Estate Tax Protection Attorney in Washington, D.C.
Uncle Sam’s Share
Hiring an estate tax planning attorney is a great step toward protecting your assets and ensuring your family’s future is safe from excessive taxation. My firm can assist you in reducing or altogether avoiding the federal estate tax burden.
Understanding the Estate Tax
However, there are numerous exemptions to the estate tax. It mainly affects high-net-worth individuals and their families. That said, the estate tax rate is a staggering 40% on your net assets. This means that if your estate is subject to the estate tax, it could result in a large sum of money owed to the government before any inheritance is distributed to your heirs.
Protecting Your Assets from Excessive Taxation
The Estate Tax – Is it Your Problem?
The Tax Cuts and Jobs Act of 2017, enacted by former President Trump, nearly doubled the exemptions for the estate tax, which means even fewer families will be affected. The estate tax exemption for individuals increased from $5.4 million to $12.06 million, and for married couples, it increased from $12.06 million to $24.12 million. If your estate is valued at less than $12.06 million, you likely do not need to worry about the estate tax.
However, for those affected, numerous estate planning strategies are available to significantly reduce the amount owed. I can advise you on the right options for your family.
There is speculation that the Biden Administration may reduce the estate tax, but nothing has been confirmed. It is crucial to have professional assistance, as the estate tax changes regularly.
Advanced Estate Planning
Some of the popular advanced estate planning tools and strategies include:
- Life insurance trusts
- Qualified personal residence trusts
- Grantor-retained annuity trusts
- Asset protection trusts
- Dynasty trusts
- A limited family partnership or limited liability companies
- Asset gifting