Minimizing Your Estate Tax Burden
One of the primary goals of estate planning is to minimize estate taxes. After all, your goal is to pass an inheritance on to your heirs, not to the government. An experienced attorney can help you structure your assets to take full advantage of the credits, deductions and exemptions available to you under law.
At Levine Haddad & Gregory, LLC, we help our clients preserve their assets using a wide range of proven methods. We provide estate planning services to clients from Springfield and the surrounding Central and northern New Jersey communities. To discuss tax planning strategies that can benefit you today and protect your family in the future, call us at 973-834-3820 to schedule an appointment.
Strategies To Meet Your Estate Planning Goals
Our firm views tax strategies from two perspectives, which we often refer to as lifetime planning and deathtime planning. Both aspects must be considered and addressed to construct a comprehensive and useful estate tax plan. We assist clients with planning for many types of taxes, including:
- Lifetime planning: There are actions you can take today that may decrease the amount of taxes you owe not only at death but also during your lifetime. We can identify tax strategies, credits and deductions that apply to your circumstances. Other choices, such as where you live, where you put your assets and how you structure your business can impact these tax burdens. We help you make smart choices. Some actions you take today are done with an eye toward the future and the tax burden you will place on your heirs. Many of these strategies focus on reducing your assets through gifting, succession planning and restructuring business ownership.
- Deathtime planning: This involves the creation of documents that will pass on your assets at death in the most tax-efficient manner.
Legal Advice That Can Help You Minimize Taxes
Any discussion of minimizing the assets you have at the time of death requires thoughtful analysis, wise counsel and a solid understanding of the pros and cons of passing along certain possessions before your death. Our experienced tax planning lawyers can gently walk you through the thought process and help you determine what you are economically and emotionally capable of parting with prior to your death.