When setting up an estate plan, one of the first thoughts most people have is trying to avoid paying as many taxes as possible. While this may seem impossible, it may actually be much easier than most people realize. But to make sure all goes well, it is always best to have expert legal guidance along the way. Therefore, if you are in the beginning stages of setting up your estate plan, get your questions answered by consulting with Ozaukee County WI estate planning attorneys at McLario Helm Bertling & Spiegel.
Remove Assets from Your Estate
If you already know who will be getting various assets upon your passing, it may make far more sense to downsize your estate before you die. In removing assets by choosing to spend money now or make gifts to others, your estate’s tax liabilities will be greatly reduced.
Creating a Trust
If you decide to set up a trust instead of drafting a will, you can avoid significant levels of estate taxes. Should you want to do so, it is recommended you waste little time in doing so. If you think you can simply include a trust in a will, you are mistaken. In addition, the type of trust you set up will be based on whether you are single or married. If you are single, an irrevocable living trust is usually best, while married couples should look to set up an AB trust. However, since circumstances are always different for various estate plans, never think you have all the answers. Instead, rely on the advice of experienced and knowledgeable Ozaukee County WI estate planning attorneys.
Due to the many complexities involved in setting up an estate plan that will avoid as many taxes as possible, discuss your plans in greater detail by consulting with the law firm of McLario Helm Bertling & Spiegel.