Estate Tax Planning Jerseyville, IL
Estate tax planning in Jerseyville, 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 take care of your estate’s tax details for you, as the process can be difficult to understand and complicated to navigate without legal guidance. Our estate tax planning professionals are experienced in limiting expenses associated with your estate when you pass away, and will ensure that you’re informed during the process. If you are searching for professional estate tax planning in Jerseyville, IL, consider Edmonds Law Firm. Our estate tax planning practice 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? Jerseyville, IL
Estate taxes are taxes that must be paid 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 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 responsible for 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 Jerseyville, 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. Federal and state laws vary 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 family members 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 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 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 kept out of your estate
- Limited Liability Company – this lets you transfer assets such as a farm or real estate to your loved ones before you pass away. 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 passionate about helping those that are searching for guidance with their estate tax planning in Jerseyville, IL. Our lawyers understand that it can be emotionally trying to plan ahead of time 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 important element in making sure that your assets and estate are taken care of when you pass away. 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 unnecessary pain and suffering for your loved ones during an already hard time. Calling our lawyers allows you to avoid this. Our lawyers have the tools required 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 Jerseyville, IL
Our estate tax planning lawyers in Jerseyville, IL, are trusted by Jerseyville residents for legal counsel. If you are in need of 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 Jerseyville, IL, since 2006, and prides themselves on being a leading choice for local residents. If you or a loved one is looking for estate tax planning in Jerseyville, IL, keep in mind Edmonds Law Firm. Our attorneys are passionate, kind and dedicated to helping Jerseyville residents plan for the unexpected. For a free consultation, contact us to begin discussing your estate’s taxes today.