prominently, the Act temporarily extends the Bush individual tax cuts for two years, temporarily liberalizes the estate and gift tax rules for two years and grants a temporary one-year 2% reduction in the employee share of social security tax contributions. In addition, the Act extends an array of provisions scheduled to expire at the end of 2010, such as granting alternative minimum tax relief by increasing the exemption amount. While certainly significant, the income tax relief provided for in the Act is largely a continuation of currently existing tax provisions and, therefore, taxpayers will see little or no change in their income tax liability. On the other hand, the estate tax changes discussed below provide a substantial increase in the lifetime exclusion and a substantial decrease in the rate of tax on the excess, albeit only for two years.
ESTATE, GIFT & GST TAXES
The Act temporarily reinstates and modifies the estate, gift and generation skipping transfer (GST) taxes retroactive to January 1, 2010. The following table illustrates the changes:
Maximum Estate Tax Rate
35% or election to
forego estate tax
GST Tax Rate
Maximum Gift Tax Rate
Estate Tax Exemption
Gift Tax Exemption
As shown in the table, estates of decedents who died in 2010 have the ability to elect out of the tax and use the modified carryover basis rules in effect during 2010. This provides an obvious planning opportunity. Estates of $5 Million or less may subject themselves to the estate tax regime, and even though no tax would be payable, claim an unlimited step up in basis on all of its assets. Estates in excess of $5 Million may elect out of the estate tax if the step up in basis is less advantageous than the payment of the estate tax.
The Act also grants extensions of time to file returns, to make tax payments and to make a disclaimer for estates of decedents who died in 2010, but prior to enactment. The exclusion will be indexed for inflation beginning in 2012. A very important provision of the Act, as illustrated in the above table, is the unification of the estate and gift tax exclusion amount to $5 Million which will allow for substantial gift planning during the next two years.
Another provision of the Act allows portability of a decedent's unused estate exclusion to the surviving spouse. Consequently, beginning after 2010, a surviving spouse may use his or her own $5 Million estate tax exclusion plus whatever exclusion was not used by his or her most recently deceased spouse, provided the previously deceased spouse died after 2010. Moreover, the executor of the estate of the previously deceased spouse must elect to allow such portability. It is important to note that the unused exclusion can be used on both subsequently filed estate and/or gift tax returns by the surviving spouse which, once again provides gift planning opportunities.
Significantly, the Act does not include provisions limiting the use of GRATS, nor does it include a provision eliminating the use of discounts, both of which have been proposed in the past. Nevertheless, it is likely that both of these issues will be discussed again in the near future. As such, consideration of these in the context of estate plans should be done sooner rather than later. Finally, the Act includes miscellaneous provisions concerning installment payment of estate tax in certain cases and confirms the deductibility of state estate taxes for decedents dying after December 31, 2009.
Unfortunately, the increased exclusion and decreased tax rate only apply for two years (2011-2012) and unless later modified, the $1 Million exclusion and 55% maximum rate will return in 2013. As a result, individuals and their advisors are still left with a degree of uncertainty as to what the ultimate exclusion and rate will be, thereby requiring a new review of documents in 2013.
INDIVIDUAL INCOME TAXES
The Act amends the sunset provisions of the 2001 and 2003 acts to provide that the tax changes made by those acts will now remain in place until December 31, 2012. Accordingly, (i) the 35% maximum rate and other rate brackets on earned income, (ii) personal exemption amounts; and (iii) the 15% rate on capital gains and qualified dividends will continue during that period. Thus, individuals will find that their tax returns for the next two years will differ little from those of prior years. Marriage penalty relief will likewise continue during this period.
There are also several other targeted income tax relief provisions which may be applicable to you and which we would be pleased to deal with on a personal basis along with any of the other matters discussed above.
Please contact either Leslie Grodd, resident in our Westport office,Henry Beck, Jr., resident of our Hartford office, or Vincent Marino, resident in our Middletown office, if you have any questions, or if you wish to discuss any of the above matters in the context of your personal situation.
News & Events
Estate Planning and Probate Resource: Tax Information Available to Seniors
The Connecticut Department of Revenue Services recently updated an informational publication clarifying Connecticut tax laws applicable to senior citizens. The publication, Informational Publication 2100(18), includes information on Connecticut income tax, sales and use taxes, gift, estate, real estate conveyance and local property taxes. Also included in the publication is a list of goods and services that senior citizens typically purchase that are exempt from sales and use tax and the publication explains property tax credits available to senior citizens. The publication modifies and supersedes Informational Publication 2010(26).
The Halloran & Sage Estate Planning and Probate Department is available to answer any specific questions related to this publication or any tax, estate planning or probate concern.Middletown Office: New Location
The Middletown office of Halloran & Sage, an important satellite office that has provided efficient and effective service to our Middlesex County clients for almost fifty years is moving to a new location (still in Middletown!) effective Monday, April 6, 2009. We look forward to continuing to serve our clients from our more spacious location at Middlesex Corporate Center, 213 Court Street, Suite 205, Middletown, CT.
Attorney William McGrath, Jr., Managing Partner of Halloran & Sage is pleased with the move, This move reaffirms our commitment to the Middletown community. The Middletown team's focus combined with the strengths of the capable attorneys at our three other offices (Hartford and Westport, CT as well as Washington, DC) will make us even more valuable to the clients we serve.
Attorneys currently based out of the Middletown office include Vincent Marino and Suzanne Scibilia.
For detailed directions to our new Middletown office .