Understand How Taxes May Impact Your Estate, And Plan Accordingly

The idea of avoiding or minimizing estate taxes is often a primary motivator for people who are creating or modifying estate plans.

In fact, however, estate taxes are less of a concern for most families than they were in past generations. Federal estate taxes now mostly apply to estates worth more than $11 million, a ceiling that has gone steadily up from less than $1 million just 20 years ago. (This is a generalized description, not intended to be precise or to cover all situations.)

What about estate taxes at the federal level? Since Arizona has no estate tax, this is not a concern for most clients of Bogutz & Gordon, PC.

Who Needs Our Help Regarding Estate Taxes?

Our estate planning clients who own extensive investment real estate, farms and businesses or may stand to inherit such assets often seek guidance to understand and mitigate potential tax liabilities. Others seek guidance on strategies such as splitting up businesses with future estate taxes in mind. Clients at all income levels often need information about filing the last income tax return for a deceased family member.

While we are not tax attorneys per se, our knowledge of estate matters allows us to help our clients position their assets for maximum effectiveness. Some set up foundations, family trusts, special needs trusts and other legal entities designed in part to minimize the potential loss of assets through taxation after death.

There Is No One-Size-Fits-All Approach

Tax laws are complex and no one should assume to know all there is to know without consulting professionals who focus on this area of estate planning. Our experienced attorneys are ready to listen, advise and help clients implement solutions in pursuit of goals like minimizing potential estate taxes.

Work On Your Goals Now

We look forward to meeting with you to review your big picture. Thanks to our team approach, our firm is structured to help you to put the pieces of your estate plan puzzle together efficiently. We understand your desire to be responsible and proactive as you continue to build your future legacy even now. Schedule a consultation about estate taxes and related matters by calling 520-900-5825 or inquiring here. Our lawyers are ready to share knowledge and solutions.