Tax Lawyer Hancock County, IN

Tax Lawyer Hancock County, IN

Tax Lawyer Hancock County, IN- wooden gavel on top of stack of paperwork
   

As a tax lawyer Hancock County, IN residents rely on, Dickmann, Reason, Bogigian & White know many people prefer to protect their assets from taxes as much as possible. If this is true for you, know that you can find the relief you are looking for by establishing an estate plan. It’s understandable that people want to safeguard their legacy so that they have more to pass onto future generations. If you are looking for a lawyer to help you with your estate plan, who is acutely knowledgeable in all things tax, then you should contact our law firm for more information. 

If you are worried about estate taxes, here are some strategies a lawyer from our team can implement so that you can avoid paying taxes after your death: 

Create an Irrevocable Trust

The best way to avoid leaving your loved ones with a stressful financial situation to deal with after you have passed on is to set up an irrevocable trust. Essentially, what you are doing is protecting your property and reducing taxes. The person who creates the irrevocable trust cannot change it, but it provides a monetary benefit to valuable assets while preventing some estate taxes. This trust is funded throughout the grantor’s life, and was designed so that assets are smoothly transferred to beneficiaries. 

Make Donations to Charity

Another approach to preventing an estate tax is to give part of your wealth to a charitable orgaization. Your Hancock County, IN tax lawyer can help you set up a trust specifically for charity. If you have a charitable remainder trust (CRT), some assets from the trust will be distributed to a tax-exempt charity. By donating, you are lowering your estate value, giving yourseslf a tax break. The remainder in your trust will be given to beneficiaries as you have instructed. 

Have a Limited Family Partnership

Are there property assets or family-owned businesses that you want to pass down to children after you are gone? Then you may want to create a family limited partnership. This usually entails a general partnership first and then family members can be made into limited partners. As the general partner, you won’t lose managing the business. However, what happens is that since your children (or relatives) have a stake in your company, meaning the size of your overall estate will be less. 

Contact Our Law Firm For Assistance

Most people want to leave something behind as their legacy to future generations. With our help, we can make sure your priorities are protected and that your estate is minimally impacted by estate taxes after your passing. Call Dickmann, Reason, Bogigian & White today to learn more and schedule a consultation with a tax lawyer in Hancock County, Indiana.

 

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