Many people across the country might receive an inheritance from someone in their family. While it might be a ways down the road, it is never too early for those expecting to leave an inheritance to start their planning. Unless Congress extends a current tax break by the end of the year, many people have the opportunity to leave a gift to their heirs with no tax, as long as it is done by the year end. These types of tax breaks don't come often, and utilizing the time to provide an inheritance to a family member might be beneficial.
While some people fail to plan their estates, those that do it correctly can help their relatives avoid paying vast amounts of a person's net worth in taxes. According to one article, Elvis Presley's estate was consumed by taxes after he died, while Sam Walton's fortune avoided virtually any tax when it was passed on to his heirs. The key: Estate planning.
By working with an experienced estate planning attorney, people can often set up ways that their family can inherit money and avoid some harsh tax implications. While it all depends on the federal and state tax code at the time, there can be a great benefit to doing estate planning early.
Speaking with an estate planning attorney and a financial advisor can help a person set themselves up to pass on their estate with minimal loss to taxes and fees. This can likely be done while securing their current wellbeing.
Source: Deseret News, "Gifting, estate planning can help avoid transfer taxes on inheritances," Rich Bloomfield, Aug. 14, 2012
-Estate planning can help plan to pass on gifts. To learn more about estate planning please visit our website.
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