• How Life Insurance Fits into Your Estate Plan

    You can purchase life insurance at any time, without consulting a lawyer. However, if you want to maximize the inheritances of your heirs , your best option is to seek professional estate planning advice in Tracy or Manteca. An attorney who handles these cases can give you the most effective guidance to make estate laws work for your family’s benefit.

    Watch this video to find out how. It features a financial planner, who presents the hypothetical example of a husband and wife who each gift $14,000 to each of their three children. This totals $84,000. The financial gifts would help their children today, but if the couple were to invest that amount into life insurance, their children could receive around five million in death benefits in the future.

  • Minimizing Estate Taxes

    Minimizing taxes is an important part of estate planning . If you’re making plans for your estate in Tracy, be sure to work with an attorney in your area who is familiar with both the state and federal laws that will impact your estate administration.

    Watch this video to learn more about reducing estate taxes. Although federal estate tax only kicks in for a small portion of estates, states frequently have their own taxes that apply to smaller inheritances. Income taxes are also a factor in estate planning if you plan to pass tax-deferred accounts to your heirs. You can minimize these taxes by trying to spend as much as you can out of tax-deferred accounts while you are alive.

  • Understanding the Basics of Estate Taxes

    One of the most important parts of estate planning involves setting up your estate in such a way that your beneficiaries are protected from taxes as much as possible. For sizable estates, estate taxes are a major concern that your estate planning attorney in Tracy and Manteca can help you prepare for.

    The government charges estate tax when your beneficiaries inherit money above a pre-determined amount. This amount is adjusted frequently by the government. The government could take a substantial amount of your estate if estate tax applies to you. A lawyer can help you set up the distribution of your estate in a way that minimizes the tax burden for your beneficiaries and saves a significant amount of money.