Remember the quote from the 1700’s – nothing is as “certain as death and taxes’? That phrase remains true, except today, there IS something you can do to lower or almost eliminate your estate taxes.
Everyone should, at some time in their lives, schedule a visit to an Estate Attorney (especially one who has a background in taxation). An Estate Attorney can ensure all your bases are covered.
No one likes to think about dying, but you need to think what would happen if you suddenly passed away. Will your estate land in the hands of probate court with most of the assets going to the taxman? Will relatives come forward and fight over heirlooms? You never know what’s around the corner. You should protect what you have from a large tax bill or lengthy court hearings.
Some evening, when you’re not particularly interested in the television show that’s on, start making a list. Look around your home and write down everything that’s worth over $100. You’ll be surprised how much you’ve accumulated over the years and how many assets you have. Things like televisions, computers, cars, antiques, power tools, furniture, jewelry, art, kitchen items such as mixers, grills, china and any silver utensils are all worth more than $100.
Next, go through those important papers you have and make a list of your bank accounts, insurance policies (car, disability, health, home, long-term care, life) and any other accounts you may have.
An Estate Attorney can set up a Estate Plan for you, go over all the pro’s and con’s of trusts, wills and probate as well as inheritance laws and power of attorney.
Did you know if you give your child an heirloom, or maybe a painting before you pass away, that child will have to pay capital gains taxes if they sell it? Let’s say years ago you paid $500 for a painting and it’s now worth $20,000. Your child will have to pay taxes on $19,500. Learn how you can shield that child from paying capital gains taxes, if given after your death, or placed in trust.
There are certain benefits as to how you handle gift tax exemptions and exclusions. Are you aware everyone has a lifetime federal gift tax exemption? When do you use it? After your death? Against the gifts you make during your lifetime?
There are literally thousands of tax laws and an endless maze of legalities that an Estate Attorney will guide you through to determine what is best for you. Tax laws are constantly changing. If you’ve had an Estate Plan in place, it’s a good idea to have the plan reviewed by an Estate Attorney too. We all need a little professional guidance every once in awhile to ensure our assets aren’t at risk.
Denver tax attorney Tyler Murray, LL.M., of the Gantenbein Law Firm, is an experienced, professional tax attorney, located in Denver and serving all of Colorado. Along with being a licensed lawyer, Tyler Murray has a Masters in Law in Tax. If you have estate tax needs, including estate tax reductions or protecting your estate plan for your heirs, contact premier Denver tax attorney Tyler Murray at (303) 618-2122 for a one-hour consultation where he will discuss your situation and go over all your options with you. Visit our TAX WEBSITE for more information.
Tyler Murray is also a skilled, efficient Denver tax audit lawyer, helping his clients with alternative resolutions to tax audits and tax debt relief. His Denver tax attorney practice also includes tax appeals, tax litigation, tax planning, offers in compromise, tax audit defense services, corporate taxes, filing tax returns, estate taxes and more.
Gantenbein Law Firm practice also includes Colorado Real Estate Law, Colorado Foreclosure Defense, Federal and Colorado Tax Law, Colorado Business Formation & Representation, Colorado Business Law and Colorado Family Law. This combination is exceptional in that it provides our clients a complete and full perspective of the most common issues surrounding your unique assets or tax issues. For more information on these areas of practice, visit our WEBSITE