If you believed
probate was the most hated word when it comes to the world of estate planning,
you were wrong--it is, in fact, taxes. Uncle Sam is always ready and waiting
to take his cut. This is why a trust is so essential to you and your family’s
best interests. Trusts enable you to better protect your estate from being
eaten up by taxes after you die. Each state, and generally each county,
will have their own tax terms which may trigger upon someone’s death.
However, what is important to realize is there is a regional factor in
this inheritance tax equation. Those western and eastern states are where
you are more apt to find higher tax rates and, thus, putting your assets
and property into a trust in these areas, is definitely something you
want to seriously consider. Even if you don’t live in one of these
perimeter states, but nevertheless own property there, you need to remember
the property will be taxed and probated according to the state in which
it is located.
As far as federal estate taxes go, there is currently a 5.49 million dollar
per person exemption, so fortunately, or unfortunately depending on how
you look at it, most of us will not have to contend with federal tax issues
when it comes to estate planning. In any event, this is an issue which
must be addressed by a McKinney estate planning attorney you can trust,
such as ours at Willingham Law Firm.
Contact Our Impressive McKinney Estate Planning Lawyer Today
If you believe there may be an issue with federal or state estate taxes,
or local property tax issues, look no further than our trusted firm for
the legal counsel, care, and representation you deserve. We know
trusts, and probate are uncomfortable issues for some people to think about,
which is why we want to make the process easy for you and your loved ones.
There is no time to waste in doing your part to protect you and your family’s future.
Interested in scheduling an initial consultation with a member of our firm?
Don’t hesitate to
contact us by calling 214-499-9647.