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Read about the importance of trusts and estates Read about tax issues pertaining to trusts and estates

Estate Tax Issues in Scottsdale, Arizona

Scottsdale Estate Planning Attorney

Many people do not realize that taxes play a heavy part in the estate planning process. By retaining a Scottsdale estate planning lawyer to assist you in putting your property and assets in order, you could avoid suffering unnecessary tax losses though proper planning. There are numerous different estate tax issues that must be addressed during the planning process, so contact Grant N. McKeehan, PLC right away. My firm could provide you with comprehensive counsel and guidance regarding your estate taxes.

What is Estate Tax?

First of all, it is important to understand exactly what estate taxes are. When you pass away, everything you own or that is under your name is subject to estate tax. The "fair market value" of this property is determined, after which certain deductions may be made to arrive at the "taxable estate." Gift taxes are then added to this amount and the tax is able to be calculated.

Types of Estate Tax Issues

Anything that you pass on or inherit through an estate may very well be taxable by the federal government. For example, if inherit stock with a basis price of $50,000 and you sell it for $90,000, there is a $40,000 taxable capital gain. Substantial gifts may also be taxable if there is a large difference between what you gave and what you received in return, if anything. There are even tax consequences of foreclosure if you are not able to achieve relief from the deficit between the sale of your property and the amount owed. Each of these issues could be avoided or resolved by hiring an experienced federal tax lawyer to help you make an educated choice and plan your estate well.

Scottsdale Federal Tax Planning Lawyer

Grant has the training necessary to identify the tax issues pertaining to trusts and estates. A graduate of New York University School of Law's Graduate Tax Program, Grant brings a practical approach while advising clients on the mechanics of the federal estate tax and the federal gift tax. Given the dynamic nature of the tax laws, and the ongoing uncertainty with regards to future exemption amounts, it pays to work with a lawyer who can help you identify the tax ramifications of your estate planning decisions. Grant can help you prevent the future erosion of your estate by taxes by implementing strategies that maximize the planning opportunities available under the tax code. Such strategies include the use of annual gift exclusions and the formation of irrevocable trusts such as charitable remainder trusts, life insurance trusts, grantor retained annuity trusts and qualified personal residence trusts.

Don't attempt to plan your estate without trained and experienced legal assistance. Grant N. McKeehan, PLC could assist you in any area of estate law including real estate, business law and federal taxes Call now to schedule an appointment for an evaluation of your case so that you can begin as soon as possible and provide the best care possible for your loved ones after you've gone. Only a trained attorney will have the understanding of all relevant laws and procedures necessary to obtain the best possible outcome.

Call Grant N. McKeehan, PLC today to review your situation with a skilled lawyer. Grant has practiced estate law for more than nine years and is also qualified in federal tax law. With the assistance of an experienced tax attorney, you could make wise decisions regarding the use and transfer of your property so that you suffer as little financial loss as possible.

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Grant N. McKeehan, PLC - Scottsdale Estate Planning Attorney
Located at 4300 North Miller Road, Suite 220 Scottsdale, AZ 85251. View Map
Phone: (888) 913-8943 | Local Phone: (602) 791-6174.