Estate Tax Planning Maryville, IL
Estate tax planning in Maryville, IL. Estate tax planning makes the process of transferring your estate to your beneficiaries less stressful in the event of your death. It is critical to have our experienced estate tax planning attorneys handle your estate’s tax information for you, as the process can be difficult to understand and hard to navigate without legal guidance. Our estate tax planning attorneys are experienced in limiting the costs associated with your estate when you pass away, and will make sure that you’re informed throughout the process. If you are searching for professional estate tax planning in Maryville, IL, look no further than Edmonds Law Firm. Our estate tax planning practice has served Illinois residents since 2006, providing legal advice 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? Maryville, IL
Estate taxes are an expense that must be paid within 9 months of the estate owner’s death. Taxes are calculated based on the income amount of the deceased individual in the year that they passed away 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 in charge of making arrangements to pay off estate taxes on any estate’s left behind, but this isn’t always the case. By seeking guidance ahead of time with estate tax planning in Maryville, IL, you can learn about the different options available to your estate for exemption from estate taxes or how you can minimize 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 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 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 purchased 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 loved ones before you pass away. By transferring assets in advance, 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 in need of guidance with their estate tax planning in Maryville, IL. Our lawyers know that it can be emotionally difficult to plan in advance 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 ahead of time for your estate, this can cause unneeded pain and stress for your loved ones during an already hard 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 designated 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 Maryville, IL
Our estate tax planning lawyers in Maryville, IL, are trusted by Maryville residents for legal advice. 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 Maryville, 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 Maryville, IL, keep in mind Edmonds Law Firm. Our attorneys are straightforward, kind and dedicated to helping Maryville residents plan for the unexpected. For a free consultation, contact us to begin discussing your estate’s taxes today.