We don’t want to think about our loved ones passing away. We also don’t know what laws will be in place when that time comes. This makes it important to protect your estate while you can and mitigate estate tax increases now. There are several ways this can happen. Having a knowledgeable estate planning attorney is one of those ways in which you can accomplish this.
Meet with a knowledgeable estate planning attorney to work closely with you to make plans for the best actions you can take, especially during these uncertain times. They will help you determine what the best decisions are for the future of your assets.
In 2022 the annual federal gift tax exclusion has increased from $15,000 to $16,000. This is a great way to prepare, and you can gift unlimited individuals per calendar year. The lifetime exemption also increased in 2022 from $11.7 million to $12.06 million.
These days, having a will isn’t the only thing necessary. You need to be sure that all of your assets are labeled accordingly. When you have a knowledgeable estate planning attorney, your survivors will be able to take advantage of exclusions, which is why properly titling assets is essential and depends on your individual financial situation as well as your individual family dynamics.
Making charitable contributions is another way to be sure that your estate planning techniques don’t fall awry. You don’t want to exceed the amount that makes you come out of the exempt benchmark, and there is no limit on the amount you can donate.
An Irrevocable Trust can be designed to reduce estate tax. A knowledgeable probate attorney can help set this up so the estate size is minimized, as well as minimizing the tax implications. When established correctly, they are great options.
Start planning for your future, and the future of your family now, we don’t know what laws will be enacted when. This is why the experienced estate planning attorneys at Wood Seitl & Anderson are here for you every step of the way to preserve your estate assets. Contact us to learn more.