You’ve worked hard and sacrificed to ensure that your family is taken care of after you pass away. From smart investments and judicious use of trusts to a comprehensive will, your estate planning strategies provide for the people you love. However, don’t neglect estate tax management when creating your estate plan. Our Sammamish, WA estate tax lawyer can help create an estate plan to minimize the amount of taxes assessed on your estate, so your heirs retain as much of your assets as possible. Call Eastside Estate Planning today for a personalized consultation.
Estate Tax Lawyer Sammamish, WA
You’ve worked hard to build a nest egg for yourself and to ensure that there is plenty to pass on to your children, spouse, and other heirs. Washington has repealed the state inheritance tax, which means that your beneficiaries don’t have to pay taxes on anything you bequeath them. This is a boon for many families and means that your loved ones can enjoy more of the inheritance you left them. But, there is still a state estate tax (in addition to a federal estate tax) which could affect how much, if anything, that your loved ones inherit.
After you pass away, your estate (the sum of all your property, real estate, money, and other assets) must settle any debt you owed before it’s divided among your heirs. The estate must also pay state taxes (the amount depends on its size). Between paying legitimate creditors and satisfying state and federal taxes, there may be much less for your dependents than you anticipated.
Smart estate planning, including advice and guidance from our Sammamish estate tax lawyer, can help reduce the amount of tax your estate owes. We advise you on when your estate would be subject to taxation and can review your current estate plan to make recommendations to help offset any tax obligations. This may include establishing one or more trusts, so your heirs can financially benefit from certain assets without those assets being subject to estate tax, and strategic gifting of money and property to reduce the size of your estate. We work with your specific goals and develop the right approach to preserve everything you’ve worked hard to build.
Why Legal Experience Matters In Estate Tax Planning
Washington’s estate tax can eat up a lot of your assets, and may force your estate administrator to sell property that you’d planned to leave to specific individuals. But, with strategic estate tax planning and the help of our Sammamish estate tax lawyer, you can minimize the tax burden of your estate and preserve your assets for your beneficiaries. Our experience and considerable knowledge of Washington State tax law benefits you and those you love.
- Proud member of the Washington Bar Association | Tax Section Member
- Firm founder Robert Franco has a Juris Doctor degree and an advanced degree from the University of Washington School of Law
- Well-regarded member of the Cardozo Society of Washington State
Do you need help mitigating the amount of tax your estate may be subject to? Call Eastside Estate Planning today for a consultation.