Planning to Minimize Estate Tax Liability at Death
Even though the U.S. has imposed an income tax on all of your earnings during life, you may also owe a federal estate tax for transferring your assets at death.
Under current law, the estate tax exemption is $5,000,000. Unless legislation is passed, on January 1, 2013 the exemption will be reduced to $1,000,000 and the rate increased to a maximum of 55%. Proper estate planning should take into account these future taxes. Effective planning can be implemented to minimize your estate tax burden at death. Many states have their own separate estate and inheritance taxes that you need to be aware of. There are many well-established strategies that can be put in place to reduce or eliminate death taxes, but you must start the planning process early in order to implement many of these techniques. These techniques include life insurance trusts, family limited partnerships, various methods to reduce valuations of assets, and charitable planning.
Planning for Disability
Planning to Avoid Probate
Planning for Minor Children
Planning for Special Needs Individuals