Death and Taxes: Planning for Both

Comprehensive Advice on the Potential Tax Liabilities of Your Estate

When planning for the future, the one thing many individuals and families overlook is the potential tax liability relating to their estate. Upon your death, your estate, any assets and property minus your debts, is taxable. These taxes can limit the amount of your assets and property that remain in your family, and may dramatically impact your loved ones. Fortunately, the proper advanced planning may limit your estate’s tax liability, ensuring that the majority of your assets and property are distributed to your loved ones as you wish.

At Gorman & Jones, PLC, our Phoenix estate planning attorneys leverage a detailed knowledge of the estate planning process and tax laws to offer the guidance you need to minimize the tax liability of your estate. After carefully reviewing your case, we offer detailed advice on tax liability relating to:

• Property and real estate ownership
• Retirement and pension plan benefits
• Life insurance proceeds
• Stock ownership

Limiting Your Estate’s Tax Liability

Our experience and knowledge of estate planning and tax laws allows us to offer advice on several strategies that may help you limit your estate’s tax liability, including:

• Gifting: Transferring property or assets while you are still alive can be one effective way to limit your estate’s tax liability. Gifts under the annual maximum set forth by current legislation are untaxed, allowing you to distribute portions of your estate without additional tax liability. We offer detailed advice on gift taxes and the impact planned giving may have on your estate’s future tax liability.
• Trusts: Establishing trusts, including educational trusts, charitable trusts and special needs trusts can be an effective way to limit your estate’s tax liability. Our experience establishing trusts allows us to offer the advice you need to limit your estate’s tax liability.

Contact us online or call 623.974.5585 to schedule a free consultation to discuss your estate’s tax liability and strategies to maximize the amount of your estate that lands in the hands of your loved ones.