A major part of Estate Planning is maximizing what you leave behind for your loved ones by minimizing the tax liability of your Estate. Federal estate and gift taxes can be assessed at a very high rate on any financial transaction. Additionally, states can levy their own additional estate and inheritance taxes. The tax attorneys at MDK Law can help assist you with developing a tax plan strategy that anticipates current tax law and shelters your assets.
MDK Law can help you ascertain tax exemption limits, which can help you determine how your inheritance distribution can be planned. Many people also utilize the gift tax exemption to transfer assets while they are still living in order in order to maximize what their beneficiaries receive. Estate and inheritance taxes are based on the taxable value of your estate and are paid before the assets are distributed to the beneficiaries.
Contact MDK Law today to learn about how current estate and gift tax laws can effect to legacy and how to structure a tax plan that preserves your assets for the enjoyment of your surviving loved ones.