Reducing Estate Taxes: An Important Part Of Estate Planning
Nobody wants to see their hard-earned money and assets going to Uncle Sam rather than their loved ones. For those with large estates, taxes are a real concern. Fortunately, with careful and proactive planning, there are many ways to minimize estate taxes — and maximize the amount you can leave to your loved ones.
Two Ways To Minimize Taxes
One common vehicle for reducing estate taxes is a trust. There are multiple types of trusts. Some are extremely effective for avoiding taxes, while others will not reduce taxes at all. The right trust must be closely tailored to fit your financial goals. For this reason, it’s important to consult with an estate planning lawyer about your situation.
Another way to reduce taxes is to establish an annual gifting schedule. By transferring property to your loved ones during your lifetime rather than after your death, you can not only keep that wealth out of your estate, but also see the fruits of your generosity.
This approach requires careful planning to avoid gift taxes and other pitfalls. Again, legal counsel is critical for developing a strategy that fits your goals.
Get Effective Legal Guidance
For guidance on any aspect of estate planning — including minimizing estate taxes — contact our legal team at Voelkl Law PC. We have extensive experience helping people throughout Greater Western New York establish a legacy for their loved ones and accomplish other estate planning goals.
To arrange your initial consultation with one of our attorneys, call our Williamsville office at 716-276-0803.