Finding a reliable lawyer to work with who can represent your company no matter what kind of legal issues it faces in the coming years can be ovrewhelming, especially if you aren't sure what kinds of legal support you may need as your business grows. This blog outlines a variety of legal issues to consider while building your company, so you now what kind of legal representation to keep on hand at all times. You can also expect to learn how to go about finding the right lawyer to work with in any unique situation that you might find yourself in.
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Finding the Right Legal Representation for Your Company
2 Ways To Cut Down On Estate Taxes With Smart Planning
Tracy Roberts
If you want to cut down on the amount of taxes that will be taken out of your estate when you pass away, taking the time to plan ahead can go a long ways. Here are two ways you can cut down on the amount of taxes that are taken out of your estate when you pass away.
#1: Leave Your Spouse Everything
The easiest way to cut down on the amount of taxes that are taken out of your estate is by letting your spouse have everything. Your spouse is exempt from having to pay estate taxes.
If you are under 50, writing your will so that everything goes to your spouse is a smart move. Your spouse probably has many more years in front of them where they could benefit from your joint estate if you were to pass away at a young age.
However, if you are over 50, it is smart to make a plan together with your spouse about how to disperse your joint estate after one or both of you pass. You may need to make certain moves with your estate before both spouses pass away to ensure that what is left is not subject to heavy taxes.
#2: Strategically Reduce The Value Of Your Estate
Another way to cut down on the amount of taxes that are charged against your estate is by strategically reducing your estate while you are still alive. If you have particular assets that you know you want to give to specific people, instead of waiting to die to pass these assets on, you can pass them on while you are still alive.
You are allowed to bequests a certain amount each year to your beneficiaries. An estate lawyer can help you figure out how much you can give to your beneficiaries each year without having to pay a gift tax. This is a great way to help out those you love while you are still alive, and ensure that your estate is not cut down by taxes after your death. If you bequest enough to your beneficiaries while you are still alive, and minimize the value of your estate enough, your final estate may not even trigger the estate tax.
By leaving your assets to your spouse, and by giving away your assets to your beneficiaries before you pass away, you can reduce the chance that your estate will be subject to estate taxes. A qualified estate planning lawyer can work with you to build a dynamic will that will protect your estate from excessive taxes.
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