Estate planning is more than simply identifying who will inherit your possessions after you pass away. Attention must be given to the tax ramifications to your estate and its beneficiaries. If done incorrectly, your estate may incur taxes that could ultimately reduce the amount your beneficiaries receive from your estate.
The Denver estate tax lawyers at Brown Law Firm have extensive experience in helping clients create and/or modify the right documents to avoid or minimize federal estate and transfer taxes. Upon review of your unique situation, we may recommend you:
- Incorporate tax planning in your will or trust
- Make sure you have beneficiaries listed on insurance policies, retirement funds, etc.
- Make lifetime gifts to reduce your taxable estate
- Purchase life insurance to be held by an irrevocable life insurance trust
There are many other steps that can be taken to avoid or minimize federal estate and transfer taxes. The very best way to ensure that you adequately plan to protect your estate is by meeting with an experienced attorney. Contact our team today to start that discussion.