Estate Tax Planning Highland, IL
Estate tax planning in Highland, 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 lawyers take care of your estate’s tax information for you, as the process can be difficult to understand and hard to navigate without legal counsel. Our estate tax planning professionals are knowledgeable in limiting expenses related to your estate when you pass away, and will make sure that you’re informed throughout the process. If you are looking for professional estate tax planning in Highland, IL, consider Edmonds Law Firm. Our estate tax planning practice has been around 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? Highland, IL
Estate taxes are taxes that must be paid 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 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 usually in charge of making arrangements to pay off estate taxes on any assets left behind, but this isn’t always the case. By seeking guidance ahead of time with estate tax planning in Highland, 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. 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 family members or friends. Generally 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 loved ones will receive the rest 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 taken out by your spouse or designated beneficiary for death benefits to be kept out of your estate
- 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 passionate about helping those that are in need of guidance with their estate tax planning in Highland, 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 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 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 needed 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 mourning their loss.
Estate Tax Planning Lawyers in Highland, IL
Our estate tax planning attorneys in Highland, IL, are trusted by Highland 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 Highland, IL, since 2006, and prides themselves on being a top choice for local residents. If you or a loved one is searching for estate tax planning in Highland, IL, consider Edmonds Law Firm. Our attorneys are passionate, kind and dedicated to helping Highland residents plan for the unexpected. For a free consultation, contact us to start discussing your estate’s taxes today.