3 Estate Tax Planning Strategies

3 Estate Tax Planning Strategies When planning your estate, it is essential to educate yourself by learning about estate tax planning strategies. It can be overwhelming at first, but our team of skilled estate lawyers at Dana and Associates, LLC is here to help. We work with a variety of clients from married couples and singles to business owners and retirees. These are the top estate tax planning strategies we use so you can maximize your assets and protect your loved ones.

Here are the top 3 estate tax planning strategies:

  1. Give Gifts or Donate to Charity

If you want to lower the total value of your assets to avoid federal estate taxes, consider making charitable donations or giving gifts to your beneficiaries. The annual exclusion amount, which refers to the dollar amount that you can give to another person tax-free, is $15,000 per person.

In a single year, you can give money or physical assets of up to $15,000 to a single individual. This could mean gifting this amount to each of your grandchildren or donating to a few of your favorite charities. As long as the total of the gift does not exceed $15,000 per person or group, the annual exclusion will apply.

  1. Plan for Tax Laws

3 Estate Tax Planning StrategiesWhen planning your estate, it’s important to take state and federal tax laws into account. While Arizona has not had a state estate tax law (also known as the “death tax” law) since 2006, federal estate tax laws still apply to Arizona citizens.

The current federal estate tax applies if the assessed value of your estate exceeds an amount of $11.7 million for a single person or $23.4 million for a married couple. At Dana and Associates LLC, our experienced team of estate planning attorneys will help you prepare for any tax laws that might apply to your case.

  1. Set Up an Irrevocable Trust

There are many benefits involved in setting up a trust, like flexibility and avoiding probate. However, one of the top benefits of setting up a trust is tax reduction. Assets that are transferred to an irrevocable trust are not subject to estate taxes.

If you want to ensure that your beneficiaries receive the full amount of your assets, an irrevocable trust is a great option to consider. We recommend discussing this with your estate lawyer to determine if it’s right for you. They can provide you with guidance on how to set one up and walk you through the process.

Top Arizona Estate Planning Attorneys

3 Estate Tax Planning StrategiesMany Americans put off planning their estate because it can be difficult, confusing, and time-consuming. However, with the right estate planning lawyer, it doesn’t have to be.

At Dana and Associates, our top Arizona estate planning attorneys will help guide you through the estate planning process to ensure that everything is taken care of.

We plan for today to create peace of mind for tomorrow. Dana and Associates, LLC is one of the top estate law firms in Arizona and California. We are committed to representing our clients with the highest quality of service.

Contact us today to learn more about our services or to schedule a free consultation with one of our top estate planning attorneys.