Inheritance Tax Planning Lawyer

At Gorman & Jones, PLC, our Arizona lawyers help people plan for inheritance taxes. Federal inheritance taxes are imposed upon estates with a net value of $2 million. For estates near or above this value, significant estate taxes can be saved by proper estate planning.

We Help with more than Federal Estate Taxes

Although there is no inheritance tax in Arizona, the law does require estates and trusts that exceed the exemption amount to pay income taxes. Therefore, the tax planning process should also take into account state income taxes, as well as gift taxes, property taxes and generation-skipping taxes. Our attorneys, Matthew M. Jones and Andrew P. Gorman, are highly knowledgeable about local, state, and federal laws as they relate to estates and gifts, and use that knowledge to advise clients during the tax planning process. Contact us at our Sun City, Phoenix, or Apollo Beach offices to schedule a free initial consultation to discuss your tax planning issues.

AB Trust

We have found that an AB trust frequently eliminates many federal inheritance tax issues. This trust allows the surviving spouse to spend the income from the trust to maintain him or herself. The ownership of the property itself is never transferred to that spouse. While there are some disadvantages to the AB trust, many of our clients have used this mechanism to preserve their assets for their ultimate heirs, usually their children.

For more information about tax planning to preserve estate assets, contact our law firm, Gorman & Jones, PLC. We can answer all your questions about taxes.