Planning for any sort of estate can be something you do not look forward to, but it is a must and something you need to do. Planning appropriately helps ensure the assets and money you’ve accumulated by yourself or your parents go to the appropriate person(s) after death. It is never a good idea to wait to plan an estate plan. With the assistance of one of our Palm Springs estate planning attorneys, you can have your estate plan completed.
Potential Taxes Applied
With one of our Palm Springs probate attorneys, it is possible to work through the different potential taxes that might come up in assets. By working through potential taxes, it is possible to avoid costly fees that the recipient of the money and assets might be forced to deal with.
Otherwise, the individual might actually have to pay out of their own pocket, causing them to lose money and to struggle with the financial burden that is placed on them.
The Possibility of Estate Tax Applied
An estate tax is going to be imposed on the assets by the federal government once the property is transferred to the heirs. It is possible to work around some of these taxes by providing the items as gifts and not leaving them as the inheritance.
Does the Estate Tax Apply if You Gift the Inheritance Before You Die?
It is important to understand the value of these items because the government has very specific regulations regarding how much can be offered as a gift. Anything over $14,000 does not avoid the gift tax, in which case the individual will have to pay more towards taxes.
Contact Our Palm Springs Estate Planning Attorneys for a Consultation
Contact us at 760-322-2275 to schedule a consultation for your construction and real estate project.