Estate Tax Planning Attorney
Estate Tax Planning Attorney East Greenwich, RI
Securing the future just in case the unexpected happens is an essential aspect of estate planning. When it comes to how you want your assets distributed to loved ones, estate taxes can have an impact on how much wealth gets passed on. Our East Greenwich, RI estate tax planning attorney can help reduce estate tax liabilities and ensure the smooth transfer of your assets when the time comes to do so. At Aptt Law LLC, Attorney Geoffrey M. Aptt can help you safeguard their legacy now and into the future. If you have questions about how to prevent taxes from reducing inheritances to your beneficiaries after your death, contact him today for further guidance! For now, here are some strategies on how to maximize the wealth you leave behind.
Tax-Free Giving
One of the most effective ways to limit the impact of estate taxes is by making tax-free lifetime gifts. You can make tax-free gifts, otherwise referred to as “annual exclusion gifts” of $17,000 (indexed annually for inflation) per person each year. These gifts do not get subjected to gift taxes or require the filing of a gift tax return. Furthermore, payments for tuition and medical expenses paid directly to educational institutions or health care providers can also be gifted tax free.
Gifts To Irrevocable Trusts
There may be beneficiaries who are not financially savvy or responsible enough to receive a lump sum gift. In situations like this, an irrevocable gift trust is a great option. You can gift assets to an irrevocable trust, remove them from your estate, and thus reduce estate taxes. You can instruct which beneficiaries are to receive this gift and at what frequency and amount, to be carried out by your appointed trustee.
Charitable Trusts And Contributions
Lifetime charitable contributions provide income tax benefits and savings on estate taxes. By making charitable gifts throughout your lifetime, you have the joy of seeing the benefits of your contributions while limiting your taxable estate. As our East Greenwich estate tax planning attorney may recommend, you could create a Charitable Remainder Trust (CRT), which enables you to fund the trust with appreciated assets, receive income tax deductions, and avoid capital gains.
Aptt Law LLC
There are many other strategies for reducing the impact of estate taxes. Please reach out to Attorney Geoffrey M. Aptt, founder of Aptt Law LLC, for advice on how to best preserve your estate and assets. He is committed to helping you secure what matters most. Contact him today to get started!
