High Net Worth individuals are constantly looking for a solid estate plan to save money on taxes. If you are a High Net Worth individual and want to build a robust tax planning strategy, we can help.
Families with assets appreciating over $5.5 million should consider special asset planning to avoid hefty levies. A High Net Worth Estate Tax Lawyer in Virginia could be your right partner to protect your assets. High Net Worth and Ultra-High Net Worth individuals are treated differently as they have additional issues to be addressed compared to regular asset planning. It becomes essential for High Net Worth individuals to engage an Estate Tax Lawyer in Virginia to protect their assets and inheritance.
In estate tax planning, a host of issues arise, like control, incapacity planning, descent, asset protection plan, etc. But when it comes to High Net Worth clients, apart from this, complicated tax issues should also be considered. High Net Worth is not a definite term. Sometimes highly appreciated assets can be eligible for savings even if the net worth is less than $5.5 million. The good news is there are ways to minimize liability. Want to know more about it? Contact the Law Offices of SRIS, P.C., and talk to our Estate Tax Lawyer in Virginia now.
Wealth transfer comes with big levies. An experienced Estate Tax Lawyer Virginia can save you from the huge tax burden. There is good and bad news when it comes to estate tax in Virginia. The good news is, the State of Virginia does not levy estate tax, but the federal estate tax could be applicable depending on your estate size. Virginia is one among the 38 states that have offered tax immunity to its residents. To know more, call our tax and estate lawyer now!
If you are on the verge of inheriting a large asset, it is time you consult an Estate Tax Lawyer Virginia from the Law Offices of SRIS, P.C. Estate tax is also known as death tax as it is the tax charged on the assets of the dead person. On the contrary, inheritance tax is collected from the heir who inherits the property. Again, the State of Virginia does not impose inheritance tax. But your inheritance may still attract taxes if the property is located in a state that levies inheritance taxes.
What Are The Assets Included For Federal Estate Tax?
First, find out what assets were under the control of the deceased. The assets could be real asset holding, investments and retirement assets, certificates of deposits, life insurance policies, personal belongings like expensive arts, cars, and jewelry. The jointly held assets are also considered for gross taxable assets, and it is treated differently from the probate process. Do not allow the interference of probate court. Talk to an estate and tax lawyer immediately to devise a plan to save on taxes and define your heirs.
Determining Your Estate Taxes
The value of the levies is the sum of all the assets minus the liabilities at the time of the death of a person. There may be other deductions like charitable cause, legal and administrative cost in settling the asset. The rate of levies is calculated to be 40% above the exemptions, and the rate is added to the estate tax value exceeding the exemption amount
Problems Confronted By High Net Worth Asset Planning
The assistance of an estate planning taxes lawyer can help a great deal when handling federal estate, state gift, inheritance tax, or gift tax. A good asset planning technique helps reduce your tax burden to a large extent.
A high net worth individual should take into account the following issues like:
- Asset Planning and Gift Tax
- Charity Giving Asset Planning
- Tax Planning for Generation Skipping Transfer
- Asset Planning for Business Succession
- Dynasty Trusts
Call our estate and tax lawyer to plan your taxes.
What Is the Need to Plan When It Will Benefit Only After Your Death?
Some people are reluctant to choose an asset plan as it will not benefit them now but only their beneficiaries after their death. Your business estate tax lawyer attorney will tell you that it is not always true. For capital gain tax liability of extremely appreciating assets, an asset plan with savings can benefit the planner during their lifetime too. To get more information, talk to our Estate tax lawyer Virginia now.
Why Is Asset Planning Crucial During Your Lifetime?
Asset planning should be done when you are in your senses and in full control of your assets and liabilities. If you do not have an asset plan, then the probate court will take over your assets. Which means who will receive the asset will be at the discretion of the court. The probate process is a long process and it comes at an expense. It means you have to hire an Estate tax lawyer Virginia, wait for court dates, pay court fees, prepare legal documents, etc. All this could be a laborious process and should not be done without the assistance of a corporate estate tax lawyer attorney corporate.
Avoid further inconvenience by getting an asset plan in place. Call our Estate tax lawyer Virginia today to make the transition process smooth for your beneficiaries. Moreover, a plan can give a clear picture of how you want your finances and health to be taken care of. Hand over the task to a reliable estate planning taxes lawyer for wealthy clients from the Law Offices of SRIS, P.C. and heave a sigh of relief.
One Plan Does Not Suit All
There is no one plan that suits all when it comes to asset planning. It is here our estate tax lawyer Virginia devises a strategy to maximize your savings. It depends on how large your asset is and your background. It is here the Law Offices of SRIS, P.C. can help. Our Estate tax lawyer Virginia with years of experience in handling high net worth and ultra-high net worth clients can offer the ideal asset planning to give you peace of mind. Our Estate tax lawyer in Virginia has complied with a list of asset planning tips for High Net worth individuals:
Useful Tips for High Net Worth Individuals On Asset Planning
People are so engrossed in their day-to-day activities that they fail to give time to asset planning. A good Estate tax lawyer Virginia can save on levies. The good news is you have an experienced Estate tax lawyer in Virginia to help you in the process.
Make Asset Planning Your Top Priority To Avoid Paying High Taxes In The Future.
- Financial Power Of Attorney
Putting someone in control of your finances is called giving the financial power of a tax and estate lawyer. You can hire a reputed Estate tax lawyer Virginia to take up the task. It is this legal dictate that gives power to an individual to take financial decisions on your behalf. It often happens when you want someone reliable to control your finances during your absence like during health issues or when you live in another state or country whereas your assets lie in a different place. High net worth assets come with a host of financial implications best handled by an experienced Estate tax lawyer Virginia. Choose only a learned Estate tax lawyer Virginia to make wise decisions during your absence.
There will always be scammers trying to cheat you of your assets. At this stage, it becomes hard to decide whom to trust and who not. Exercise extreme care while choosing a Power of Attorney to keep your finances safe. Our Estate tax lawyer in Virginia has years of experience in the field and has earned a reputation as a safe power of lawyer wills and estates. Call to know more.
- Inheritance Tax Law
Leaving assets behind can be more easily said than done. But if you want your assets to reach your beneficiaries without any qualms, it is now the right time to consider state and federal taxes on inheritance. Hiring a reputed Estate tax lawyer Virginia is advised because it is reasonable for high net worth individuals to touch the exemption boundaries on an inheritance quickly. A experience Estate tax lawyer Virginia helps you devise proper inheritance plans.
The Federal Law states that if your asset inheritance is $11.70 million or more, the heirs will be subject federal estate taxes for the assets inherited. Though Virginia does not levy estate tax, check with your Estate tax lawyer Virginia for clarity. It is common for landlords to donate or gift their assets to save on levies. Charity is also an option; you can consider if you want to become a philanthropist and save on levies. Plan your charities with our estate tax lawyer attorney corporate.
- Appoint A Trust
High net worth individuals find Living Trustee the ideal option to protect their assets and hand over to the right beneficiaries after the death of the landlord. When you are old or if your health does not permit regular monitoring of your finances, it is time you establish a Living Trust. Asset planning can be laborious and complicated especially if you have more assets to be distributed to many people. Hand over the task to a reliable Estate tax lawyer Virginia and heave a sigh of relief. If you want us to take up the role of a trustee, our Estate tax lawyer Virginia will be glad to help you. Call an estate planning lawyer to discuss your options.
A trust that is properly funded and structured can not only protect your assets but also ensures it reaches the right hands. An experienced Estate tax lawyer in Virginia is capable of structuring trusts to pass on the wealth to the right hands after your death without the probate courts taking over. Establishing a trust can set checks and balances on future inheritance. This is best done with the assistance of a reputed estate tax lawyer Virginia. The trust can protect against the misuse of assets and keeps beneficiaries creditors away. For more information on creating a trust, get in touch with our Estate tax lawyer in Virginia.
- Charitable Remainder Trust
The donation you make to charity from your assets comes as annual income to you and your beneficiaries through irrevocable trusts. The rest of the assets can be designated to charities of your choice. Our Estate tax lawyer Virginia can help plan for your retirement, cut down on levies on assets and help achieve your charity goals through Charitable Remainder Trust. Contact your estate planning taxes lawyer to understand more on the subject.
Spousal Lifetime Access Trust of SLAT is an option to delegate your wealth to the next generation. One of the spouses can give to the trust to benefit the other spouse. In this way, the gifted asset is removed from the combined assets of the spouse. The federal lifetime gift and estate tax exclusion stands at @12.06 for individuals and $24.12 million for married couples. You can take advantage of this till 2026. The couple can have access to the assets. Your Estate tax lawyer Virginia will explain to you that appreciation after gifting the asset is eligible for federal taxation exclusions for the couple’s assets. Talk to your estate tax lawyer attorney corporate on whether it will suit your portfolio and remember it is available only till December 31, 2025. Book a consultation with our Estate tax lawyer Virginia to understand SLAT and its benefits.
Grantor Retained Annuity Trusts or GRAT in short is where you can move the appreciating assets to your beneficiaries and cut down on estate or gift taxes. You can ask your estate tax lawyer Virginia to explain about GRAT in detail. Using GRATs, high net worth individuals can freeze their assets’ worth and any increase in the value is transferred to your beneficiaries with limited tax consequences. You can plan your retirement with GRAT. The donor can create a trust for a stipulated period and for those years annuity from the GRAT is paid. After the GRAT period ends, the remaining assets are passed to the beneficiaries. On adhering to the conditions the estate and gift taxes are minimized. Our Estate tax lawyer Virginia suggests GRAT to our clients to make the most out of their assets by protecting them from heavy taxes.
- Plan For Gifting Wealth
Gifting wealth could be a smart idea for high net worth families to get a lifetime exclusion before your death, where you can forgo paying gift tax on the gifted property till your threshold limit. The 2022 gift tax exclusion for a married couple stands at $24.12 million minus tax consequences. Once the couple exceeds the lifetime amount you can still continue to gift the annual limit at $16,000 without having to pay gift taxes. If you want clarity on the exclusions, get in touch with our estate and tax lawyer.
While gifting, be cautious to comply with the state rules. Each state has its own rules when it comes to estate and gift taxes. These cannot be compared to federal tax rules. If you have doubt on state and federal tax laws, contact our estate tax lawyer Virginia.
- Life Insurance Investments
Life insurance policy can be a good addition to your asset planning, says estate tax lawyer Virginia. Life insurance can turn out to be a good asset for your loved ones, says estate tax lawyer Virginia. It can also be used to pay your levies. A large part of assets will be in non-liquid form like property, art, antiques or business. Beneficiaries may not have liquid funds to pay for taxes. In such cases, Life Insurance proceeds come in handy. It can help pay off the taxes and inherit the assets without having to worry about probate. Life Insurance investments can be used to equalize inheritance. For instance, if one of the heirs inheriting a family business does not have the acumen to run it, you leave him/her Life Insurance investment and the capable one the business, if it is of equal value. Speak to your estate planning taxes lawyer on how to strategies asset planning without leading any family feuds.
- Portability Is The Key
The present gift tax and federal estate exclusions will expire on January 1, 2026, find out if you will qualify for the portability. Consult your estate tax lawyer Virginia for minute details. In the case of your spouse’s death falling within the past 5 years period, you qualify to file for estate tax returns where you can transfer the unclaimed asset exclusions onto your account. Even if you live after 2026, you can save millions on tax exclusions, thereby leaving profits for your beneficiaries. Do not delay the process, time is running out, call our estate tax lawyer Virginia today.
Now is the time to contact your estate tax lawyer Virginia to elect portability to claim the gift and estate tax exclusions of your deceased spouse. The assistance of estate tax lawyer Virginia is crucial as the process is specific, as only a reputed estate tax lawyer attorney business will know which asset qualifies for exclusions and which do not. But if it clicks, you will be saving thousands of dollars in tax.
- DRAFTING A WILL
High net worth individuals have to take the assistance of a professional estate tax lawyer in Virginia when it comes to drafting a will. Though you can find samples and templates across the internet, it is for the ordinary, not for those whose assets are running into millions of dollars. Only an experienced estate tax lawyer in Virginia can draft a comprehensive plan to protect your wealth, hand it over to the right beneficiaries, and achieve your financial goals. Do not waste any more time; contact our estate tax lawyer in Virginia today.
WHY DO YOU NEED AN ESTATE TAX LAWYER IN VIRGINIA?
If you are a high net worth individual, it is crucial you choose the right tax and estate lawyer. Asset planning comprises:
- Medical care for the future
- Authorizing someone to take a decision during times of surgery or difficult medical decisions when you are incapacitated
- Arranging for guardianship for minor children and dependents in your absence
- Establishing a business succession plan
- Arranging for pet care
- Arranging for property maintenance and unique possessions
- Planning for charity
CAN I MODIFY MY ASSET PLAN?
Remember, there are no hard and fast rules to stick to the existing asset plan for life. There is always scope for improvement. Wills, power of attorney, trusts, everything can be changed. It can undergo periodic reviews and updates as per new laws and family situations. High net worth individuals always have a continuous relationship with their estate tax lawyer in Virginia. It helps them achieve their goals and put a contingency plan in place. The ultimate goal is to preserve wealth and hand it over to the right beneficiaries. This is possible only with a skilled estate tax lawyer in Virginia who has an understanding of your requirements and can foresee the future for you. Contact the Law Offices of SRIS, P.C., for more on asset planning and tax savings; our estate tax lawyer in Virginia can give you a clear understanding of asset planning.
DO ALL ESTATES GO THROUGH PROBATE?
If the high net worth individual did not leave any will or trust, then the matter is taken over by the probate court. If you ask our estate tax lawyer in Virginia, they will tell you that not all estates go through probate. It is simple to avoid probate in Virginia by establishing a trust and naming a trustee to take over your property affairs after your death. Do not delay any further; contact our estate tax lawyer in Virginia immediately. Your assets will be handed over to your beneficiaries without third-party intervention. Irrespective of your health or age factor, it is important to plan your assets with the assistance of an estate tax lawyer in Virginia to avoid your heirs being at loggerheads.
The Law Offices of SRIS, P.C., with their team of experienced and skilled estate tax lawyers, can review your financial situation, review your goals, and offer legal advice on how to save on levies. Optimize your savings with the help of professional assistance from estate and gift taxes lawyers.
What is estate planning, and why does it matter?
Estate planning is developing a strategy for managing and distributing your assets after death, ensuring that your desires are carried out while minimizing tax repercussions.
What is a revocable living trust, and why do I need one?
A revocable living trust is a legal framework that allows you to control and distribute your assets both during your lifetime and after your death. Your unique circumstances determine the need for one.
How does probate operate, and can it be avoided?
Probate is the legal procedure of proving a will. Estate and gift taxes lawyer can assist you in structuring your estate plan to avoid or shorten the probate procedure potentially.
How can I secure my assets from creditors and lawsuits?
Asset protection measures, such as specific forms of belief, can be used to secure your assets from creditors and legal claims.
What is the gift tax, and how does it affect my estate planning?
The gift tax is levied on the transfer of assets during your lifetime. Estate and gift taxes lawyer can advise you on gift tax consequences and solutions for minimizing the impact.