Our experienced attorneys handle all aspects of estate planning, giving careful attention to the complex myriad of tax and financial issues that must be considered in planning an individual's estate.
In June of 2001, major changes in the tax laws were enacted which enable more of an individual's estate to be passed without being subject to taxation. As of January 2002, each individual is given a lifetime credit of $1 million which may be used either during one's lifetime and allocated toward gifts, upon an individual's death and applied toward the estate tax. The estate tax credit is scheduled to incrementally increase to $3.5 million by the year 2009 and will be repealed altogether in the year 2010. However, unless future legislation provides otherwise, the $1 million credit will be reinstated in 2011. The gift tax credit will not increase after 2001, but will remain at $1 million.
These changes, while serving to benefit many individuals, bring with them a great deal of uncertainty as to the future of the tax laws, and have therefore made the task of adequately and properly planning one's estate more daunting than ever. It is for this reason that seeking the counsel of attorneys experienced in this rapidly developing area of the law is imperative to ensure that one's estate s adequately protected from the ravages of gift and estate taxes.
Our experienced attorneys handle all aspects of estate planning, giving careful attention to the complex myriad of tax and financial issues that must be considered in planning an individual's estate. Our services include a comprehensive consultation, a proposal for a tax sensitive estate plan that is tailored to the individual's situation, and the drafting of all relevant documents including Last Wills and Testament, various trust instruments, health care proxies, living Wills and Durable Powers of Attorney. Our goal is to carry out the objective of protecting our clients' assets during their lifetime, and to ensure the preservation of our clients' wealth as it is passed to future generations.
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