Las Vegas Estate Tax Planning Lawyers
Planning now for future tax consequences is a vital part of building a secure future. At Goldsmith & Guymon P.C., we understand that you want to preserve as much of your wealth as possible for your heirs.
Since 1996, our boutique firm has assisted families in the Las Vegas community with comprehensive estate planning. Utilizing creative and personal legal planning, let us help you make sure your estate tax planning aligns with your family’s unique needs.
Understanding State And Federal Estate Taxes
When it comes to state taxes, Nevada remains one of the most tax-friendly states in the country because it does not impose a state-level estate or inheritance tax. When someone dies, their gross estate includes everything they own, from real estate to life insurance proceeds.
The Internal Revenue Service (IRS) imposes an estate tax on the transfer of your gross estate at death. Fortunately, current laws provide a generous federal estate tax exemption, which allows you to pass a significant amount of assets tax-free. However, without a proactive gift tax strategy, high net worth families may still face a 40% federal tax rate on assets exceeding the exemption.
What Do You Need To Know About Estate Tax Planning?
Effective and comprehensive estate planning utilizes several tools to shield your legacy. For example, our estate tax lawyers can advise you on portability. Portability allows a surviving spouse to use any unused portion of their late partner’s exemption. To further reduce your taxable estate, you might also consider:
- The annual gift tax exclusion: An annual gift tax exclusion means you can gift money annually without using your lifetime exemption.
- Generation skipping transfer tax planning: We help you protect transfers to grandchildren from double taxation.
- Irrevocable trust tax planning: Specific types of trusts can remove appreciating assets from your taxable estate.
Our experienced estate tax lawyers will evaluate your asset and wealth portfolio and make recommendations that will maximize these exclusions while you maintain financial control.
Talk To A Nevada Estate Tax Attorney
Planning for tax consequences is a critical part of building a robust estate plan. By preparing now, you can make sure that your assets pass to your heirs with minimal estate tax consequences. Do you need an estate tax planning attorney to review your current documents or build a new strategy? You can schedule an appointment by calling us at 702-873-9500. You can also send us a message through our website.