Estate and Gift Taxes

Regardless of which document is selected, a will or a trust, there are other things that may need to be considered. Most notably are tax planning devices. Currently Federal law allows each of us to give away during life or at death $600,000 without incurring the wrath of the Federal Gift and Estate tax scheme. In case you were not aware, the Federal Estate tax tables quickly escalate to a 55% tax, making proper planning important. It is important to note that simply getting a trust does not get around the problem. Special provisions are needed within the trust to establish the tax savings. These same provisions can also be placed into a will, but it does not get around the Probate problem discussed above. The important thing is talking to an estate planning attorney about this tax so that you and your family do not fall prey to it.

To speak with Bush Law Offices, call us at 800-745-9336 or send an email to info@bushlawoffices.com.