Protect Your Wealth With Our Estate Tax Attorneys
Someone’s estate includes all their assets, such as property real estate, stocks and securities, bank accounts, personal items, and other assets they possess. When a person passes away, their estate plan will explain how they would like their assets to be managed and distributed.
Whenever property and assets are transferred to a new individual after the owner’s death, estate taxes, also known as a death tax, may be imposed. Depending on the size and worth of the property, these federal taxes can be up to 40% of the total value.
Our attorneys at MPL Law help with estate tax planning by navigating regulations to help ensure more wealth goes to those who receive the inheritance.
Estate Tax Planning Services to Make Preparing for the Future Easy
Our estate planning tax attorneys make a significant impact during planning or even after death.
For Your Estate
At MPL Law, our attorneys will work with you to help you understand and take advantage of the low IRS interest rates and estate and gift tax exemptions, which allow you to give away a certain amount of money or assets tax-free. We focus on all issues and details related to estate tax and inheritance laws, and we will guide you every step of the way. During the planning process, we help with matters including but not limited to:
- Ensuring compliance in tax forms: Our attorneys help ensure returns are filed correctly and on time to reduce the risk of audits or penalties.
- Correctly valuing assets: We help you gather a comprehensive list of assets and obtain proper valuations to minimize liabilities.
- Monitoring tax compliance: Our team stays updated on the latest codes and regulations to ensure your possessions are in good standing.
Now is the time to begin making the decisions that will impact your friends and family in the future. Our attorneys help you support your loved ones while meeting your donation goals. As you focus on the legacy you want to leave, we enhance it by lowering your tax obligations.
Estate tax planning can be challenging to understand and navigate, but when you work with one of our experienced attorneys, we will make the process as simple and stress-free as possible.
For Your Loved One’s Estate
As an administrator or executor, you are designated by the court or by the deceased in their will to manage and distribute their belongings after death. Our team at MPL Law works with these individuals on tax-related matters, advising on payment strategies that maximize the money received.
Why Is It Important to Work With an Estate and Tax Attorney?
This professional has the legal expertise to create more beneficial outcomes for those planning their estate or those handling someone else’s property after death.
Legal Compliance
If you are responsible for someone else’s assets, it’s essential to address and resolve estate and inheritance taxes. Additionally, some states, such as Pennsylvania, collect an inheritance tax in addition to federal estate taxes. The laws regarding who is exempt from these taxes are often complex and vary, so it’s best to work with a qualified and experienced estate and inheritance tax attorney.
Adequate Planning
Beyond working with administrators or executors after death, an estate tax attorney helps plan before death to ensure your wealth is distributed as you wish and your loved one’s tax burden is as low as possible.
Personalized Support
An estate tax attorney also creates custom plans for your unique financial situation and goals. They discuss tax reduction strategies like trusts or gifting and help you decide whether these options suit your situation.
Your Dependable Estate Tax Planning Partners
Our firm has over 40 years of experience serving clients located throughout the central Pennsylvania region. This time spent practicing law in the state has enabled us to gain extensive legal knowledge we use for your benefit. We also have lawyers who focus on estate planning, such as:
- Erik Spurlin: Erik is a leading local estate planning attorney and a member of the National Academy of Elder Law Attorneys. He earned a certificate in estate planning and received an award for his tax law knowledge during law school.
- Suzanne H. Griest: Suzanne focuses her practice on select areas of the law, including estates and wills. She is a legal professional who has served as the York County Bar Association and Foundation president.
- Elizabeth Gangloff: Liz maintains an estate planning and administration practice and is a member of the York County Bar Association.
In addition to contributing estate and tax law knowledge, we develop a close relationship with our clients to meet their needs and find the best possible solutions. Our team takes the time to understand your needs and help you find the best path forward in planning for your unique situation. Our expertise and knowledge allow us to clearly communicate details and outcomes we achieve and, where possible, implement innovative solutions to help heirs receive the most value from property.
Begin Planning for Your Future Today
Whether you need help understanding federal estate and gift tax exemptions or drafting a will, we’ll help you protect your assets and secure your financial future.
To get started, contact our estate tax lawyers at MPL Law and schedule your consultation today.