Arizona Inheritance Attorneys
If you have a lot of wealth ready to transfer to your beneficiaries, you must be prepared for the tax consequences. And with the federal estate tax laws, it is important that you prepare a plan that will reduce the impact of the estate tax. An experienced lawyer can help you plan accordingly.
At Carmichael & Powell, P.C., our Phoenix estate attorneys have been helping people across Arizona with their trust and estate planning for more than 31 years. We know how to help you build a plan designed to put your family first, using everything from irrevocable trusts to LLC development to help you transfer wealth.
Changing Estate Tax Laws
In 2009, you could transfer $3.5 million without worrying about the estate tax. In 2010, the estate tax was temporarily repealed entirely. In 2011, however, estate taxes are returning. The laws at the moment are temporary and very fluid, and it is not safe to assume anything. Even if you are not affected by estate tax laws at the moment, that could all change very quickly.
Minimizing Estate Taxes
There are a number of things you can do to minimize the impact of the estate tax for your beneficiaries. It can be done through a will, but the most effective way is through trust planning. We use a number of tools to help our clients protect their wealth, including:
- Irrevocable trusts
- Family limited partnerships
- Limited liability companies (LLCs)
- Grantor retained income trusts (GRITs)
- Grantor retained annuity trusts (GRATs)
As a full-service boutique law firm, you will work with one of our estate planning attorneys throughout the estate planning process. Contact our Phoenix offices today to learn more.
