Estate Tax Attorney Protecting Clients’ Assets in Forsyth County, GA
One concern many people have when creating an estate plan is whether their wealth will be reduced significantly by taxes. It can be frustrating to have worked so hard throughout your life to leave a nice inheritance for your loved ones only to have it decimated by unnecessary taxes. Proper planning now can prevent this unfortunate scenario. It’s not about avoiding the taxes you legally owe but rather maintaining the wealth you legally own.
Although Georgia does not levy an estate tax, having an attorney look over your estate plan is still important, as there could be federal taxes and other fees depending on where the assets are located. A skilled professional like attorney Mike Bascom has the experience necessary to guide you through the process of creating a plan that will protect your assets in the best way possible. At Bascom Law, P.C., our caring and capable legal team will listen to you to understand your unique needs and wishes while maximizing the wealth you keep after taxes. Call us for a consultation to see how we can help you at 770-285-5493.
What Estate Taxes Must Be Paid in Georgia?
While the state of Georgia has no estate tax established, residents may still be taxed when they die. The federal government levies an inheritance tax on Georgia citizens, and you could also owe taxes if you own assets located in another state. The amount of taxation will be determined by the size of your estate, including the value of assets you own. The federal estate tax marginal rate is 40% on estates that exceed $12.06m in 2022.
With the complicated nature of taxation, you should always consult a legal professional to determine what amount of taxes you can expect to be levied on your estate after you die. The amount you are taxed can make a significant difference in the inheritance you leave behind for your loved ones, so we always encourage clients to consider an estate plan that minimizes the taxes to be paid. This could mean creating a trust or other legal entity of ownership, such as an LLC. For help in figuring out the best path for you in your estate plan, reach out to us at Bascom Law, P.C., and we will be glad to discuss how you can avoid paying unnecessary taxes on your estate.
What Can I Do to Minimize My Estate Taxes?
One of the most frustrating situations a family can face is having to pay taxes that could have been avoided had their loved one had a proper estate plan in place. Please remember that minimizing taxes is not about avoiding the IRS but about taking simple steps to protect your hard-earned wealth as much as possible. This can make all the difference to your loved ones, who will receive an inheritance after your death.
There are several ways a person can preserve their assets to be passed on when they die. Some of these are setting up a trust and owning assets properly.
Setting Up a Trust
Establishing a trust is one of the most effective ways of preserving your wealth. At Bascom Law, P.C., you will have access to a variety of trusts that can be created to meet your unique needs.
Proper Ownership of Assets
Many people own valuable assets such as second homes or investment properties, but they do not have legal entities that hold the assets on their behalf. A talented lawyer like Mike Bascom can help you assign your properties to the right form of ownership that can protect you from lawsuits while you are alive and minimize taxation after you pass away.
How Can Hiring a Lawyer Help Me Avoid Paying Too Many Taxes?
There are many options available that can reduce the taxes owed on your estate. However, these processes can be complicated and overwhelming, requiring in-depth knowledge of Georgia and federal law. Having an attorney on your side can make a huge difference. Lawyer Mike Bascom will take the time to get to know you so he can develop the best estate plan for your unique situation. He understands that every family is different, and he will listen compassionately to your concerns. He will take the time to explain every decision in terms you can understand so you can be a full participant in creating the right estate plan for you.
Can Our Estate Tax Lawyer Help You?
Considering the prospect of your death is not easy, but a few simple actions taken today can make all the difference for your loved ones after you pass away. This is most apparent when it comes to the taxes that will be due on your estate. At Bascom Law, P.C., we strive to help every client have the best possible estate plan that will maximize the assets their family will keep after they die. We have the tools you need to create the right plan for you, whether that includes a trust, an LLC, or another partnership.
Our goal is to help make this process as easy for you as possible, so you can go on with your life with the confidence that your family will be provided for after you pass away. Please reach out to us today so we can stand by your side and guide you through the estate planning process. Call us at 770-285-5493 for a consultation with our talented legal team.