Estate Tax Planning Attorneys Las Vegas & Henderson
Due to the recent increases in the estate and gift tax exemptions and the recent reductions in estate and gift tax rates, very few estates will actually be subject to estate taxes. However, because the current estate and gift tax structure expired on December 31, 2012, it is important that every estate plan take into consideration the possibility that estate tax rates and exemptions will not be as favorable in the future as these rates and exemptions are at the present.
Proper Estate Tax Planning
A properly drafted trust and related documents will help to ensure that whatever might happen to the tax law in the future, the estate plan in place will guarantee to the surviving spouse or others the optimization of estate tax minimization opportunities. Without proper planning, an untimely death or incapacity, or a significant change in one’s net worth or in the tax law can throw an otherwise well-conceived and implemented plan into disarray.
With proper planning that takes into account many possible contingencies, devices will be built into the plan that adapt to changing circumstances and will allow for maximization of planning opportunities regardless of what the future brings.
Nevertheless, despite an estate planning attorney’s best efforts to anticipate changes in circumstances and laws, the prudent client should consider meeting with his/her estate planning attorney at least every two years to make sure that the plan as structured will achieve the desired results.
Part of our detailed estate tax planning strategies include the following:
- Qualified personal residence trust
- Life insurance trust
- Spousal life insurance trust
- Generational/Legacy trusts
- Qualified Domestic Trust for non-U.S. citizens
- Intentionally defective grantor trusts
To discuss your estate tax planning needs with an attorney, contact Grant Morris Dodds today by calling 702-938-2244.