If you have a large estate, one that is worth over two million dollars, it’s important to seek the advice and counsel of an experienced estate attorney.
Large estates may mean that you can leave significant gifts to your beneficiaries.
However, it also means that you can pay a significant amount in estate taxes is you are not careful with your planning.
By working with an experienced tax attorney, you can create an estate plan that will ensure that your beneficiaries receive everything that you intend to leave them. And they won’t have to worry about paying astronomical tax fees.
There are plenty of actions you can take, however your attorney will discuss the pros and cons of each strategy with you and help you choose the course of action that best meets the needs of you and your beneficiaries.
Many experienced estate attorneys will recommend the creation of trusts to help negate the impact of large taxes.
One such trust is a spousal trust.
A spousal trust enables one spouse to give assets, funds, or property to another. It provides tremendous tax benefits. In fact, one spouse can transfer the entire estate to the other spouse and this will avoid the requirement for paying estate taxes.
It is important to discuss the issues of tax planning with an experienced estate attorney