Even after you pay hefty income taxes the first time around,
if you do not plan carefully, you will potentially have to pay a high rate of tax again,
for the second time, when you leave assets to your heirs.
Doesn’t the thought of paying taxes for a second time on the same money you earned and already paid taxes on just excite you with anticipation?
Actually, the thought of paying taxes a second time drives most of our clients bonkers. And that’s why, when clients’ estates exceed the permitted estate tax exemption amounts (or are growing quickly, as in the case of successful entrepreneurs), we make it a priority to work together on their estate plan to address a number of important topics include estate taxes, asset protection and how to best give to heirs and charitable causes.
Did you know that the current estate tax exemption is scheduled to shrink dramatically from $12.9 million per person down to $5.0 million in 2026 (adjusted for inflation the actual number will likely be set at or near $6.2 million)?
Now is the time to get prepared.
The first step is making sure you have the right documents in place and the right beneficiaries designated, since the details of both can change over time. And remember, beneficiary designations trump your documents, so don’t assume everything will pass according to your will!
Do you get stuck because the documents, trust structures and details all seem too complicated?
Are you challenged by trying to be fair to your family members? By retaining the Firm, you benefit from our team having seen many different ways to give to children -- and how to address the age-old question of how much is too much (wanting to help your family members but not spoil them).
If you are ready to tackle your estate plan, we can help you, in plain English, develop a game plan and then prepare for a meeting with your attorney and even attend the meeting together, to help make sure that everything goes smoothly and answer any questions that may arise.
Do you have a complete estate plan?