Estate Tax Planning

Estate Tax PlanningFederal Estate Tax planning is important to protect the assets you leave to your beneficiaries. Without a properly designed estate tax plan, you may fail to minimize the amount of any applicable estate tax. With proper planning from attorney Dan Kellogg, you can maximize what your beneficiaries receive and lessen the heavy burden of federal and state estate taxes.

There are strategies to protect your assets for the ultimate benefit of your beneficiaries. Contact the firmĀ at 888-745-2661.

Protect Your Assets With the Help of a Kent Estate Tax Planning Attorney

Current law provides for an exemption of $5.0 million from the Federal Estate Tax for any person who dies in 2011 and 2012. After 2012, it is uncertain what the federal exemption will be, so clients should closely monitor the actions of Congress. The rate of tax for the Federal Estate Tax starts at 40% and goes up to 50%.

The exemption for the State of Washington Estate Tax is $2.0 million for each person. The tax rate starts at 10% and goes up to 19%.

For a married couple there is usually no estate tax liability upon the death of the first spouse. But upon the second death, if the surviving spouse owns all of the assets, the estate tax liability can be enormous.

A Renton Estate Tax Planning Lawyer Creating a Credit Shelter Trust

A credit shelter trust can be part of your Will or revocable living trust. If one spouse dies, the decedent spouse’s trust is funded with one-half of the taxable estate (up to the amount of the applicable exemption), eliminating a significant tax liability at the death of the surviving spouse.

Contact the Law Firm

For more information or to schedule an appointment with an experienced lawyer regarding complex tax planning in Renton, Kent, or Bellevue, please contact the Law Offices of Dan Kellogg.