Estate Tax Planning Alton, IL
Estate tax planning in Alton, IL. Estate tax planning makes the process of distributing your estate to your beneficiaries easier in the event of your death. It is critical to have our knowledgeable estate tax planning attorneys handle your estate’s tax information for you, as the process can be complex and complicated to navigate without legal guidance. Our estate tax planning professionals are knowledgeable in reducing expenses associated with your estate when you pass on from this Earth, and will make sure that you’re informed throughout the process. If you are looking for professional estate tax planning in Alton, IL, consider Edmonds Law Firm. Our estate tax planning practice has served Illinois residents since 2006, offering legal counsel on a variety of topic areas in law, including but not limited to estate tax planning, probate law and wrongful death.
What is Estate Tax Planning? Alton, IL
Estate taxes are an expense that must be settled within 9 months of an individual’s death. Taxes are determined based on the income amount of the deceased individual in the year that they died and are usually costly. Most estate taxes require assets to be liquidated, or another arrangement to be made to pay them off in full. The deceased’s loved ones are usually in charge of making arrangements to pay off estate taxes on any assets left behind, but this isn’t applicable to all cases. By planning ahead with estate tax planning in Alton, IL, you can learn about the various options available to your estate for exemption from estate taxes or a decrease in the amount of estate taxes you’re required to pay on your property. Laws vary state-by-state on the amounts and rules for each of these options, but some of the more common ways that estate taxes can be avoided or reduced include:
- Tax-free gifts to loved ones or friends. Generally around $13,000 give or take for single individuals, but this amount doubles for married couples
- Charitable gifts – there isn’t a limit on the amount of charitable gifts that you can make that will be deducted from your estate’s taxes. Charitable gifts include donations made to charities, educational institutions and for scientific purposes
- Charitable Lead Trust – your income goes to a charity for a set period of time, then your family will receive the rest of your trust assets
- Purchase Life Insurance – life insurance can lower the amount of estate taxes that need to be paid, but you cannot be the owner of the policy. A life insurance policy must be purchased by your spouse or designated beneficiary for death benefits to be kept out of your estate
- Limited Liability Company – this lets you transfer assets such as a farm or real estate to your family before you die. By transferring assets in advance, this allows for these assets to not be included in your estate’s taxes
Our experienced estate tax planning attorneys are passionate about helping those that are in need of guidance with their estate tax planning in Alton, IL. Our lawyers understand that it can be emotionally trying to plan ahead of time for these type of things, but it is critical to plan ahead for all matters regarding your assets and estate.
Why is Estate Tax Planning Important?
Estate tax planning is an essential element in making sure that your assets and estate are taken care of in the event of your death. Planning for estate taxes can offer you peace of mind during a time when things are happening outside of your control. If estate taxes are not planned for ahead of time for your estate, this can cause unneeded pain and suffering for your family members during an already difficult time. Calling our lawyers allows you and your family to avoid this. Our lawyers have the tools required to make sure that your estate’s taxes and assets are properly planned for so that when you pass away, your family won’t have to deal with this and can focus on grieving their loss.
Estate Tax Planning Lawyers in Alton, IL
Our estate tax planning lawyers in Alton, IL, are trusted by Alton residents for legal counsel. If you are looking for legal guidance for your estate’s taxes, our lawyers can help. Edmonds Law Firm has helped residents with their estate tax planning needs in Alton, IL, since 2006, and prides themselves on being a leading choice for local residents. If you or someone you care about is looking for estate tax planning in Alton, IL, consider Edmonds Law Firm. Our attorneys are passionate, kind and dedicated to helping Alton residents plan for the unexpected. For a free consultation, contact us to start discussing your estate’s taxes today.