Fairfield County Estate Taxes Lawyer

Estate Taxes Planning in Greenwich, Stamford, Darien, Westport, Fairfield, Trumbull, New Haven and Milford

Estate taxes can be a major barrier to the transferring of your wealth to the next generation. Fortunately there are estate planning techniques to reduce the impact of estate taxes. You are urged to contact a Fairfield County estate planning lawyer to go over your options and see which will work best for you.

Currently, the estate tax rate is 35 cents on the dollar for money passed to an heir. The good news is that the point at which the tax starts applying is high -- at a level of $5,000,000 per the terms of the 2010 Tax Relief Act. Caution: The Act sunsets after 2012, at which time we could see levels reduced back to $1,000,000 with much higher estate tax rates!

Governments change, and as different tax laws are passed, I keep fully up to date on all recent changes in law and legal precedent with regard to estate planning. The best course of action may be to create a comprehensive estate plan to make sure that you have most of your assets transferred in ways that bypass your taxable estate.

Estate Taxes Attorney serving New Haven County & Fairfield County

At Massih Law, LLC, I advise clients on how to minimize their estate tax impact. I serve the communities of Fairfield County and New Haven County including but not limited to Greenwich, Stamford, Darien, Westport, Fairfield, Trumbull, New Haven and Milford. I meet with clients and get the information about their estate situations and discuss the various options to bypass estate taxes. Here are a few types of opportunities for avoiding taxation that could be implemented in an estate plan:

  • Lifetime Gifts: You may give away up to $13,000 per year to any number of children without any gift tax. Naturally when you die the assets will not be part of your estate to pass.
  • Family Limited Partnership: You set up a business partnership and give your son or daughter half your business as a limited partner worth $1,000,000. You can structure this so you still get to run the business while the kid(s) build equity in the business. Since their new asset may not be transferrable and they have limited in the business, you can then devalue the $1,000,000 gift for gift tax purposes to a lesser amount. When you pass away, your son or daughter already have the $1,000,000 interest in the business and the property is excluded from your estate

Contact an estate taxes lawyer at the firm for a consultation.