When people think of estate planning, they tend to focus on the distribution of an individual’s assets and other property when they pass away.
But actually, tax planning is an essential part of every estate plan.
Estate taxes can apply when the decedent has a will in place, but there are ways to minimize these taxes. Consulting with an experienced estate planning attorney in San Antonio is an important first step.
Whether you wish to pass your assets as an inheritance or would like to give substantial gifts now, there are practical steps you may take to limit the impact of taxation.
Our expert attorneys understand the state laws of Texas and work to implement thoughtful and legally allowed strategies to assure your financial stability.
- Individuals can make annual gifts (usually up to $12,000) to children or grandchildren, without incurring a gift tax during their lifetime
- Trusts and lifetime gifts to shelter family assets and minimize tax impact can be used. These include revocable living trusts, charitable trusts, and generation-skipping trusts
- Gifts to charities upon death can reduce the size of the estate and thereby reduce estate taxes
- Integrating employer insurance, benefit, and pension plans, and tax-deferred compensation into your estate plan will help reduce taxes owed
- Structuring favorable retirement plans and Individual Retirement Account (IRA) distributions can be beneficial to tax planning
“The ultimate goal of any estate plan is to protect and preserve wealth to meet the needs of each individual and family for now and for generations to come,” said David Voeller of the prestigious Voeller Law Firm in San Antonio. “At Voeller Law Firm, we craft personalized estate plans that maximize financial benefit while minimizing taxes. We can even work with your financial planner or certified public accountant to develop a comprehensive approach.”
Above all, our estate planning process provides practical, knowledgeable legal guidance.
To learn more, contact us today to schedule a free consultation at (210) 651-3851 and put our over 35 years of experience to work for you.