Do you have a spouse, child or grandchild? Do you own land or real estate? Will you someday inherit significant wealth? Then it’s never too late to think about trust and estate planning. Even if you don’t think you have a large estate, planning can help you avoid unnecessary taxation or drawn-out probate court proceedings for you and your beneficiaries. Keep in mind that some states have an estate tax exemption threshold as low as $1 million per individual. Factor in the value of your primary residence, and it is much easier to reach and exceed the limit.
Working with your legal and wealth management advisors, the tax team at CarlsonSV can walk you through scenarios to protect and gift your assets. Trust and estate planning services help you reduce your taxable estate and let you choose how to distribute it. We can advise you about:
- Estate tax exemption caps
- Generation-skipping taxes
- Gifting strategies
- Asset protection
- Tax filing requirements for a surviving spouse and heirs
- Preparation of estate and trust income tax returns
Charitable Tax Benefits
For example, there are new opportunities for strategic philanthropy and charitable giving for certain taxpayers who itemize their deductions. In addition, you can lower your overall estate tax liability through annual gifting to individuals and irrevocable contributions or bequests to qualified charities. Estate planning helps you leave a legacy in ways that are meaningful to you and your loved ones.
