Helping Clients Minimize Their Exposure to Federal and State Tax
Estate tax planning has become an important aspect of estate planning for many individuals and families. As estate tax thresholds have changed rapidly in recent years, many people want to be certain that their estate plans are set up to deal with any contingencies that may occur.
I am Randy L. Williams, Clark and Williams, LLC, an experienced northern Colorado estate tax planning attorney. If you are concerned that your estate may be subject to federal estate tax or Colorado estate tax (formerly known as inheritance tax) upon your death, I can help you understand your options.
Planning at a Time of Uncertainty About the Estate Tax
As of 2023, estates valued at $11.18 million or more are subject to the federal estate tax (and the Colorado estate tax, which follows the federal rules).
Many people are surprised to find that when all their assets — including home equity and life insurance policies — are taken into account, they are at risk of owing estate tax.
Due to the current uncertainty regarding what will happen to the estate tax, I advise many clients to create estate plans with family and disclaimer trusts and other flexible mechanisms so their families can take full advantage of marital deductions and other estate tax options if necessary.
However, every individual and family’s situation is unique, and it is important to discuss your specific circumstances with a lawyer before making any decisions about estate tax planning.
Contact a Loveland Inheritance Tax Attorney
If you are concerned about minimizing estate tax so your family and other beneficiaries can receive a greater share of your assets, I would be happy to discuss your options with you. Please contact my office in Loveland at 970-744-4974 or by email to schedule a meeting.