Estate and Income Tax
Helping clients minimize or avoid taxes has always been part of the work of an estate planning attorney. However, it takes on new importance when the tax laws are in flux or people expect tax rates to rise. What are you doing to plan for future tax liability? Are you taking advantage of new opportunities and planning for potential risks that could increase your tax bill? We help clients address things such as:
- Help spouses minimize estate taxes by creating a trust at the first death. This is sometimes called a “credit shelter trust,” “family trust,” or “A-B trust.”
- Consider Roth IRA conversions and how they can fit into their overall plans to transfer wealth to future generations.
- Provide strategies for protecting retirement assets (such as an IRA) being left to children, while still keeping the tax-deferral options of the IRA.
- Review charitable giving options during life or after death, as part of the estate plan. Using the right timing and strategy for charitable giving can make a huge difference in the taxes due.
- Planning for the unknown estate tax environment coming in the future. During 2010, our clients are planning for maximum flexibility to be able to take advantage of the estate tax repeal now, but also be prepared to address a return of the estate tax in 2011.
- Helping clients analyze more advanced estate tax strategies that may fit their situation, such as life insurance trusts, gifting trusts, charitable lead trusts, and other options.
- Strategies to leave assets to future generations, free of estate tax in what are known as “generation skipping” trusts.
Your first step in considering estate and income tax planning is to understand the foundation of effective estate planning. There are 3 easy ways to get started with that:
- Sign up for our weekly e-newsletter with tips on estate planning and up to date information about our FREE workshops.
- Attend our New Client Orientation workshop. This workshop will help you get to know us and whether we’re right for you. Check here for the latest dates.
- Schedule your No Charge, No Obligation Initial Meeting with an attorney. Just call our Client Coordinator at 217-726-9200.
Not taking action is the greatest threat to your wealth and effective estate planning. Take a step in the right direction today.