Estate, Gift, & Trust Tax Services
About Our Services
Estate, gift, and trust taxation is an extremely complex area, with significant differences between federal and state laws. Our experts have been extensively trained in these areas and they stay current with all of the updates to the laws that impact these tax areas.
Tax preparation services we provide include:
Estate, Gift, & Trust Tax Planning
Estate, gift, and trust planning ensures that your assets are preserved and distributed according to your wishes while you are living or upon your death. Tax minimization may only be one goal of your plan. The only way to ensure that your assets pass on to your heirs just as you want is through proper estate, gift, and trust planning. We work closely with attorneys and other professionals to draft the necessary documents, including your will, powers of attorney, and trust documents in accordance with your goals.
The consequences of improper estate, gift, and trust tax planning can be dire. In some cases, half of your estate can be lost to taxes due to poor planning. Estate tax laws, exclusions, and credits have changed dramatically in the last twenty years. Estate plans created years ago may contain outdated planning techniques that may not minimize your tax liabilities. It is important to review documents such as your will and trust documents regularly to ensure that the tax planning techniques you have used are still valid under today’s rules. We can help you review your plans to make sure that they make sense under today’s laws.
With the increase of the federal estate and gift tax exemption above $5,000,000 per person and set to increase with inflation each year, many people believe that they no longer need to do any type of estate planning because their assets are below the threshold. However, there are many other estate planning strategies that can save taxes for your beneficiaries years from now that might be valuable to use. Additionally, state rules often differ from federal rules. You may still have a significant state estate or inheritance tax liability without the proper planning.
Trusts can be used in a variety of ways and can be created during your lifetime or upon your death. For instance, they are often used to control assets until the beneficiary reaches a certain age. They can also be used to distribute assets to a charity or manage assets for a disabled individual. Placing property into a trust before death can often avoid a lengthy probate process and the proper use of trusts may reduce your taxable estate.
Also, for our clients who own businesses, it is never too early to plan for succession of ownership. We will help you identify the options, including tax considerations, and pick the best plan available for you. We will work with your attorney to draft the documents necessary to assure that it will happen your way. Learn more about our Exit Planning services here.
Why Choose RLH
Our estate, gift, and trust services experts are specially trained in providing these unique services. The only way to ensure that your assets are protected and distributed according to your wishes is to do the proper planning. More so than most other types of tax planning, estate, gift, and trust tax planning requires a “team” approach. We will work closely with your attorney, or recommend one to you, to make sure that all of the legal bases are covered, not just the tax ones.
Not sure if you need to do any planning? Don’t know if your current plan is outdated? Give us a call to schedule a free initial consultation.
For more information about our estate, gift, and trust tax services, please complete the form below. Someone will contact you as soon as possible to discuss your needs. We look forward to working with you!