Maximizing Your Legacy
Any comprehensive estate plan should thoroughly address estate tax issues. In 2009, you will be able to pass $3.5 million on to your beneficiaries - free of estate tax. With proper planning, a married couple can pass up to $7 million dollars free of estate taxes to their loves ones. There is generally no estate tax on assets passed from one spouse to another.
The estate tax exemption amount changes from year to year. In 2008, the exemption amount is $2 million. In 2009, the exemption amount is $3.5 million. In 2010 there will be no estate tax at all. Then, in 2011, the exemption amount will drop to $1 million. In this environment, it is vitally important to seek the estate tax planning advice of an experienced and knowledgeable attorney.
The experienced attorneys at the Fairfax, Virginia, law firm of Jean Galloway Ball, PLC, offer fact-based and family-centered legal guidance in estate tax planning matters. Since 1988, we have helped our clients address immediate concerns and achieve long-term goals for maximizing the value of their legacy by minimizing the amount of estate tax liability.
With our assistance, you can take immediate action to:
- Draft a Will or establish a living Trust that takes full advantage of the estate tax shelter available using a bypass (family) Trust
- Advise on estate equalization to maximize the effectiveness of the tax planning
- Ensure that the surviving spouse has access to the income and the principal in the bypass (family) Trust for the purposes of health, support, maintenance and education
- Use Irrevocable Life Insurance Trusts, strategic charitable giving, family limited partnerships and other tools to avoid estate taxes.
To discuss your situation with a caring and experienced estate tax planning lawyer, please call our Fairfax offices today at 703-359-9213 or contact us by e-mail now.
