Las Vegas Attorney For Estate Tax Planning
Estate and transfer tax planning, especially with the income, estate and gift tax exemptions, has shifted to the income taxation of estates and trusts due to increased tax rates. As for estate planning, the focus has shifted to incentive trusts designed to reward children for certain life accomplishments. Likewise, we provide enhanced asset protection safeguards against divorces, financial irresponsibility and a litigious society, in which those with significant assets are often targeted.
At the Law Offices of David A. Straus LLC, we deal with income, gift and estate tax issues, but also with the “softer side” of estate planning. Focusing solely on taxes is myopic and may miss important family dynamics that need to be addressed. Of course, we want to control the social capital of your estate and have the techniques to do so.
Overview Of Estate Tax Planning
Estate tax planning is a complete approach to managing and protecting your wealth for your family’s future. It means organizing your assets in ways that lower your tax bills while making sure your wishes are carried out. Good estate tax planning is more than just writing a will – it includes gift taxes, income taxes your heirs may pay and the coordinated use of different planning tools.
With the right planning, you can cut or avoid unnecessary taxes, protect your legacy from lawsuits and take care of your loved ones while paying less in taxes. Our firm understands that every client’s situation is different, so we create personalized solutions that fit both your money goals and your family’s needs.
Tax-Efficient Strategies
Using smart tax strategies is important to protect your estate’s value. Annual gifting programs let you pass on wealth while you’re still alive and take advantage of gift tax breaks. Using trusts the right way can move income to family members in lower tax brackets, reducing the total taxes your family pays. We also use methods like charitable trusts that give you tax deductions now while providing you with income during retirement.
Placing life insurance in certain trusts keeps the payout out of your taxable estate. Our approach includes looking at step-up in basis benefits, home trusts and family partnerships to get the most tax savings while you keep control of your assets.
How Do We Address Your Estate Planning Needs And Accommodate Family Dynamics?
Our lawyer has been drafting trusts and estate plans for clients in Nevada for over 35 years. He has an LL.M. in taxation in addition to his LL.M. in entertainment and media law and is a certified public accountant (CPA), licensed only in Illinois.
We have a full understanding of state and federal tax laws, and have methods to deal with interpersonal relationships in family situations. We are committed to crafting estate plans that are customized individually for each of our clients. Some of the methods we use to protect your assets from unjustified lawsuits and legally avoidable estate, gift and income taxes imposed on trusts and estates include:
- Nevada spendthrift trusts are designed to protect your assets.
- Special needs trusts are designed to protect children who have medical or physical disabilities.
- Charitable trusts are designed to reduce the estate taxes that will be imposed and to accomplish charitable goals.
- Gifting trusts are designed to accomplish desires to accommodate the needs of children and subsequent generations during the life of the senior generation.
- Revocable living trusts are designed to avoid probate and assist those who become incapacitated and wish to avoid conservatorship or guardianship court involvement in their lives.
- Dynasty/generation-skipping trusts – Estate planning is the planning of one’s life that allows a person to maintain dignity during the end years of his or her life, and bestow property to loved ones with minimal red tape, sensitivity, government involvement and expenses.
Advanced Trust Planning Techniques
Advanced trust planning provides specialized solutions for individuals with significant wealth. Grantor trusts allow your assets to grow in value outside your estate while you pay the income taxes, which helps you transfer more wealth to your beneficiaries tax-free. Spousal access trusts give you options and flexibility while keeping assets out of both your and your spouse’s estates. We create dynasty trusts that can protect your family’s wealth for many generations, shielding it from estate taxes, divorce settlements and lawsuits for years to come.
Schedule A Complimentary Initial Consultation With Attorney David A. Straus
Our Las Vegas lawyer has extensive experience, and is proactive and creative in tax planning for estates of all sizes with all different wealth levels. Please email or call our Las Vegas office at 702-474-4500 to schedule a one-on-one meeting at your convenience. We look forward to speaking with you.
