A Tristate Tax Attorney Safeguards Your Estate’s Value
An Experienced Tristate Tax Attorney Alleviates After-Death Tax Burdens
Taxes on the transfer of wealth can be imposed by states or the federal government. These taxes come in three forms: inheritance tax, estate tax, and gift tax (sometimes collectively referred to as “death taxes”). How and if these taxes will affect your estate and beneficiaries depends on the state(s) involved and the amount of wealth to be conveyed. One thing for certain is that this area of tax law changes frequently.
Keeping your estate plan up to date with current tax laws is wise if you want your heirs—and not the government—to benefit from your hard-earned wealth. Serving clients in West Virginia (WV), Kentucky (KY), and Ohio (OH), a Jenkins Fenstermaker estate planning attorney will partner with you to achieve your estate and tax planning goals while reducing tax liabilities.
Currently, the federal estate tax only impacts estates valued in excess of $11 million. Any estate—or portion of an estate—below this threshold is exempt from taxation. This exemption fluctuates from year to year as it is indexed to inflation. Over the last two decades, the maximum tax rate has varied between 35 and 55 percent. As a result, for those with substantial assets, estate and tax planning in WV, OH, and KY is critical to avoid estate tax liabilities that significantly decrease assets left to heirs.
Sophisticated Estates Benefit from the Advice of a Tristate Tax Attorney
A number of mechanisms can be implemented to reduce the size of a taxable estate and preserve the value that will be passed on to the next generation—trusts, lifetime gifts, and non-voting stock are just a few.
Achieving tax savings takes a knowledgeable and creative attorney. A Jenkins Fenstermaker tristate tax attorney is up to this task. If inheritance tax applies, it is paid by the recipient.
Addressing Inheritance Tax as Part of Your Estate Planning and Tax Strategies
Whether you are subject to Kentucky’s inheritance tax is not a function of where you live but where the decedent lived. So, if you live in Huntington, WV and inherit a house, a bank account, or other asset from someone who lived in Ashland, KY, you may be liable to pay KY inheritance taxes. Under KY law, the amount of taxes due depends on the nature of the relationship between the deceased and the beneficiary and the value of the item to be transferred.
A Jenkins Fenstermaker tristate tax and estate attorney can help you put in place estate planning strategies that minimize the impact of inheritance taxes on your beneficiaries, and if you have received an inheritance subject to taxation, we can answer your questions.
When you have a significant estate, it is essential to put a plan in place, and that plan must take into account various tax schemes if you do not want the government to dilute the value left to your heirs. But even those with moderate estates can preserve their assets by partnering with an experienced estate planning attorney.
Discover Estate Planning Strategies with a Jenkins Fenstermaker Tristate Tax Attorney
With a long and venerable history from its headquarters in Huntington, WV, Jenkins Fenstermaker also serves clients in KY and OH. We have a tristate tax and estate attorney ready to address your estate and tax planning needs. For a consultation, please complete our convenient online form or call (304) 523-2100.