When you pass down your assets to your heirs, you want them to actually get to keep what you’ve left for them. You don’t want estate taxes and other taxes taking large chunks out of their inheritances. Fortunately, there are legal ways to protect yourself, your beneficiaries, and your assets. A Des Moines estate planning lawyer can help you figure out the best way to do this.
Get Help TodayGiving gifts is a great way to reduce the size of your estate over time, and that can help you reduce any tax bills your beneficiaries may face. There are limitations to gift-giving, but we think that they are actually quite generous. You may give $18,000 to a family member each year without the gifter or the giftee having to worry about any taxes.
Your spouse also has their own $18,000 limit. This means that you can both give away up to $36,000 to a person each year before worrying about any kind of excess taxation.
Some choose to make their estate into something resembling a business. A family limited partnership can help reduce how much would be owed in taxes when assets are passed down. This is because you can set up the partnership and then gift “shares” of your estate to children, grandchildren, and other beneficiaries as if you were giving someone shares of a publicly traded company.
Charitable giving can also help reduce how much you end up owing in estate taxes. You can donate to causes on your own, or you can set up a trust to do this for you. You can even make sure that the trust continues to support your favorite charities once you have passed away.
No two estates are the same, so it can be difficult to figure out exactly what you should do to protect your assets and leave as much behind for your beneficiaries as possible. This is why it can be a good idea to get advice from an attorney. Our lawyers can help you figure out what works best for you and your family.
There are many estate planning tools that you could use to your advantage, but it can be difficult to figure out how you can benefit from setting up a family limited partnership or trust without consulting a professional. We can also help when an intended beneficiary is not able to manage their inheritance on their own by setting up a special needs trust or even a pet trust. If you’re looking for peace of mind, our estate planning attorneys can offer it.
When you are ready to make an estate plan of your own, contact Herting Law, PLLC. We can schedule a consultation and tell you more about how our experienced attorneys can be of assistance.
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