Estate Tax Considerations
Annual lifetime gifting programs to help you avoid estate taxes
Analysis of more complex Trust forms including life insurance Trusts for clients facing estate tax issues
Gift Tax instruction and completion of Gift Tax Returns when necessary for gift taxes
Retirement Plan Gifting Strategies to provide the most substantial gift possible.
Property tax analysis for transfers of real property
When a person dies the federal and state governments may impose taxes on the transfer of the property. This is true whether the person dies with a will or intestate. These taxes are calculated according to the rules of estate tax law. In some cases, the property received by heirs may also be taxed according to inheritance tax laws.
The inheritance tax is usually determined by the amount of property received by the beneficiary, as well as by the beneficiary’s relationship to the decedent. Basically, it is a tax on the right to receive the property. Every state except Nevada imposes either an estate tax or an inheritance tax; some states employ both. Inheritance taxes are not levied in addition to federal estate taxes because the federal law allows an offset for the payment of state death taxes.
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