Estate Tax Planning Caseyville, IL
Estate tax planning in Caseyville, IL. Estate tax planning makes the process of distributing your estate to your loved one’s 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 hard to navigate without legal counsel. Our estate tax planning attorneys are knowledgeable in reducing the costs related to your estate when you pass on from this Earth, and will make sure that you’re informed during the process. If you are looking for professional estate tax planning in Caseyville, IL, consider Edmonds Law Firm. Our estate tax planning firm has been around since 2006, providing legal counsel on many different topic areas in law, including but not limited to estate tax planning, probate law and wrongful death.
What is Estate Tax Planning? Caseyville, IL
Estate taxes are taxes that must be settled 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 deceased’s loved ones are generally 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 Caseyville, 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. Laws vary state-by-state on the amounts and rules for each of the following, but some of the more common ways that estate taxes can be waived 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 those that are married
- 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 remainder of your trust assets
- Purchase Life Insurance – life insurance can lower 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 eligible to not be included in your estate’s taxes
- Limited Liability Company – this lets you designated assets such as a business or company to your family before you pass away. By transferring assets in advance, this allows for these assets to be exempt from being 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 Caseyville, IL. Our lawyers know that it can be emotionally trying 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 important tool in making sure that your assets and estate are properly handled 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 loved ones during an already difficult time. Talking to our lawyers allows you and your family to avoid this. Our lawyers have the tools required to ensure that your estate’s taxes and assets are properly designated so that in the event of your death, your family won’t have to deal with this and can focus on mourning their loss.
Estate Tax Planning Lawyers in Caseyville, IL
Our estate tax planning attorneys in Caseyville, IL, are trusted by Caseyville residents for legal advice. If you are looking for legal guidance for your estate’s taxes, our lawyers are ready to help. Edmonds Law Firm has helped residents with their estate tax planning needs in Caseyville, 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 Caseyville, IL, consider Edmonds Law Firm. Our attorneys are passionate, kind and dedicated to helping Caseyville residents plan for the unexpected. For a free consultation, contact us to start talking about your estate’s taxes today.
Recent Comments