Michigan Estate Tax Planning Lawyer

Your estate is the organization of your assets and business interests that survive you after death – when organized effectively, it’s possible to protect your assets from high tax burdens as well as changes in regulation that can potentially diminish your assets in the future. The team at Rutkowski Law Firm: Asset Protection & Estate Planning can help you best organize your estate as to protect your assets and your loved-ones for years and generations to come.

Estate Tax is currently defined by the IRS as the right to transfer property upon the event of death. When it is determined as to whether or not an estate tax is applied to one’s estate, all assets, property, and everything that one otherwise owns at the time of death is accounted for when making this decision, a total that is called Gross Estate. Ones Gross Estate may comprise of cash, real estate, insurance, trusts, annuities, business interests, vehicles, and other property and assets. After Gross Estate is determined, next comes the calculation of ones Taxable Estate, which is arrived at after a series of deductions are made. These deductions and adjustments may include mortgages, expenses associated with assets, costs from business operations, or other needed adjustments.

One reason you may want to speak with an Estate Tax Planning attorney would be to calculate your Gross Estate and to thus organize all of your assets from an accounting perspective. Having these vital questions answered is a smart step for anyone looking to organize their assets and best prepare for their family’s future.

There are several main reasons why you might want to consult an estate tax planning attorney. A central reason is to see or estimate what your total tax burden would be upon your death when your assets are transferred to your family members, as well as what tax exemptions may apply to your assets. If this step is missed, you may pay much more in taxes on your estate than is necessary, as many of these taxes can be reduced. Our estate tax planning experts at the Rutkowski Law Firm: Asset Protection & Estate Planning can help you prepare your estate by seeing how you may be able to minimize these taxes as well as see what exemptions apply to your assets. Our experienced team can walk you through an array of strategies and financial instruments that can be used to minimize taxes paid on an estate including:

High net worth individuals and those who own large amounts of property, assets, and who have business interests should always explore financial instruments and plans that can help them minimize taxes paid on their estate as well as organize their assets for the future. The Rutkowski Law Firm: Asset Protection & Estate Planning is highly skilled in creating these strategies and helping clients achieve peace of mind regarding the continuation of their assets.

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Our estate tax planning team at the Rutkowski Law Firm: Asset Protection & Estate Planning can help you benefit from financial tools and tax-savings strategies that help to minimize taxes paid on your estate and the transfer of these assets. We work with each client individually to best create a complete and custom strategy that is tailored to your assets and interests, and that protect these interests for generations to come.

Our team guides clients through a variety of different strategies such as:

• Annual tax exemptions for gifts and instruments like the GRAT (Grantor Retained Annuity Trust)
• Charity IRAs
• Wealth transfers while living to minimize your ultimate tax burden
• Life insurance trusts
• Qualified Terminable Interest Property (QTIP) Trusts to support your family members after death

Our skilled and experienced team at the Rutkowski Law Firm: Asset Protection & Estate Planning can help you explore the above strategies and financial instruments to minimize the overall tax burden on your assets and to protect these assets after death. We form custom and full-scope estate tax plans with clients to allow you to best maintain your full estate and reduce the risk of losing assets, protecting your family members and loved-ones for years to come.

Not only does our team provide expert guidance on estate tax planning matters, but our team can advise you on every facet of estate creation and protection, as well as all accompanying incorporations, documentation, and accounting. With the right team and the right plan, it’s possible to protect your assets and interests for generations to come, safe from high tax burdens and changes in the law.

We have an experienced and passionate team that specializes in tax matters as related to estate planning and asset protection, and who can help you draft and organize your estate from start to finish. It’s our team’s goal to organize your estate in a way that minimizes the total tax burden that is placed on your estate, as well as to employ the right strategies and financial tools that are needed for your specific assets.

Our team would be happy to meet with you to discuss your assets and any previous or current estate planning that you have done. Contact our team today by calling us or fill out the form below to meet with the Rutkowski Law Firm: Asset Protection & Estate Planning for an estate planning and asset protection consultation.

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