Legacy Care Law Firm

If you have a high value estate, you need to be concerned about the impact taxes will have on that estate after you are gone. Married couples often make the mistake of relying heavily – or even entirely – on the marital deduction when it comes to tax avoidance. A Nashua area estate planning attorney at Legacy Care Law Firm discusses why you need to be careful relying on the marital deduction. Federal Gift and Estate Taxes All estates are potentially subject to federal gift and estate … [Read more...] about Be Careful Relying on the Marital Deduction

Like many people, your primary motivation for creating an estate plan is probably to ensure that sufficient assets are passed down to your loved ones when you are gone so they do not have to struggle financially. You have likely gone to great lengths over the course of your lifetime to amass an estate that is large enough, and valuable enough, to have a something left for those loved ones after you are gone. Stockpiling assets may not be enough, however, if you fail to also include strategies … [Read more...] about Salem Asset Protection Attorneys Explain How Taxes Can Diminish Your Estate’s Value

Creating a successful estate plan requires you to consider a number of factors and influences that will impact your plan. One of those factors is federal gift and estate taxes. All estates are potentially subject to federal gift and estate taxes at a 40 percent tax rate. Given the fact that your estate could lose almost 40 percent of its value to federal gift and estate taxes, it is imperative that you have a firm understanding of the tax and of the strategies used to reduce the impact the tax … [Read more...] about Federal Gift and Estate Tax — Portability Explained

Creating an estate plan can be an intimidating process for the uninitiated. There are so many goals you likely want to include, and factors to consider, that is can be mind-boggling. In addition, unless you have some experience in estate planning, there are likely a number of terms and concepts that are completely foreign to you. The best way to learn more about estate planning terms and concepts, and how they apply to your estate, is to consult with your New Hampshire estate planning attorney; … [Read more...] about The Marital Deduction Explained

When most people think about estate planning they think about making decisions regarding the distribution of their estate assets when they are gone. While that is certainly an important part of an estate plan, it shouldn’t be the only consideration when you create your estate plan. Among the other important considerations when you create an estate plan should be the impact federal gift and estate tax will have on your estate. What Is the Federal Gift and Estate Tax? The federal gift and … [Read more...] about Federal Gift and Estate Tax Explained

If you are the Executor or beneficiary of an estate you have an interest in the value of the estate assets. As the Executor, you will be responsible for paying creditors’ claims and taxes and eventually distributing the estate assets to the intended beneficiaries and/or heirs of the estate. As a beneficiary, you will eventually receive some of the estate assets after all claims and taxes have been paid. One concern both an Executor and a beneficiary will have is whether or not the estate will … [Read more...] about Do I Need to Worry about State Estate Taxes?