As the head of an estate, there are many aspects to manage, especially how it will be handled when you’re no longer here. There are a number of estates that have to pay an estate tax and not doing so can land them in additional legal situations. While many estates seek ways to handle owed taxes outside of court, litigation is often times necessary to have laws regarding estate tax enforced. While this can happen, it is much easier when an estate doesn’t have to go through the process of litigation. The attorneys at McLario Helm Bertling & Spiegel can help. Our Milwaukee estate planning lawyers can help by showing you ways you can avoid estate tax litigation.
How to Avoid Estate Tax Litigation
The most common way to avoid estate tax litigation is to pay all required taxes in a timely manner. This is the easiest way to prevent debt collection for the taxes owed and to avoid the extra work involved with preparing to go to court. Milwaukee estate planning lawyers can help you understand what taxes you are accountable for.
Another way to prevent estate tax issues is to secure your wealth in ways that can avoid taxation. A Milwaukee wills and trust attorney can give further guidance on how this works. These ways include:
•Giving gifts. When your wealth is given as gifts to family members in certain amounts, you can avoid being taxed.
•Getting life insurance. You can secure your money in life insurance that will go to your loved ones after you pass. This will help them take care of final expenses and to pass your wealth along to them.
•Funding a Qualified Personal Residence Trust. This financial arrangement can protect your home as an asset and wouldn’t require you to move from your residence.
A Milwaukee wills and trust attorney is best to explain the most beneficial options to you based on your personal financial situation. Contact McLario Helm Bertling & Spiegel for a consultation.