For Texas residents who are moving forward with estate planning and are seeking to ensure that their heirs and beneficiaries are cared for after their death, taxes should be considered when preparing for the future. This is true whether the estate is one of significant value, one of moderate value or one with limited assets. Given the fluid nature of the law under the current U.S. government and the uncertainty therein, it becomes even more critical to have a law firm that is experienced in preventing the tax-based depletion of an estate.
When assets are transferred after a person’s death, there may be estate taxes. Many people are unaware that there will be taxes on income that comes about from a trust that was left to a person. Even those who take steps to protect their assets and what they plan to bequeath might miss important steps in shielding their estate from the tax collector. Having help minimizing the estate tax will protect those assets from being taken by the government and leaving far less than was intended to the beneficiaries.
An executor of a will and beneficiaries are not always cognizant of tax laws and the changes to the current laws can be difficult to understand. Will or trust administration can be a labyrinth-like situation where the beneficiary – already dealing with the loss of a loved one – might make crucial mistakes that can cost substantial sums after everything is tallied. Legal assistance from a law firm that also understands accounting practices can cover all the bases with an estate. The same holds true for those who are planning their will or trust. Before death, knowing how to address gifts, international properties, business assets, trusts and more can protect the assets that the testator worked so hard to accumulate and wants to leave to loved ones.
When estate planning or handling the tax implications after the testator has died, a law firm that puts beneficiary concerns, taxes and the preservation of assets at the forefront is one of the most important advocates that a person can have. When thinking about estate planning or dealing with the tax implications after a loved one has died and left assets behind, having legal help is vital and can help with estate planning cases.