ESTATE TAX PLANNING

​Excessive Taxation Is Not A Foregone Conclusion

Uncle Sam's Cut

You work your entire life to save and have enough money to comfortably retire—and ideally leave something for your loved ones when you pass away.

 

During your life, you pay all kinds of taxes: income taxes, property taxes, sales taxes, and so on. And at the end, the government even wants to tax you on the assets you have left at your death. 
 


This is known as the estate tax, sometimes called the "inheritance tax" or "death tax".

 

The best way to protect your assets and your family’s future from excessive taxation is to hire an attorney who specializes in tax planning. We work closely with tax attorneys who can reduce — if not entirely avoid — the federal estate tax burden.

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Thanks for your interest. I know you have a lot of options when it comes to legal planning. Legatum Legal Oklahoma has been the trusted partner of the Oklahoma City area residents. I look forward to meeting with you. Schedule today!

How Does the Estate Tax Work?

 

The estate tax is totally separate from federal income taxes and is paid on the net value of all your assets owned at your death.

 

However, there are fairly sizable exemptions to the estate tax, so it’s primarily high net-worth individuals and their families who are affected.

That said, the estate tax rate is a whopping 40%, so we’re talking about potentially massive sums of money being owed by one’s heirs. And that bill must be paid to the IRS within 9 months of the decedent’s death.

 

Exemptions to the Estate Tax

 

Notably, President Trump’s Tax Cuts and Jobs Act of 2017 nearly doubled the allowable exemptions to the estate tax, ensuring that even fewer families will be affected:

 

  • Estate tax exemption for individuals expanded from $5.4 million to $11.2 million.

  • Estate tax exemption for married couples expanded from $10.9 million to $22.4 million.


So unless your estate is valued at more than $11.2 million, you won’t have to worry about the estate tax at this time.

 

But for those who are affected, there are numerous estate planning strategies available that can greatly reduce the amount owed.  Our estate tax planning colleagues can advise you on the best options for your family.

Protecting Your Estate During Your Life And After You Are Gone

You worked hard to build your family’s wealth and legacy, so it makes sense to put similar effort into protecting those assets.

 

This includes protecting them against excessive taxes.

 

Contact us to minimize the potential tax burden faced by your family, so you can maximize the inheritance you pass to them.