Imagine leaving a legacy for your loved ones, only to have a significant chunk disappear to taxes. Estate taxes can be a real burden, but with smart planning, you can significantly reduce their impact. Here’s how our expertise can help you minimize tax worries, protect your assets and maximize your legacy:
- Understanding the Tax Landscape: Estate taxes are levied on estates exceeding a certain dollar threshold at the time of death. We break it down for you. For example, the federal estate tax kicks in for estates exceeding $13.61 million, but in New York, that number drops to $6.94 million. Without proper planning, a tax bill could erode your carefully built estate. Failing to address an estate of such size could lead to substantial tax liabilities, potentially amounting to hundreds of thousands of dollars! Estate tax laws can be complex, and exemption thresholds vary by state.
- The Power of Trusts:Trusts are like financial shields, protecting your assets from taxes. We’ll explore options like irrevocable trusts, charitable trusts, and other tax-saving structures to ensure more of your wealth reaches your beneficiaries.
- Unlocking Exemptions and Credits:Who doesn’t love a good tax break? We’ll help you leverage available exemptions, like the lifetime gift tax exemption and the marital deduction, to minimize your tax burden. This ensures a larger portion of your estate goes directly to your loved ones, as you intended.
- Future-Proofing Your Plan:Estate tax laws are fluid, and change can happen underscoring the importance of periodically reviewing and updating your estate plan. Our team remains vigilant about legislative changes and can adapt your plan accordingly to maintain its effectiveness in minimizing estate taxes.
Don’t allow estate taxes to erode the wealth you’ve diligently amassed! Kickstart your journey by scheduling a Peace of Mind Planning Session. In this one-hour working session, we will look at your options, discuss our packages, and outline our fixed price legal fees. Should we determine a mutual fit, we’ll proceed to discuss the next steps. And if not, that’s perfectly fine too! Reserve your session here, and mention this blog to waive the $450 session fee!
