Minimize Estate Taxes — Maximize Your Estate Planning Goals
Without proper planning, state and federal taxes can significantly deplete the value of an estate. At The Law Office of Michael F. Cuddy, we will help you create an estate planning strategy that minimizes or eliminates estate tax, while also accomplishing your other goals.
For more than 30 years, our firm has provided efficient, high-quality legal representation to individuals and families throughout Massachusetts. Whether your estate is valued in the millions or you are just on the verge of triggering estate taxes, we will help you develop effective estate planning solutions.
Solutions For Your Estate Tax Concerns
Federal and state estate tax laws change frequently. Currently, the federal estate tax exemption is $5 million and the Massachusetts estate tax exemption is $1 million.
With proper estate planning, you can protect your assets for your loved ones and avoid or minimize estate taxes. Our estate tax planning attorneys will take the time to discuss your estate planning goals and how they relate to estate taxes before recommending a solution that meets your needs.
There are several different methods for reducing the value of your estate while still leaving a financial legacy for your loved ones. Trusts are an excellent option for minimizing estate taxes. There are several different types of trusts available to meet your needs, including a charitable trust, special needs trust or irrevocable life insurance trust. Gifting is another option to transfer assets out of your estate; however, you are allowed to gift each person only $13,000 per year. We will help you determine the best plan for minimizing taxes while also achieving your other important estate planning goals.