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
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.