Estate Tax Planning Granite City, IL
Estate tax planning in Granite City, IL. Estate tax planning makes the process of transferring 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 details for you, as the process can be complex and complicated 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 during the process. If you are looking for professional estate tax planning in Granite City, IL, look no further than Edmonds Law Firm. Our estate tax planning practice has served Illinois residents 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? Granite City, 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 person 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 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 planning ahead with estate tax planning in Granite City, 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’ll have 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 waived or decreased include:
- Tax-free gifts to loved ones 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 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 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 company 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 dedicated to helping those that are searching for guidance with their estate tax planning in Granite City, IL. Our lawyers know that it can be emotionally trying 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 tool in making sure that your assets and estate are taken care of 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 family members during an already hard time. Calling our lawyers allows you and your family to avoid this. Our lawyers have the tools needed to ensure that your estate’s taxes and assets are properly planned for 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 Granite City, IL
Our estate tax planning attorneys in Granite City, IL, are trusted by Granite City residents for legal counsel. 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 Granite City, IL, since 2006, and prides themselves on being a top choice for local residents. If you or a loved one is looking for estate tax planning in Granite City, IL, consider Edmonds Law Firm. Our attorneys are straightforward, friendly and dedicated to helping Granite City residents plan for the unexpected. For a free consultation, contact us to start discussing your estate’s taxes today.