Pass Your Assets to Your Loved Ones, Not to the Government
If you are asking the question, "How Do I Avoid Estate Taxes?" it is probably because you want your assets to go to your loved ones and your favorite charities, rather than to the government. At Godbey & Associates, we can help you accomplish this important goal through careful estate planning that suits your particular life situation.
Our attorneys have helped hundreds of clients plan their estates in a way that simplifies or prevents probate and reduces or eradicates estate tax obligations. During a free consultation, we can help you understand your specific tax liabilities and take action to optimize your estate tax position.
Techniques for Minimizing Your Tax Liability
Estate taxes are also referred to as inheritance taxes or death taxes. While certain federal tax laws apply to estates, each state sets its own estate tax rules and limits. Currently, Kentucky does not have its own estate tax, while Ohio does. Under Ohio law, current tax exemption applies to estates with assets of up to $380,000, though this limit is scheduled to change in 2013.
A qualified attorney can advise you on techniques that can help you minimize your tax liability and avoid estate taxes altogether. Depending on your situation, these can include:
- Using life insurance policies that do not benefit your estate
- Using irrevocable trusts, charitable trusts, marital or family trusts, or other types of trusts to distribute your assets
- Gifting your assets in order to reduce the value of your estate
- Re-titling your assets
- Using business succession planning
Every situation is different, so it is important to seek legal advice about yours.
Contact an Experienced Cincinnati Estate Tax Specialist Lawyer
The attorneys of Godbey & Associates can help you and your family optimize your estate tax position through strategic estate planning. Contact us to talk to an experienced probate and estate lawyer who can evaluate your situation and help you make important choices about your future.