Most of us are leery of taxation, of paying more than our fair share of taxes, and of seeing our tax dollars seemingly wasted. Taxes seem to rise constantly, making it hard to understand why the government is entitled to a portion of your money during your lifetime and at your death. It can feel as if they’re taxing the same money over and over. While the state of Georgia no longer has an estate tax, your estate is still vulnerable because of the federal estate tax which remains high.
Planning for your estate involves making decisions on where and to whom you want your assets to be distributed after your demise. Like most people, you want your money to go to the people you love and the philanthropic efforts you support, not into the tax coffers. Unfortunately, having no estate tax at the state level does not equate to having no estate tax at all. Additionally, it is impossible for the average person to predict how tax laws might change in the future and what impact those changes will have on your estate.
There are tax protection strategies that can help you maintain your wealth in ways that are beneficial to you and to your designated heirs. They include:
- Irrevocable trusts which can remove certain assets from your estate
- Gifting which can also help reduce the size of your estate
- Utilizing the annual gift tax exclusion that is adjusted for inflation and includes tax-free gifts to your children and grandchildren
- Spousal portability which allows a surviving spouse to use any unused portion of the deceased spouse’s estate tax exemption avoid estate taxes
Let us help you navigate the complex world of taxation. Estate planning can be complicated if you try to go it alone. At the Grissom Law, LLC, we specialize in estate planning that allows you to make the most of estate and gift tax circumstances and help you minimize your tax liability and maximize your assets for distribution. Call us today for the expert help you need and the peace of mind you deserve.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.