Estate Tax Planning Belleville, IL
Estate tax planning in Belleville, IL. Estate tax planning makes the process of distributing your estate to your loved one’s less stressful 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 difficult to understand and hard to navigate without legal counsel. Our estate tax planning professionals are knowledgeable in reducing expenses related to your estate when you pass away, and will ensure that you’re informed throughout the process. If you are searching for professional estate tax planning in Belleville, IL, look no further than Edmonds Law Firm. Our estate tax planning practice has been around since 2006, offering legal advice 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? Belleville, IL
Estate taxes are taxes that must be paid within 9 months of the estate owner’s death. Taxes are calculated 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 designated beneficiaries are usually responsible for making arrangements to pay off estate taxes on any estate’s left behind, but this isn’t applicable to all cases. By seeking guidance ahead of time with estate tax planning in Belleville, IL, you can learn about the various options available to your estate for exemption from estate taxes or how you can minimize the amount of estate taxes you’re required to pay on your property. Federal and state laws vary 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 family members 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 use
- 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 taken out by your spouse or designated beneficiary for death benefits to be eligible to not be included in your estate’s taxes
- Limited Liability Company – this lets you designated assets such as a farm or real estate to your family before you die. By transferring assets ahead of time, this allows for these assets to not be included in your estate’s taxes
Our custom estate tax planning attorneys are passionate about helping those that are in need of guidance with their estate tax planning in Belleville, IL. Our lawyers understand that it can be emotionally difficult to plan in advance for these type of things, but it is critical to plan ahead for everything 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 properly handled when you pass away. 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 stress for your loved ones during an already hard time. Talking to our lawyers allows you to avoid this. Our lawyers have the tools required to ensure that your estate’s taxes and assets are properly designated so that when you pass away, your family won’t have to deal with this and can focus on mourning their loss.
Estate Tax Planning Lawyers in Belleville, IL
Our estate tax planning lawyers in Belleville, IL, are trusted by Belleville residents for legal advice. 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 Belleville, IL, since 2006, and prides themselves on being a leading choice for local residents. If you or a loved one is searching for estate tax planning in Belleville, IL, keep in mind Edmonds Law Firm. Our attorneys are straightforward, friendly and dedicated to helping Belleville residents plan for the unexpected. For a free consultation, contact us to begin discussing your estate’s taxes today.