Accomplished Murrysville and Greensburg Estate and Wealth Preservation Lawyers
Helping people preserve their legacies for their loved ones
Wealth preservation is one of the primary goals of responsible estate planning. But with the constantly changing landscape of both the tax code and Medicaid laws, those who want to preserve their wealth for their children and other loved ones must be committed and thoroughly invested in the wealth preservation planning process. Our Murrysville estate planning attorneys at Long & Long, LLC understand that no one method of wealth preservation and tax planning works for everyone. That is why we use our more than 90 years of combined legal experience to analyze each client’s finances and goals to determine what steps we can take to minimize the tax burden to his or her estate.
How do tax issues affect estate planning in Murrysville and Greensburg?
In the absence of proper tax planning, estates can be subject to numerous state and federal taxes that can seriously diminish the assets beneficiaries ultimately receive. For example, the Internal Revenue Service collects a substantial estate tax from many larger estates, although the tax rate and credit amount has varied wildly over the past several years. Moreover, it is unknown what these tax rates and credits may be in the future. Potential reductions to the estate tax credit could mean that more people than ever in Greensburg and Murrysville may need to consider estate tax planning in order to prevent their loved ones from losing a substantial portion of their inheritances.
In Pennsylvania, two additional taxes can also detract from an estate. These include a state estate tax similar to the federal version as well as a more widely applied inheritance tax based on the relationship between the deceased and the beneficiary. Reducing the burden of both state and federal taxes is an important part of what estate planning attorneys in Greensburg and Murrysville do for their clients to promote wealth preservation.
Wealth preservation methods
For larger estates, removing property from the probate estate is the best way to avoid or minimize high estate taxes. Estates and trusts attorneys can accomplish this in a variety of ways. For instance, making well-planned gifts during your lifetime can disburse a portion of your estate tax-free without impacting your unified estate tax credit. This can also promote wealth preservation by protecting assets from long-term care and medical costs. Greensburg tax planning attorneys can also use tools like life insurance policies, trusts, jointly titled assets and payable-on-death investments and accounts to increase the amount of property that transfers independently of probate and thereby reduce estate tax liability.
Contact us today for a free initial consultation with a Murrysville tax planning attorney
For more than 50 years, the personal and conscientious approach we offer our clients for tax planning, wealth preservation and other legal issues has given Long & Long, LLC an exemplary reputation in Murrysville and Greensburg. Call our office at 855-805-2683 or contact us online to arrange a free consultation with an experienced and dedicated estate planning lawyer. We also host open house office hours two evenings each week.