Your estate plan should pass as much of your estate along to your heirs as possible. There are a few things that you need to try to protect the assets from. One of these is a high tax burden. The estate tax can take a good chunk of what your heirs should be enjoying. We know that you don’t want this to happen but that you need to ensure that your spend-down is perfectly legal. We can help you come up with a plan that makes this happen.
Giving your loved ones gifts each year can help reduce the value of your estate, which may enable you to get it under the threshold for having to pay the estate tax. There are limits to how much you can give to a person each year. We can let you know this each year so that your loved ones aren’t paying a gift tax.
Another concern that many people have when they are creating an estate plan is ensuring that creditors can’t claim the assets. Working this out so that your heirs get the assets instead of creditors can take a bit of work. Some types of trusts might help you accomplish this. By taking a look at your estate and discussing your goals with you, we can formulate a plan.
No matter how large or small your estate, having a plan laid out for it can help your heirs feel more secure when you pass away. Your estate plan can take some of the stress off them during a time when they need to focus on mourning their loss.