Estate Tax Protection
Secure Your Wealth For Your Family, Not The Government
For your entire adult life, you’ve worked and saved to eventually retire in comfort. Ideally, the fruits of your labor also include leaving something for your family when you pass. The government has different plans for that income though, in the form of many different kinds of taxes. During your life those taxes are on your income, property, and purchases.
After death, your assets could still go to the government in the form of estate taxes, sometimes also called inheritance or death tax. We can help you protect your family’s future and your assets from excessive taxation. As experienced estate tax planning attorneys, we can help reduce or completely avoid the federal estate tax burden.
How Do Estate Taxes Work?
You’ve been paying federal income taxes for most of your life, and after death estate taxes kick in. Estate tax is separate from income tax, and it is paid on the net value of all assets owned at your death. Fortunately, the estate tax exemption is very high right now – only estates totaling over $11Million per individual are subject to it. However, with each change in administration this can change, which is why it’s important to consult an experienced estate planning attorney.
If your assets do exceed the exemption amount, the tax rate on those assets is a crushing 40%. If this applies to you, we’re dealing with potentially a massive sum of money going to the government instead of your families. Even worse, that giant bill must be paid to the IRS within 9 months of your death.
Advanced Estate Planning Strategies
All families should have planning in place, no matter how big or small their estate may be. But for families with high-value estates, complex legal and tax issues come into play and estate tax is only one of those. At The Law Office of Anna L. Burr, we offer a number of advanced estate planning strategies aimed at reducing your family’s tax burden. We also help families navigate other tax considerations including gift taxes and generation-skipping taxes. The generation-skipping tax (or GST) allows you to pass assets to your grandchildren or great-grandchildren without risking the estate tax eating away at your wealth for each generation.
Estate Tax Planning Lawyers in Aurora, Colorado
You worked hard to build your family’s wealth and legacy, so it makes sense to make smart decisions in protecting those assets—and that includes protecting them against excessive taxes.
Contact The Law Office of Anna L. Burr
Contact the estate tax planning attorneys at The Law Office of Anna L. Burr to minimize the potential tax burden faced by your family, so you can maximize the inheritance you pass to them.