Estate Tax Planning Troy, IL
Estate tax planning in Troy, 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 knowledgeable estate tax planning lawyers take care of your estate’s tax information 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 related to 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 Troy, IL, consider Edmonds Law Firm. Our estate tax planning practice has served Illinois residents since 2006, providing 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? Troy, 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 individual in the year that they passed away and are usually 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 always the case. By planning ahead with estate tax planning in Troy, 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’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 waived or decreased include:
- Tax-free gifts to loved ones or friends. Generally 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 use
- Charitable Lead Trust – your income goes to a charity for a set period of time, then your family will receive the rest of your trust assets
- Purchase Life Insurance – life insurance can decrease 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 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 business or real estate to your loved ones before you pass away. 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 Troy, 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 everything 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 properly handled 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 unneeded pain and stress for your family members during an already hard time. Talking to our lawyers allows you to avoid this. Our lawyers have the tools needed to make sure 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 grieving their loss.
Estate Tax Planning Lawyers in Troy, IL
Our estate tax planning lawyers in Troy, IL, are trusted by Troy residents for legal counsel. 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 Troy, IL, since 2006, and prides themselves on being a top choice for local residents. If you or someone you care about is looking for estate tax planning in Troy, IL, keep in mind Edmonds Law Firm. Our attorneys are passionate, friendly and dedicated to helping Troy residents plan for the unexpected. For a free consultation, contact us to begin discussing your estate’s taxes today.