Minimizing Estate Taxes
Attorney for Minimizing Estate Taxes
When it comes to estate planning, one of the biggest issues is estate tax. As of 2011, no taxes are owed when a decedent dies and passes the estate down for up to $5 million. Each year an individual can give an amount known as the “annual exclusion” free from tax. The annual exclusion for 2014 is $14,000, which may be made per person, per year. Gifts to charities are not subject to the annual exclusion limitations. Annual exclusion gifts can be an essential part of any estate plan to reduce potential tax liability and transfer wealth to the next generation free of tax.
Without adequate planning, 40 to 50 percent of any dollar amount above the threshold can be levied by the federal government. It is important to ask: Do you want to determine where your funds will go or do you want the federal government to make that decision for you?
By partnering with a skilled and experienced attorney, it is possible to avoid the tax, but some planning is necessary. Contact Us to learn more about minimizing estate taxes in Calabasas and cities throughout Southern California.
Reduce Estate Taxes in California
At Louis Pacella, Attorney at Law, we have been able to save clients money in estate planning cases and able to use life insurance, gifting or different types of trusts to ensure that you are leaving money with whom you want, not with Uncle Sam. It is important to realize that the estate tax for the last 15 years has been in a state of flux. As an estate planning attorney, Louis Pacella and team are committed to keeping you up-to-date. Regardless if you create a trust, these threshold issues may be in play for years, so the firm prides itself on providing ongoing updates to clients to ensure their intents are continuously preserved.