Clear Lake Estate Planning Lawyer | Estate Tax Planning
The right estate plan can give you peace of mind. If you are considering having your Last Will and Testament drafted, you should consider seeking the advice of a Clear Lake Estate Planning Lawyer experienced in drafting Wills, Powers of Attorney and Directives to Physicians.
Badeaux and Associates has extensive experience with taxable estates. The Clear Lake Estate Planning Lawyers in the firm began drafting Wills when taxable estates were $600,000. In the Clear Lake City, League City, Pasadena and surrounding areas, the majority of clients had estates over $600,000, and Badeaux and Associates drafted hundreds of Wills with sophisticated trusts to reduce estate taxes. Further, Badeaux and Associates drafts Wills and Trusts for business owners, and their estates are typically between $1 million and $10 million. Because of their experience, the attorneys at Badeaux and Associates know the right questions to ask the clients so that after their deaths, the clients’ heirs will have the least delays and inconvenience.
The firm’s philosophy is to be sensitive to the clients and their issues that can arise when planning for illness or death.
What We Offer
- Estate Tax Planning
- Dispositive provisions in Wills for businesses and personal assets
- Advice on whether your heirs owe estate taxes
- Trusts in Wills to eliminate or reduce estate taxes
- Trusts to save estate taxes such as:
- Credit shelter Trusts
- Bypass trusts
- Exemption equivalent trusts
Frequently Asked Questions
- Q: What is an “Estate”?
A: An estate is comprised of all of your assets. Many people are surprised that “all” includes non-probate assets such as life insurance proceeds, IRA’s and 401(k) proceeds. An estate also includes probate assets such as real estate, bank accounts, stocks and bonds, and ownership in small businesses or limited liability companies.
- Q: What are estate taxes?
A: Estate taxes, also known as death taxes, are taxes paid on the estate you leave to your heirs after your death.
- Q: How much is the federal estate tax and who pays it?
A: The question has two answers depending on who the heirs are.
a.) If the spouse is the heir, and a U.S. citizen the spouse will rarely have to pay estate taxes for assets he or she inherited. The concept is that the spouse accumulated community property while married and should not pay estate taxes on those assets.
b.) A very favorable estate tax law was passed in December 2010, referred to as the “2010 Tax Relief Act”. Under this law, estates under $5 million are excluded from paying estate taxes. For estates over $5 million, the top federal estate tax rate is 35%.
Unfortunately, the law is temporary, lasting only 2 years, through December 31, 2012.
The estate tax law that applies is the law and estate tax amount applicable at the time of your death; not at the time you make your Last Will and Testament.
Contact a Clear Lake Estate Planning Lawyer
Contact us today at 281-486-4737 to learn more! We are more than happy to discuss your particular case and provide you with the best legal support available.