The tax levied on the right to transfer

The tax levied on the right to transfer property at a person’s death is known as estate tax. It encompasses everything one owns right from cash and securities, insurance, real estate, trusts, business interests, annuities, and other assets at the date of death. Doing it on your own can be cumbersome, complicated and can cost you more than paying a professional. Although the thought of death is in itself intimidating, putting off the tax planning for lateral consideration or ignoring it is however, not a prudent choice. There are endless things that go into consideration while planning for your estate tax. For example, state taxes, unfair appraisals, bureaucracy, probate courts, eligibility of heirs, burial or cremation costs, health care concerns, life insurance, IRA’s, 401K’s, and annuities to name a few. Hence, it is best left to professionals and experts.

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?      Clearly define your estate planning goals.

?      Evaluate and recommend estate planning options.

?      Create and organize your estate planning team (experts on law, finance, and taxes) if you need one

?      Prepare, organize and review your estate planning documents including trusts, current wills, power of attorney and health care.

?      Tax optimization at time of death.

?      Decrease the problems and expenses associated with probate.

?      Draft a working plan for conserving and effectively managing your estate after death.

?      Arrange for management of your estate in the event you are incapacitated.

?      Organize fair and adequate liquidation of estate to cover taxes and other expenses.

?      Transfer the assets of your estate to heirs the way you want.

?      Amend your plan as needed.

 

We at Venus Accounting LLC, have a panel of estate tax planning experts who understands well the uncertainties of life and hence, plan for your taxes related to estate as per your unique situations and nature of your relationships, with a personal approach.

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