Will Your Estate Be Subject To Hefty Taxes? We Can Help!

Estate taxes can significantly diminish the value of your estate if not properly addressed. As experienced estate planning attorneys, we understand the complexities of estate tax laws and can help you navigate them to minimize your tax burden. Let's explore how proactive estate planning can protect your assets from excessive taxation.

Understanding Estate Tax Basics: Estate taxes are imposed on estate greater than a certain dollar amount at death. Individuals who die with more than $13.61 million will be subject to federal estate tax, for example. In New York, that number is just $6.94 million. An estate of that size could end up owing hundreds of thousands of dollars in taxes if not properly addressed!

Utilizing Trusts: Trusts are powerful tools for estate planning, allowing you to transfer assets to beneficiaries while potentially reducing estate taxes. By establishing irrevocable trusts, charitable trusts, or other tax-efficient structures, we can help you preserve more of your wealth for future generations.

Maximizing Exemptions and Credits: Properly leveraging available exemptions and credits is essential for minimizing estate taxes. Through strategic planning, we can help you maximize the use of exemptions such as the lifetime gift tax exemption and the marital deduction, ensuring more of your assets pass to your heirs tax-free.

Updating Your Plan Regularly: Estate tax laws are subject to change, making it crucial to review and update your estate plan regularly. Our team stays abreast of legislative developments and can adjust your plan accordingly to ensure it remains effective in minimizing estate taxes.

Don't let estate taxes erode the wealth you've worked hard to build! Start by booking a Peace of Mind Planning Session. During this one-hour working session we will explain your options and review our packages and flat fees. Then, if we decide we are a good fit to work together, we’ll discuss next steps. And if not, that’s fine too! Book your session HERE. Mention this blog and we’ll waive the $450 session fee!