Estate Tax Planning
One of the primary goals of estate tax planning is to avoid, or lower, paying estate taxes. The federal government imposes an estate tax upon death for taxable estates in excess of $5.43 million (for deaths in 2015, this number is adjusted annually for inflation). This tax is not assessed when an estate passes to a surviving spouse, but is imposed upon the surviving spouse’s death. There are many strategies available for avoiding estate taxes so it is extremely important to work with an experienced estate planning attorney when developing an estate tax plan.
MendenFreiman has helped clients with estate tax planning for nearly two decades and can advise you on a range of techniques that will help you avoid estate taxes, preserve your family’s wealth and provide for flexibility in the case of future changes in the law. Options we routinely explore and include in estate plans are:
- Outright Gift
- Charitable Trust
- Dynasty Trust
- Irrevocable Life Insurance Trust (ILIT)
- Grantor Retained Annuity Trust (GRAT)
- Qualified Personal Residence Trust (QPRT)
- Intentionally Defective Grantor Trust (IDGT)
If you want to develop a strategy to protect and preserve your lifetime of achievements, a MendenFreiman estate planning attorney will devise a creative and customized solution for you and your family.