Tax Planning Can Help You Preserve Your Estate
By crafting an estate plan, you are providing for your loved ones for years to come. You have no doubt worked hard to acquire the property you plan on distributing, so naturally, you would like to preserve as much of it as possible. Ensuring the integrity of your assets, however, may seem difficult in the face of state and federal estate taxes, which serve to claim a portion of your estate after your death.
Tax planning can be a viable path to maintaining your assets. At James A. Jones, Attorney at Law, we believe that this facet of estate planning is an important consideration for sizable estates. We work with clients in Tacoma, Seattle and cities across the region to find strategies that minimize their tax liabilities, allowing for their loved ones to gain more complete inheritances.
There Are Several Avenues For Lowering Your Tax Liabilities
If you have a considerable estate that you plan on bequeathing, you can expect your inheritors to navigate estate taxes. While the federal exemption threshold is rather high at $11.2 million, Washington’s is much lower at $2.1 million, which can affect a great number of individuals. For these estates, our firm recommends several tax planning solutions, including:
- Charitable giving
- Family-limited liability entities
- The creation of AB trusts
- Marital transfers
- Gifts to children and grandchildren
Different estates will call for different approaches to tax planning. Our lawyer draws on more than 15 years of experience assisting clients with estate planning, and he can help you create a plan to ensure that your loved ones enjoy your estate in the manner that you intend.
Let Our Firm Help You Protect Your Assets
At James A. Jones, Attorney at Law, we can aid you with your tax, trust and estate planning needs.