Listening to Our Client's Developing Tailored Estate Plans

Taxes

The federal estate tax doesn't affect me; do I need an estate plan?

Yes, you do need an estate plan even if the tax dog won’t bite. Often the fear of taxes or probate fees get clients in the door, but what they learn once they’re part of our community is that only a small part of estate planning is about taxes and fees. Estate planning is really about creating your legacy, including protecting and providing for you, your loved ones, and your property; staying in control; and offering guidance.

Are my children's 529 Plans taxable in my estate?

We have good news: your children’s 529 Plans are not taxable in your estate for federal estate tax purposes, yet you can remain in control of those assets. These dual benefits are very rare as, typically, if you have control over an asset, it is considered to be part of your estate for transfer tax purposes.

Do estate planning attorneys help reduce capital gains taxes?

Capital gains are an income tax - and, yes, income tax planning is a part of many, but not all, estate plans. When we learn more about your family, goals, and finances, we’ll let you know if you have an income tax planning opportunity.

What's GST? (Generation Skipping Tax)

The government seeks to tax the transfer of wealth at every generation. If you try to pass too much wealth to your grandchildren or folks younger than you by more than 37.5 years, the government imposes a generation skipping tax which when combined with the federal estate tax is confiscatory. Estate planning attorneys are very good at working around such taxes when families plan in advance.

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