How can I lower my tax liability for my estate plan?
I have been researching estate plans as I plan on instituting my own soon. I have not yet contacted an attorney although I do plan on it. I wanted to seek all related advice from reputable sources before doing so. Generally speaking, is there an easy way that I can have my estate plan lower the federal transfer tax liability?
Answered By: Law Offices of James C. Bechler, A.P.C.
The estate tax is what it is, less exemptions. The way to lower tax liability is to: Firstly, give tax-free gifts before you die, thus lowering the amount taxable at death. Secondly, at death you create (through your living trust) two trusts maximizing the use of the applicable exemptions. The real savings come in after the second death (presuming you are married).
Answer Applies to: California
Replied: 8/13/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 8/13/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
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