As an experienced Media Estate Planning Attorney I am often asked how one can reduce their taxes. It’s interesting that one of our primary functions, at least in the recent past, has been dealing with the impact of the federal estate tax on an estate. The rates at one point could reach as high as 55%. They are currently around 40%. Because of changes that took place in 2012, most estates are no longer subject to a federal estate tax. If your estate is under $5,450,000 and twice that amount if you’re a married couple, you have no exposure to the federal estate tax. That doesn’t mean that we still aren’t interested in ways to reduce the cost of settling your estate. This really involves some of the issues that we’ve talked about previously, but also making sure that your estate is handled in an efficient way. That really goes into the planning that you do while you are still alive.
Do you have questions about reducing taxes on your estate? If so, contact the experienced Media Estate Planning Attorney Edward Perkins.
This educational blog was brought to you by experienced Trust Attorney Edward L. Perkins. Our law firm proudly represents clients throughout Media, as well as Pennsylvania, and New Jersey.