Torrance Gift & Estate Tax Planning Lawyer
Strategic forward thinking to prevent unnecessary tax obligations
One critical component of crafting an estate plan is creating a strategy to minimize the impact of state and federal tax burdens upon the transfer of assets. Estate taxes can often be avoided, but not without careful planning by experienced estate planning professionals. Through the use of all available tax exemptions, you may be able to avoid tax burdens that could otherwise take a substantial percentage of the inheritance you spent decades acquiring to bestow on your loved ones.
Torrance estate tax planning law firm Samuel Ford Law is ready to help
If you’re considering your options for estate tax planning in the Los Angeles South Bay, contact Torrance’s Samuel Ford Law for a consultation on your estate. Samuel Ford has been an estate planning professional for over ten years. He has helped countless families create estate plans that maximize the gift provided to loved ones while minimizing tax burdens and other reductions in value. You can rely on the estate tax planner at Samuel Ford Law to develop innovative solutions that suit your family’s unique needs and goals. Contact the Torrance gift & estate tax planning lawyer of Samuel Ford Law to find out how careful estate planning can help you ensure the people and causes closest to your heart benefit from your hard work and careful saving.
Changes to the estate tax exemption are always possible
The estate tax exemption is a permanent topic of conversation among federal politicians. With each change in the dominant political power in Washington comes the potential for substantial changes in the size and nature of the exemption available to transfers of assets and property that occur upon death. Various lobbying organizations and political groups have long called for sweeping changes to the estate exemption, capital gains tax, gift tax, personal income tax, corporate tax, and transfer tax rates.
The best way to cope with changes to estate tax laws is to consult with an attorney who has an established reputation as an authority in navigating estate tax planning. The Torrance estate tax planning law firm Samuel Ford Law has over a decade of experience in devising creative estate plans that result in no more of a tax burden than is absolutely necessary. We understand that you want your loved ones to benefit from the property and assets you accrued during your lifetime, and we will work with great care and a thorough understanding of the law to help you achieve this goal. Contact the South Bay offices of Samuel Ford Law with any questions you may have about the impact of changes to estate tax law on your financial planning.
Gift taxes and exemptions
Giving a gift isn’t always free from tax implications. The US tax code provides what’s known as an “annual exclusion” amount which, if exceeded, results in a 40% tax obligation on the value of all gifts given to a particular individual during the year. In addition to the annual exemption, there is a cumulative lifetime gift exemption which can also be used to avoid paying taxes on a lifetime gift. Currently, the lifetime exemption amount is quite high. However, there are proposals in Washington to reduce the lifetime exemption by a substantial margin. It is critical to work with an estate planning lawyer who can help you navigate the current iteration of estate tax regulations, as well as study any changes and help you revise your estate plan accordingly should these changes alter the effectiveness of your estate plan.
Making lifetime gifts can be a very effective tool to reduce your overall transfer tax burden. By using the annual gift tax exemption to provide annual gifts to your loved ones during your lifetime, you could provide ongoing financial support to your loved ones during your lifetime, which will also reduce the size of your estate at your death, thereby reducing your estate tax burden. Further, because of the way gift tax is calculated and paid, making gifts during your life is considerably more tax efficient than passing along your assets at your death. Certain exemptions are also provided to lifetime gifts that are not available to gifts at death. For instance, if you make a gift of payment for tuition or medical expenses, no gift tax is due regardless of the amount, as long as you make these payments directly to the educational or medical institution.
Get advice on estate tax planning that you can trust
Devising an estate plan using forms or discount advice might save you money in the short-term, but they can result in massive losses in estate taxes and fees in the long-term. Torrance estate tax planning attorney Samuel Ford has been a lecturer before the California Society of CPAs on the subject of transfer taxes. He has the intimate understanding of and commitment to the field of estate tax planning that you need on your team while creating an estate plan. Contact Torrance estate tax planning law firm Samuel Ford Law to discuss how careful estate planning can benefit you and your heirs for years to come.