If you own an estate with significant assets, your heirs may be subject to significant tax liability when your estate is administered. At Gorman & Jones, PLC, our Phoenix inheritance attorneys can help you plan for taxes that may be imposed on your estate. A significant amount of federal taxes can be saved through drafting a legally sound estate plan.
We Handle Complicated Federal Estate Tax Issues
Although Arizona does not impose an inheritance tax, the state does require that estates and trusts that exceed the requisite exemption amount pay income taxes. Therefore, the tax planning process must take into account state income taxes, as well as gift taxes, property taxes and generation-skipping taxes. Our dedicated Phoenix tax planning lawyers are highly knowledgeable about local, state, and federal laws as they relate to estates and gifts. We use that knowledge to ensure that you are well-informed throughout the estate planning process.
Helping Eliminate Inheritance Taxes Through the Creation of a Trust
There are a number of steps that you can take to help eliminate or reduce inheritance tax liability. The attorneys at Gorman & Jones, PLC, have extensive experience creating trusts to help shelter your assets from estate taxes. With over 20 years of combined legal experience, we have found that the creation of an AB trust frequently eliminates many federal inheritance tax issues.
A trust of this sort allows the surviving spouse to spend the income placed in the trust to maintain his or her current lifestyle. The actual ownership of property itself is never transferred to the surviving spouse. As with any plan, there are some disadvantages to an AB trust. However, many of our clients have used this instrument as an effective means of asset protection for their children or other ultimate heirs. We will review your situation and let you know whether this sort of trust may be an option for you.
Call for a Free Consultation With a Phoenix Estate Tax Lawyer
The federal dollar amount for what is subject to estate taxes changes all of the time. It is important to speak with us to learn if any new laws will affect your estate. Contact our Scottsdale estate planning attorneys online or call 602-388-1623 for a free consultation. With five offices in the Phoenix area and evening and weekday appointments, we are here for your convenience.