Estate Tax Planning Bethalto, IL
Estate tax planning in Bethalto, IL. Estate tax planning makes the process of distributing your estate to your beneficiaries easier in the event of your death. It is essential 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 complicated to navigate without legal guidance. Our estate tax planning professionals are experienced in reducing expenses related to your estate when you pass away, and will make sure that you’re informed during the process. If you are searching for professional estate tax planning in Bethalto, IL, consider Edmonds Law Firm. Our estate tax planning firm has served Illinois residents 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? Bethalto, IL
Estate taxes are taxes that must be settled within 9 months of the estate owner’s death. Taxes are determined based on the income amount of the deceased individual in the year that they passed away and are usually expensive. Most estate taxes require assets to be liquidated, or another arrangement to be made to pay them off in full. The designated beneficiaries are generally in charge of making arrangements to pay off estate taxes on any assets left behind, but this isn’t applicable to all cases. By seeking guidance ahead of time with estate tax planning in Bethalto, 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. 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 decreased include:
- Tax-free gifts to family members or friends. Typically 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 loved ones will receive the remainder of your trust assets
- Purchase Life Insurance – life insurance can decrease the amount of estate taxes that are owed, 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 business or real estate to your loved ones before you pass away. 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 searching for guidance with their estate tax planning in Bethalto, IL. Our lawyers understand that it can be emotionally trying to plan in advance for these type of things, but it is essential to plan ahead for all matters regarding your assets and estate.
Why is Estate Tax Planning Important?
Estate tax planning is an important 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 in advance for your estate, this can cause unnecessary pain and suffering for your loved ones during an already difficult time. Talking to our lawyers allows you to avoid this. Our lawyers have the tools needed 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 mourning their loss.
Estate Tax Planning Lawyers in Bethalto, IL
Our estate tax planning attorneys in Bethalto, IL, are trusted by Bethalto 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 Bethalto, IL, since 2006, and prides themselves on being a top choice for local residents. If you or someone you care about is looking for estate tax planning in Bethalto, IL, consider Edmonds Law Firm. Our attorneys are passionate, kind and dedicated to helping Bethalto residents plan for the unexpected. For a free consultation, contact us to start talking about your estate’s taxes today.