If you’ve spent your life building wealth, the last thing you want is for a significant portion of your estate to be lost to taxes. That’s where estate tax planning comes in.
At The Andrews Law Firm, P.C., we help clients develop personalized strategies that preserve their wealth and minimize the estate tax burden on their heirs.
What Is Estate Tax Planning?
Estate tax planning involves structuring your assets and estate in ways that reduce or eliminate estate taxes due upon your death. With proper planning, you can pass more of your legacy on to your loved ones and charitable causes.
Key strategies include:
– **Annual and lifetime gifting**
– **Irrevocable life insurance trusts (ILITs)**
– **Grantor retained annuity trusts (GRATs)**
– **Charitable remainder trusts (CRTs)**
– **Family limited partnerships**
Understanding Federal and State Estate Taxes
As of 2024, the federal estate tax exemption is over $13 million per individual, but that amount is expected to decrease in the coming years unless Congress takes action.
Additionally, some states levy their own estate or inheritance taxes. Planning early can help ensure you’re not caught off guard.
Who Needs Estate Tax Planning?
Even if your estate doesn’t currently exceed the federal exemption, changes in law, real estate appreciation, or business growth could increase your tax exposure.
Estate tax planning is particularly important if you:
– Own high-value real estate or investments
– Have a closely held business
– Plan to leave significant gifts to heirs
– Expect to receive or pass on an inheritance
How an Attorney Helps
An experienced estate tax planning attorney ensures your plan is compliant, current, and effective. We tailor solutions to fit your goals, explain how laws affect your estate, and coordinate with financial professionals for a seamless strategy.
We also provide guidance on trust administration, probate avoidance, and business succession to support your broader estate plan.
Don’t Let Taxes Define Your Legacy
At The Andrews Law Firm, P.C., our goal is to help you leave a meaningful legacy—not a financial burden. If you’re concerned about estate taxes, we invite you to schedule a consultation today.
Let us help you build a plan that protects your wealth, honors your wishes, and supports your family’s future.
