When people create estate plans, they often think only of ensuring that their assets are distributed to their loved ones according to their wishes. Unfortunately, loved ones who are listed as beneficiaries in estate plans often receive not only assets but also tax burdens. For the residents of South Florida who would like to ensure that their loved ones are not responsible for burdensome estate taxes, help is available at Frese, Whitehead & Anderson, P.A.
In the Unites States, there are federal laws in place that govern how much one can pass to loved ones without them being required to pay estate taxes. This amount is adjusted periodically to allow for inflation, so staying up to date on changes is imperative for those wishing to avoid tax burdens. There is also language in this law that allows a surviving spouse to pass on a portion of his or her spouse's allowance without also passing on tax burdens to loved ones. A thorough understanding of both areas of the law can help one to make the right decisions concerning his or her estate.
Tax burdens can also be avoided with the use of various estate planning tools. Some trusts, when created correctly, can shelter loved ones from massive tax burdens. Also, by transferring some assets to loved ones before death, one can prevent loved ones from facing massive tax bills.
As the laws concerning estate taxes are complex and the options for estate plans are seemingly endless, many find that they benefit from having the guidance of experienced Florida estate planning attorneys. A legal professional can examine your financial situation and determine how to build an estate plan that will allow you to bequeath assets to your loved ones without creating financial burdens. If you would like to learn more about some of the options that are available, you can find more information on our website.