Delaware Estate Tax Planning Lawyer
Estate Tax Planning Issues in Delaware
During the administration of an estate, the beneficiaries may be at risk of financial vulnerability, particularly regarding taxation. Managing that exposure can be done through meticulous planning, asset management, protection of marital investments and the proper use of trust instruments. A qualified tax planning and estate planning lawyer can help protect you in this area. Call The Law Offices of Carucci Butler, LLC, in Wilmington, Delaware regarding your estate tax planning needs. Mr. Carucci can be reached at 302 654 5083.
Living Trusts And Tax Shelters
Transferring assets into a living trust may protect you from being taxed at the state level in some states, but they serve no purpose regarding sheltering you from federal tax liabilities. As living trusts hold revocable assets the Internal Revenue Service typically ignores them. Irrevocable trusts, which place assets out of a settlor's reach, can serve to shelter you from estate tax exposure, although you retain far less control over the management of the trust assets.
A bypass trust is a viable option for most married couples. Planning this way for tax liabilities effectively maximizes, as well as extends, the value of the marital exemption afforded each spouse. Tax liability exposure brought on by the death of a surviving spouse is minimized by a bypass trust. Currently, up to $3.5 million may be sheltered from federal taxation via an estate credit bypass trust.
There are also other approaches to managing estate tax exposure such as using irrevocable life insurance trusts, charitable remainder trusts and a qualified personal residential trust. This type of trust may be of particular interest to families who have reason to believe their real property will appreciate in value.
Tax Planning Benefits For All Socio-Economic Classes
For lower or middle class families there are still ways to protect yourself from estate taxation. Even those who do not deem themselves wealthy can benefit from a concrete estate tax plan. Life insurance proceeds, inheritance taxes & increasing property values can trigger estate tax liabilities.
Contact A Skilled Delaware Estate Tax Planning LawyerIf you would like to further learn how to protect yourself from estate tax liability issues it may make sense to reach out to an Estate Tax Planning Lawyer in Delaware. Call the law office of Carucci Butler, LLC, at 302 654 5083. Or, click here to email Mr. Carucci.
Carucci Butler, LLC offers free initial consultations with the exception of domestic cases.