Protect What You’ve Worked Hard For
Estate Tax Planning
You work your entire life to save and have enough money to comfortably retire—and ideally leave something for your loved ones when you pass away. During your life, you pay all kinds of taxes: income taxes, property taxes, sales taxes, and so on. And at the end, the government even wants to tax you on the assets you have left at your death. This is known as the estate tax, sometimes called the inheritance tax or death tax. The best way to protect your assets and your family’s future from excessive taxation is to hire an attorney who specializes in estate tax planning. The experienced estate tax planning lawyers at Truest Law, can help you reduce—if not entirely avoid—the federal estate tax burden.
HOW DOES THE ESTATE TAX WORK?
The estate tax is totally separate from federal income taxes and is paid on the net value of all your assets owned at your death. However, there are fairly sizable exemptions to the estate tax, so it’s primarily high net-worth individuals and their families who are affected. That said, the estate tax rate is a whopping 40%, so we’re talking about potentially massive sums of money being owed by one’s heirs. And that bill must be paid to the IRS within 9 months of the decedent’s death.
We're Here To Help
You worked hard to build your family’s wealth and legacy, so it makes sense to put similar effort into protecting those assets—and that includes protecting them against excessive taxes. Book a session with us today to minimize the potential tax burden faced by your family, so you can maximize the inheritance you pass to them.