Estate Tax Planning
Cuyahoga Falls Estate Tax Lawyer
One of the great uncertainties in estate planning law today concerns the future of the federal estate tax. In recent years, it has been declining, but the so-called "death tax" is scheduled to return in 2011 at 2001 levels, unless Congress acts beforehand to make federal estate tax relief permanent. Meanwhile, Ohio has a modest estate tax of its own, but many middle class families will exceed the exemption threshold of $338,333 and owe at least some tax to the state.
For dependable advice about managing the prospect of estate tax liability at either the state or federal levels, contact an experienced estate planning attorney at the Law Office of Margaret H. Kreiner in Cuyahoga Falls. We have helped Akron area families understand and manage estate tax problems since 1985.
We can evaluate your assets and estate planning strategies to date and give you a good idea of your exposure to taxation. For some families, an irrevocable life insurance trust will represent a sound solution to anticipated tax exposure. For others, the creation of a living trust to hold assets that would otherwise pass to a decedent's taxable estate will provide all the protection you need against a substantial tax liability.
Our lawyer offers estate tax solutions that make sense in light of your broader family situation and estate planning objectives. In our experience, too much focus on tax avoidance can have unintended and unpleasant consequences for your heirs or surviving spouse.
Certain tax planning basics apply in most cases. For example, we can show you how to maximize the value of marital exemptions so that tax liability at the first spouse's death can be kept to an acceptable level. We can also review any of your existing trusts, insurance or testamentary instruments to make sure that recent changes in the law or regulations have not frustrated your previous planning. It is also important to track asset valuation changes that can significantly affect your overall tax exposure.
For more information about our experience with managing estate tax liability for northeast Ohio families, contact the Law Office of Margaret H. Kreiner in Cuyahoga Falls.