Someone’s estate doesn’t just consist of their property — it also includes any 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 entire estate to be managed and distributed.
Whenever property and assets are transferred to a new individual after the death of the owner, estate taxes, also referred to as a death tax, may be imposed. Depending on the size and worth of the estate, these taxes, which are imposed by the federal government, can be up to 40% of the total value of the estate.
Why Is It Important to Work With an Estate Tax Attorney?
Whether you are an administrator or executor of your loved one’s estate, it’s important to ensure that the estate and inheritance taxes are both addressed and resolved.
Additionally, it’s important to keep in mind that some states, such as Pennsylvania, collect an inheritance tax in addition to federal estate taxes. Because the different laws are often complex and vary regarding who is exempt from these taxes, it’s important to work with a qualified and experienced estate tax attorney.
Now is also a good time to work with an estate tax planning attorney to begin developing your own estate plan to ensure your estate is distributed as you wish and ensure your loved one’s tax burden is as low as possible.
Estate Tax Planning Services to Make Preparing for Your Future Easy
At MPL Law Firm, 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. We focus on all issues and details related to estate tax and inheritance laws, and we will guide you every step of the way.
It’s important to keep in mind that estate planning can involve a series of steps including drafting a will, power of attorney, trust, health care directive and family limited partnerships. Creating a comprehensive plan ensures your estate is protected, well-organized, in compliance with tax laws and prepared to be distributed to your loved ones.
Begin Planning for Your Future Today
Now is the time to begin making the decisions that will impact your friends and family in the future. Estate tax planning can be a challenge 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.
Our firm has over 30 years of experience serving clients located throughout the central Pennsylvania region, including York, Red Lion, Dallastown, and beyond. We strive to develop a close relationship with each of our clients to meet their needs and find the best possible solutions. 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 Firm and schedule your consultation today.