Estate Planning and Tax Considerations

September 10, 2019 — by John Conger
Tags: Estate Planning

Clients talking with a lawyerGood estate planning can help maximize the value of assets that are passed on to beneficiaries after your death. “Good” is the key word. There is so much that can go wrong if you’re trying to develop an estate plan, especially when it comes to taxes and penalties. That’s why it’s crucial to work with the lawyers of Shore, McKinley, Conger & Jolley, LLP. With offices in Stockton and Walnut Creek, CA, they can help with all of your estate planning needs.

Below we’d like to cover some brief issues related to estate planning and taxes. First we’ll discuss why it’s usually a mistake to go it alone, and then we’ll consider some matters related to tax savings and tax brackets.

Why DIY Estate Planning Often Leads to Costly Mistakes

It’s not uncommon for people to seek information online on tax issues and estate planning matters. You likely found this blog post because you are interested in finding some tips or advice to protect your assets and limit tax payments.

The thing is, while online resources for estate planning can be helpful to start, you need an attorney or a financial advisor to really help with the minute details of estate planning matters. Having a real-life expert guide you through a well-devised estate plan means fewer chances for expensive errors, which are far more likely if you decide to embark on this endeavor on your own.

Protecting Your Assets for Your Loved Ones

One of the primary aims of estate planning is to protect your legacy and ensure that all of your assets are distributed among your loved ones as you see fit. An attorney can help you protect these assets from fines and tax penalties, which helps better provide for your loved ones. This includes help with living wills and trusts, and giving you detailed information about various nuances of tax law, inheritance, and gifting assets.

Considering Different Kinds of Taxes and Their Impacts

When creating an estate plan with you, a lawyer can discuss all sorts of tax issues that may affect your assets, as well as how some assets could affect the tax bracket of your loved one. For instance, a Roth IRA may be better for a beneficiary of a higher income bracket, while a traditional IRA may be better for a beneficiary in a lower income bracket. Our lawyers can help you plan asset distribution smartly, taking these kinds of matters into consideration.

Knowing What to Do If and When Tax Laws Change

Tax laws can change every few years, and sometimes they do so dramatically. This could mean your estate plans have to change as well. By working with experts on these matters, you can adjust as needed to new tax realties as they arise. This can help you create and implement quick changes for the sake of your loved ones to limit taxes on any assets that will be distributed.

Reducing Headaches and Legal Battles Among Loved Ones

In addition to taking tax laws and tax brackets into account, our lawyers will be able to help prevent serious legal battles between loved ones over assets. A good estate plan considers tax protections while also making your intentions crystal clear with regard to beneficiaries and asset distribution.

Speak with Knowledgable Attorneys

For more information about tax planning and what you can do to sensibly protect your assets, be sure to contact our law firm. The team at Shore, McKinley, Conger & Jolley, LLP have offices in Stockton and Walnut Creek offices, and serve a diverse array of clients. You can reach us by phone at (209) 477-8171.