Has the IRS been evaluating your estate? Are you in need drawing up estate documents? Or are you having Interests in estate tax exemptions? Do not let a heritage be commemorated only by the taxes linked with them.  Moreover do not let your heirs or family pay extra in taxes on their heritage than what is lawfully necessary. Ensure the language in your trust, will, and or estate planning papers is effectual in minimizing your liability in the future.

Often heirs are left to the clemency of courts and end up losing part or even all of the assets in the heritage their loved ones left behind. Don’t let your family fall prey to the legal system. Ensure you have taken safety measures and exercised due carefulness to ensure legal protection long after you are gone.

Estate Tax Exemptions

We have former IRS tax attorneys that are competent and skilled in placing together estate planning plans, making sure that estate taxes are in order and that your assets are fully safeguarded against the IRS and federal and state courts. Our founding partner is an ex-IRS attorney who has represented the IRS in estate matters for over 10 years, so he exactly knows what to look for and how to safeguard your financial assets.

If you have to adjust your present estates documents or draw up a strategic plan for your future, call us now to get going.

What are estate taxes?

These are taxes on your rights to move property and assets after your death. They comprise of the accounting of all possessions that you have, calculated at a Fair Market Value. The totality of all the assets is viewed as your gross estate. The assets comprise of, but not limited to securities, real estate, investments, insurance, annuities, trusts, business interests, annuities, and other assets like  art work, offshore accounts and more.

Once you are aware of the quantity of your gross estate, specific reductions or deductions to the value are computed to establish your taxable estate or net amount. Small estates are not needed to file estate tax returns, however for estates worth more than $5 million; a return has to be filed. For estates worth more than 1 million dollars, or those with precise conditions, it is advisable that legal counsel be sought after to safeguard the involved parties.

What deductions are available?

Specific reductions can help minimize the amount of taxes paid out on an estate. They comprise of

  • Marital Deduction: This is a primary deduction for wedded decedents. It implies that all the assets in the gross estate that passes completely to the surviving spouse is entitled to the marital reduction.
  • Charitable Deduction: its applicable if the decedent decides to leave property to a charity organization; the value of the property is deductible from the gross estate.
  • Debt and Mortgages deductions
    management costs of the estate
  • Losses during the management of the estate, before the close

How can LA Tax Law help?

Our skilled and competent former IRS tax lawyers have worked in conjunction with several high net worth clients to put together all-inclusive estate plans that offer protection of assets and assure that estate taxes are paid in an appropriate manner. Trust us with the paperwork so you that you can have peace of mind. 

The Estate Tax article is a perfect reference to start with if you are in need to know more of what the laws on estates say. The IRS Publication 940, an Introduction to Estate and Gift Taxes, can assist in leading you down the right direction.