Avoiding the Estate Tax
Under current law, there is a limit to the dollar value that a person can convey to a non-spouse upon death without triggering the federal estate tax. That limit changes on a regular basis. For example, in 2009, individually-owned estates valued at $3.5 million or less ($7 million for couples) are exempted from the federal estate tax. In 2010 there will be no estate tax. In 2011, however, the estate tax returns at a projected exemption amount of $1 million.
Essentially, this means that before you consider making a major transaction or significant decisions involving your testamentary plan — you should also consider protecting your assets from excessive taxation by obtaining competent estate tax planning advice.
At Albin, Yates, Balius & Roach, our tax attorneys can either offer independent tax advice, or work closely with our clients' tax consultants to ensure that the legal advice our firm provides harmonizes with the tax advice they have received from their own tax specialists. Either way, our tax lawyers then structure their advice and strategies to take into account both current and anticipated changes in the law, and the unique personal and family needs of each client.
Our Practice
Because the State of Texas does not have an inheritance tax of its own, our advanced tax planning practice focuses primarily on helping clients to avoid or minimize their federal estate tax. In addition to that focus, we provide sound legal advice and strategies designed to avoid the gift tax and we help clients structure major purchases or sales of assets in a tax-friendly way.
Various estate planning tools and business structures we make use of include family limited partnerships, qualified personal residence trusts, bypass trusts, irrevocable life insurance trusts, grantor-retained interest trusts and annual gifting up to the maximum allowable amount.
We provide all of these services, and more, to clients in Collin County, Denton County and in the surrounding counties of North Texas.
Contact Information
Make arrangements for an initial consultation by calling either of our office locations directly or by contacting our firm online.
For information on related topics, see:
Estate Planning | FAQ: Estate Planning | Probate Litigation
Conveniently located in Collin County.
Plano: 214.705.2840
