Your estate tax is a tax imposed on your gross estate at the time of your death. It is one of the things that your tax lawyer in Sherman Oaks will look at during your initial consultation. Keep in mind that the IRS includes everything and people are typically caught off guard at how high their property will be valued just for the sake of estate tax.
Tax Lawyer in Sherman Oaks and Your Gross Estate
The IRS will include in your gross estate everything that you own. It does not matter whether it is held in your name. The IRS will include your cash, securities, real estate, annuities, retirement accounts, and life insurance, among others.
The only assets that the IRS will not include are those that are outside of your control or not in your name. By hiring a tax lawyer, you can carefully make an estate planning to eliminate a portion of your assets from your gross estate.
When Do You Visit Our Tax Attorney at Tenina Law Office?
You will need the help of our tax lawyer when you anticipate a taxable estate when you die. It means that you expect the overall value of your estate will be over $5.6 million. If you are married, it will be $11.2 million.
Your heirs would pay any estate tax of 40 percent of the balance over those totals. By hiring our tax attorney, you can devise estate planning strategies to assist you in staying below the exemption threshold. Our lawyer will also prevent a huge part of your estate to go to taxes.
There are various ways to lower your estate tax via lifetime gifts. Receiving gifts of up to $15,000 a person or $30,000 per married couple is tax-free. They can also help in reducing your estate. You can also send gifts of any amount to another person, but you must pay it directly to the provider or facility.
Deductions at Your Death
There are estate tax deductions that the law allows. These would include mortgages on your property, debts at the time of your death, expenses, losses, gifts, and property that you passed to your spouse.
The estate tax can be complicated. That’s why it is vital that you create an estate plan. At the Tenina law office, we offer estate-planning strategies to reduce our clients’ estate taxes. With these strategies, our clients can still access their steady stream of income from the properties while living.
Estate planning is difficult. You may not want to hire a CPA for this job. Rather, you must consider the knowledge of our tax lawyer to ensure that everything is done right.
Death taxes can be minimized. You can also avoid them with careful planning. Some people are hesitant to hire a tax lawyer to arrange their estate planning. They may think that, since they are healthy and young, they do not need to plan their estate. Unfortunately, it is a wrong decision considering that death and taxes are the only things that are sure in life.
To help you develop an estate plan and ensure that your money will go to your intended recipients, contact our tax lawyer in Sherman Oaks today: (213) 596-0265.