Estate Tax Planning Collinsville, IL
Estate tax planning in Collinsville, IL. Estate tax planning makes the process of distributing your estate to your beneficiaries less stressful 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 complex and complicated to navigate without legal guidance. Our estate tax planning attorneys are experienced in reducing the costs related to your estate when you pass away, and will make sure that you’re informed during the process. If you are looking for professional estate tax planning in Collinsville, IL, consider Edmonds Law Firm. Our estate tax planning firm has been around since 2006, providing 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? Collinsville, IL
Estate taxes are taxes that must be paid within 9 months of an individual’s death. Taxes are determined based on the income amount of the deceased person in the year that they died and are typically 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 generally responsible for making arrangements to pay off estate taxes on any assets left behind, but this isn’t always the case. By planning ahead with estate tax planning in Collinsville, IL, you can learn about the different 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 the following, 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 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 purposes
- Charitable Lead Trust – your income goes to a charity for a set amount of time, then your loved ones will receive the rest 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 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 transfer assets such as a farm or real estate to your family before you pass away. By transferring assets in advance, 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 Collinsville, IL. Our lawyers know that it can be emotionally difficult 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 important element in making sure that your assets and estate are taken care of in the event of your death. Planning for estate taxes can provide you with 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 unneeded pain and stress for your loved ones during an already difficult 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 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 Collinsville, IL
Our estate tax planning attorneys in Collinsville, IL, are trusted by Collinsville 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 Collinsville, 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 Collinsville, IL, consider Edmonds Law Firm. Our attorneys are passionate, friendly and dedicated to helping Collinsville residents plan for the unexpected. For a free consultation, contact us to start discussing your estate’s taxes today.