Popular searches:
last will and testament will form revocable trust trust funds will forms
Talk to a Lawyer
Enter a zip code to speak to a Lawyer that serves your area.
Select the type of Lawyer you need
How Do I Go About Lowering My Estate Taxes?
I am in my mid 60’s and won some money in an employee pool playing the lottery. For the first time in my life, I am actually going to have some to leave my children and grandchildren other than debts. Everyone is telling me I need to worry about the state and the federal government taxing my estate. How do I go about lowering my estate tax?
This site does not provide legal advice and users of this site should not interpret any of the information presented here as legal advice. The information provided merely conveys general information related to commonly asked legal questions. We are not a law firm and the employees responding to questions are not acting as your legal attorney. You should ultimately consult with a Lawyer for your case.
Answers (1)
If you have a significant amount of money, an estate planner is essential to lowering estate tax and avoiding paying too much estate tax. The state and federal government can tax estates. The federal government does not tax an estate unless it is in excess of three million dollars in 2009. How much the state will tax your estate depends on where you live. The main goal of estate planning is to lower estate tax or structure your estate so there will be no estate tax at all. There are various methods used to lower estate tax. Gifts, revocable trusts, and living trusts are three of the methods used by estate planners. A good estate plan may require the professional services of a lawyer and a CPA.
You need to consult with a lawyer experienced in handling estates to plan your estate and to give your information on the best methods for lowering estate tax and avoiding preventing the state and federal governments from taxing the estate.
References:
Posted by Edith Hull on 04 Feb 2010