One of the most common questions people ask estate planning lawyers is how to minimize estate taxes. After all, no one wants to work their whole lives only to have their families not reap the full benefits. Such a fate isn’t inevitable. Even though anything that you own is a taxable part of your estate, a skilled estate planning lawyer can still assist you in mitigating estate taxes and ensuring your loved ones get all they have coming to them. Keep reading to find out all about the tools you need to keep your estate whole.
Deductions
The most important deduction that can be taken on your estate is the marital deduction. Any assets that you leave to your spouse are tax-free. This is one of the strongest and simplest ways to make the most of your estate. However, there are other deductions which may further reduce the taxes taken out of your estate. Assets that are used to pay for mortgages, given to charity or spent on estate administration won’t be taxed either. It’s certainly beneficial that assets used in these ways aren’t taxed, and allocating more funds for these purposes can be a great way to lower taxes. However, by getting in touch with an estate planning lawyer you can stop taxes no matter where you want your assets to go.
Trusts
By transferring ownership of your assets to irrevocable trusts you can mitigate your exposure. The contents of trusts also have the benefit of not being involved in probate. This means that your loved ones can be more certain that they’ll get their share of the estate and that they’ll get it in a timely manner.
There is no one-size fits all model for estate planning. That’s why it makes sense to only choose a proven and experienced estate planning lawyer to develop a customized and comprehensive plan. Specifically, you need to trust the best NYC estate planning lawyer and get in touch with Morgan Legal Group. Our offices in Brooklyn, Manhattan and Long Island are acclaimed as the best in NYC. We have the experience to help you and the people you care about so come in for a free consultation.
