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 & Galvan.
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 estate planning, wills, 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.