Estate & Gift Tax Planning
Estate planning is more than simply identifying who will receive your assets after you pass away. A comprehensive estate plan takes into consideration all tax ramifications to your estate and your beneficiaries, which could include estate tax, gift tax, generation skipping tax and/or income tax. If your estate plan fails to take into account all tax considerations, your estate and/or beneficiaries may unnecessarily incur taxes that reduce the amount they ultimately receive.
The Denver estate tax lawyers at Brown Law Firm have extensive experience in helping clients create and/or modify the right estate planning documents to avoid or minimize estate, gift, generation skipping and income taxes. After reviewing your assets and discussing your estate planning goals and objectives, we may advise you: to incorporate tax planning in your will or trust, to name beneficiaries on certain assets, to make lifetime gifts to reduce your taxable estate, and/or to purchase life insurance which may be held by an irrevocable life insurance trust.
The attorneys at Brown Law Firm also can assist you with more sophisticated estate and wealth shift tax minimization techniques including irrevocable life insurance trusts (ILITs), spousal lifetime access trusts (SLATs), grantor retained annuity trusts (GRATs), intentionally defective grantor trusts (IDGTs), qualified personal residence trusts (QPRTs), charitable remainder trusts (CRTs), charitable lead trusts (CLTs), limited liability companies (LLCs) and partnerships.
We have extensive experience in the preparation of federal estate tax returns for taxable estates and gift tax returns. In addition, we frequently prepare portability estate tax returns to port a deceased spouse’s unused estate and gift tax credit to the surviving spouse.
If you need assistance with estate and gift tax planning in Colorado, contact our expert team at Brown Law Firm to start the conversation.