Can an estate plan offer tax advantages? Kelly Phillips Erb, my favorite tax columnist in Forbes, recently reminded us that May 15 is just about here. For most of us, the tax deadline to know is April 15; for some, the business deadline for taxes is June 15. May 15 refers to the tax filing deadline for tax-exempt organizations. These organizations have particular tax requirements that differ from other types of businesses. In fact, at one time, they were not required to file tax returns. That has changed, and those organizations that don’t file may lose their tax-exempt status. Okay, end of informative tax lesson, and back to estate planning talk.
Nearly all of us pay – and tend to worry about – taxes. In terms of estate planning, people also have concerns about paying taxes related to estates, gifts, inheritances, and the like. My work involves finding solutions to many of those issues. Moreover, I can recommend, and help implement, some estate planning ideas, certain trusts, that offer some relief from taxes, to the settlers, who fund the trust, as well as to the beneficiaries, who receive compensation from the trust.
There are, of course, many variables, rules and scenarios that can help you and your estate planning attorney decide which, if any, trust is appropriate for your financial situation and your estate planning goals. Whether or not you are a high net worth individual, or own property, or have a large family you would like to provide for after your death, are just a few of the factors to take into consideration when contemplating adding a trust to your estate plan. And the best way to get answers to all your questions: Let’s set up a meeting to talk about it! I may not be able to toss around phrases like “tax exempt” but I certainly can work toward making my clients exempt from worry. To schedule a consultation, please contact us at 818.956.9200.
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