Estate Tax Planning Wood River, IL
Estate tax planning in Wood River, 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 lawyers handle your estate’s tax details for you, as the process can be complex and complicated to navigate without legal guidance. Our estate tax planning attorneys are experienced in reducing expenses related to 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 Wood River, IL, consider Edmonds Law Firm. Our estate tax planning practice has served Illinois residents 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? Wood River, IL
Estate taxes are taxes that must be settled within 9 months of an individual’s death. Taxes are determined based on the income amount of the deceased person 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 designated beneficiaries are generally in charge of making arrangements to pay off estate taxes on any assets left behind, but this isn’t applicable to all cases. By planning ahead with estate tax planning in Wood River, 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 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 use
- Charitable Lead Trust – your income goes to a charity for a set amount of time, then your family will receive the remainder 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 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 company to your loved ones before you pass away. By transferring assets in advance, this allows for these assets to not be included in your estate’s taxes
Our experienced estate tax planning attorneys are passionate about helping those that are in need of guidance with their estate tax planning in Wood River, IL. Our lawyers understand that it can be emotionally difficult to plan in advance for these type of things, but it is essential 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 when you pass away. 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 stress for your loved ones during an already hard time. Calling our lawyers allows you to avoid this. Our lawyers have the tools needed to ensure that your estate’s taxes and assets are properly designated 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 Wood River, IL
Our estate tax planning attorneys in Wood River, IL, are trusted by Wood River 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 Wood River, 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 Wood River, IL, consider Edmonds Law Firm. Our attorneys are passionate, kind and dedicated to helping Wood River residents plan for the unexpected. For a free consultation, contact us to begin discussing your estate’s taxes today.