Cantwell & Goldman PA
Call Today for the Answers You Deserve 866-583-9129
In This Section

Strategies for reducing estate taxes

It can be a shock for some Brevard County residents. They sit down their estate planning attorney to discuss passing on sizable assets and discover that taxes will take a big bite out of their estate.

A recent business journal news article urges people to learn about ways in which those tax burdens can be significantly reduced.

The bank executive who penned the article noted that one common strategy for reducing estate taxes is annual gifting. Each person can give up to $15,000 without triggering gift taxes. It can be a way of shifting assets to loved ones that would be inherited after your passing, reducing the estate and potentially lowering estate taxes.

If a person makes an annual $15,000 gift for 30 years, he or she would reduce the size of their estate by $450,000 and potentially save the heir about $180,000 in estate taxes. For some people, that reduction in estate value would get them under the lifetime estate tax exemption, which would eliminate the tax entirely.

Another way of fighting off estate taxes is through charitable giving and charitable lead trusts (CLT). A CLT provides annuity payments to the charity of choice at a fixed amount for a fixed set of years. Afterwards, the remaining assets are transferred to your heirs.

Note: you get a tax deduction when you fund the trust, which means you fight off some taxation on your income as well.

You can discuss these and other strategies with a skilled lawyer experienced in estate planning and asset protection.

No Comments

Leave a comment
Comment Information

Contact Our Attorneys Today

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Cantwell & Goldman, P.A., Attorneys & Lawyers, Cocoa, FL

Contact

Cantwell & Goldman PA
96 Willard St., #302
Cocoa, FL 32922

Toll Free: 866-583-9129
Cocoa Law Office Map

Fax:321-639-9950

We speak Spanish, Hindi, Mandarin Chinese and Japanese

Review Us