Boca Raton Estate Tax Planning Attorney
Assisting Individuals and Families With Estate Tax Matters
Do you have questions about the taxes imposed on your estate or that of a loved one? Are you unsure about your options for reducing taxes or maximizing estate tax benefits? If so, an experienced Boca Raton estate tax planning attorney at Ellis Law Group can help you. Our firm is dedicated to assisting clients with a wide range of estate planning matters, including those pertaining to taxes. Contact us today to discuss your options with a member of our firm.
What Are Estate Taxes?
The estate tax is a tax on your right to transfer property at your death. It consists of an accounting of everything you own or have certain interests in on the date of your death. Federal estate taxes are expensive (the 2018 rate is 40%) and must be paid in cash within 9 months of your date of death.
Tax laws are constantly changing. We identify and analyze new laws in order to help clients take advantage of opportunities; we help clients modify existing plans to obtain the most favorable tax benefit and work with clients to minimize income, gift, estate and generation-skipping taxes through a range of tax-planning strategies.
Understanding Tax Exemptions and Options for Reducing Your Tax Obligations
The Tax Cuts and Jobs Act (the “Act”) took effect as of January 1, 2018 and significantly changed the landscape of trust and estate taxation. For 2018, the federal estate and gift tax exemption amount doubled and is now $11,180,000 per individual (or $22,360,000 for a married couple) which can be transferred free of the federal gift and estate tax.
There are a variety of advanced planning options that are designed to reduce estate taxes and yet allow you to maintain an income stream for life, which should alleviate the fear of running out of money before you die. Examples include:
- Family Limited Partnerships
- Lifetime Gifts
- Irrevocable Life Insurance Trusts
- Irrevocable Gifting Trusts
- Charitable Remainder Trusts
- Charitable Lead Trusts
- Grantor Retained Trusts
- Qualified Personal Residence Trusts
Contact an Experienced Boca Raton Estate Tax Planning Attorney Today
If you have questions or concerns regarding tax-related matters for your estate, Ellis Law Group can address them. Our firm is dedicated to protecting the rights and best interests of our clients and will help you establish a plan of action that reduces the taxes on your estate as much as possible. To speak with an experienced Boca Raton estate tax planning attorney today, contact our firm by phone at 561-910-7500 or contact us online.