Estate Tax Planning Edwardsville, IL
Estate tax planning in Edwardsville, IL. Estate tax planning makes the process of transferring your estate to your loved one’s 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 counsel. Our estate tax planning attorneys are knowledgeable in limiting the costs associated with your estate when you pass away, and will ensure that you’re informed during the process. If you are looking for professional estate tax planning in Edwardsville, IL, look no further than Edmonds Law Firm. Our estate tax planning firm has served Illinois residents 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? Edwardsville, IL
Estate taxes are an expense 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 expensive. 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 estate’s left behind, but this isn’t applicable to all cases. By planning ahead with estate tax planning in Edwardsville, 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 the following, but some of the more common ways that estate taxes can be avoided or reduced include:
- Tax-free gifts to loved ones 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 use
- Charitable Lead Trust – your income goes to a charity for a set amount 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 loved ones before you die. By transferring assets ahead of time, this allows for these assets to be exempt from being included in your estate’s taxes
Our custom estate tax planning attorneys are dedicated to helping those that are in need of guidance with their estate tax planning in Edwardsville, IL. Our lawyers know that it can be emotionally difficult 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 essential tool in making sure that your assets and estate are properly handled 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 ahead of time for your estate, this can cause unnecessary pain and stress for your family members during an already difficult time. Talking to our lawyers allows you and your family to avoid this. Our lawyers have the tools needed to make sure 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 grieving their loss.
Estate Tax Planning Lawyers in Edwardsville, IL
Our estate tax planning attorneys in Edwardsville, IL, are trusted by Edwardsville 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 Edwardsville, IL, since 2006, and prides themselves on being a leading choice for local residents. If you or someone you care about is searching for estate tax planning in Edwardsville, IL, consider Edmonds Law Firm. Our attorneys are straightforward, friendly and dedicated to helping Edwardsville residents plan for the unexpected. For a free consultation, contact us to start talking about your estate’s taxes today.