Estate Tax Planning | There is far more to estate planning than simply writing a will. Wills remain crucial to dividing your assets how you wish, yet wills do not provide any resistance to the estate, or ‘death,’ tax. Consulting an Estate Lawyer, like The Law Office of Michelangelo Mortellaro P.A., will give you peace knowing the maximum amount of your hard-earned estate is being passed down.
The Basics:
Estate tax planning has been a hot topic in politics recently. Since being nicknamed the “death tax,” the estate tax and politicians in favor of it have come under increasing and considerable pressure to decrease its burden on the families of the estate’s owner. This struggle has resulted in many people qualifying for estate tax exemption. As of 2016, if the estate is less than $5.45 million per individual, it is excluded from all federal estate tax. Thus, a married couple can leave up to $10.9 million without it requiring a federal estate tax.
Getting the Most of Your Estate:
Despite the new and increased exclusion thresholds, many estates are still heavily taxed. An estate valued at over the exemption line can accrue taxes in the neighborhood of 50 percent, significantly reducing the value of the estate. A great way to circumnavigate the estate tax is to give annually. You are allowed to give $14,000 to an individual annually. Many smart Estate Lawyers use this technique to ensure the money goes where the estate’s owner wishes and to lower the estate’s value to below the applicable exemption threshold.
Whether you need a will written or have a more complicated estate issue, an Estate Lawyer is the best place to start. These lawyers are trained to create recognizable wills, set up family trusts, aid in organizing assets, and, in general, optimize the amount of money that makes it into the hands of those people named in wills.
The Law Office of Michelangelo Mortellaro P.A., is a family-owned Florida law firm. Let our family help your family with estate planning, probate and elder law legal needs. We have assisted clients in Tampa, Hillsborough County and throughout the adjoining counties. Since founding the firm, our VA Accredited elder law attorneys have focused on educating clients.