Estate Tax Protection
and Planning
You work hard to save enough money to comfortably retire and hopefully leave some behind for your loved ones after you are gone. We work hard to protect that money and other assets from excessive taxation.
After your death, the assets you leave behind are subject to an estate tax or sometimes called an “inheritance tax” or “death tax.” The federal estate tax rate ranges from 18% to 40%. Many states also have an inheritance tax which varies based upon the relationship between you and the person named as your beneficiary. So, even though you may be exempt from federal estate taxes, you may still incur state inheritance tax. Thankfully, there are a few sizable exemptions to this estate tax as long as you know how to utilize them correctly. That’s where we come in. We have years of experience working with these exemptions and have developed other strategies to help you reduce - if not eliminate these taxes altogether.
Do I really need to worry about Estate Taxes?
That depends. The Tax Cuts and Jobs Act of 2017 nearly doubled the allowable exemptions to the estate tax. This Act raised the exemption status so even fewer families would be affected by the estate tax entirely.
At this time, you do not have to worry about the estate tax if your estate is valued less than $12.92 million.
If you are affected by this, there are numerous strategies available that will help reduce or eliminate this tax. We can help advise you on the best options available.
Advanced Planning Strategies
Families that have high-value estates face many complex legal and tax issues when planning to leave it behind for their loved ones. The estate tax is only one of them. The Lohman Law Offices, PSC has a number of advanced estate planning strategies available that are focused primarily on reducing or eliminating a family’s tax burden. We can also help you take advantage of gift tax and generation-skipping tax to pass your assets on to future generations without the risk of a tax liability shrinking your estate at each generation.
Our most popular estate planning tools and strategies include:
Life Insurance Trusts
Qualified personal residence trusts
Grantor retained annuity trusts
Asset protection trusts
Land trusts
Dynasty trusts
Family limited partnerships or limited liability companies
Asset gifting
Schedule your Family Wealth Planning Session
During your session, we will go into detail about how you can reduce the potential tax burden placed on your family so you can maximize the inheritance passed on to your loved ones.
You worked hard to build your family’s wealth, so make sure you protect it after you are gone.
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