Estate Tax (A.K.A. Death Tax) Matters

Minimize the “Death Taxes” | Inheritance and Estate Tax Planning

I tell all of my clients that death taxes are the one type of tax that they, personally, will never have to pay. They will be gone when the tax is due. And some of my clients have taken the position that, “I'll be gone, so what do I care about death taxes?” That, however, is the minority view. Most people want their hard-earned assets to pass to the next generation as intact as possible, minimizing the government's share. If that is your view, you need to be familiar with federal and state death taxes. You may reach me at (410) 573-2992, or E-Mail me anytime.

Keeping Death Taxes to a Minimum

I have been familiar with federal and state death taxes for the better part of my 35-plus years in practice, and cannot tell you how many times the first words out of a client's mouth are: “I don't want the government to get my money.” And sometimes the response is, “You can't avoid it.” But many times the situation is in between, meaning that federal and state taxes are lurking out there, but solid planning can minimize or eliminate them. Death tax planning most frequently involves the use of trusts and/or annual gifts to family members, and/or the use of life insurance and/or charitable giving. The goal is to choose the right option, which is the one that fits your comfort level. There is a lot to know about death taxes, but I will be happy to take the time to explain them and their impact on your estate. After all these years in practice, I think I can convey the basics without much difficulty. The subject can be complex and obtuse at times; but you do not need to be an expert in tax law. It is only necessary that you understand the consequences of the various options available to you in addressing the subject.

You can reach me at (410) 573-2992 ▪ E-mail Anytime