For people with a lot of money, the estate tax can place a very large liability on their wealth after they pass away. Currently there’s a big exemption though, which means there’s no estate tax until you’re over that substantial amount. However, in the next decade, the number will be much lower, which could put the amount of money you leave to your heirs at risk. Estate planning attorney, Randy Doane weighs in:
“So we have pretty wealthy people who walk around saying, “Well, I’m not to worried about the estate tax, because I have an 11 million dollar exemption and my spouse has an 11 million dollar exemption. And we don’t have 22 million, although we have a lot.” Those people are making a mistake, because unless they’re certain they’re going to be dead before the year 2027, it’s not going to be an 11 million dollar exemption, it’s going to be a six million dollar exemption.”
But there are ways to save the estate tax so that your children or other beneficiaries will receive more of the money instead of the IRS. And that’s where proper tax planning comes in which is why if this is a concern, the guidance of an experienced tax planning attorney can prove to be invaluable if you’re looking for ways to save your wealth from taxes. Whether your goals involve estate planning, tax planning, guardianship, or even a pet trust, the experienced attorneys at Doane and Doane can assist you every step of the way.
For more information or a free consultation call 561 656-0200.