Arvada Gift and Estate Tax Lawyer
If you are an Arvada resident who is estate planning or has questions about the estate of a loved one who has passed, an Arvada gift and estate tax lawyer can answer your questions and offer you invaluable advice. Understanding the process and the language involved can clear up many questions you may have.
What Is an Estate Tax?
Estates are taxed based on how they are valued. This can vary, as the amount is annually adjusted based on inflation rates and legislation. They are levied on an estate prior to its division among its heirs.
Difference Between Estate Tax and Inheritance Tax
There are key differences between estate taxes and inheritance taxes, although the terminology is similar. An estate tax levies a tax on the entire estate’s value before it is distributed to its rightful heirs. An inheritance tax is the amount owed on the assets inherited by the specific heir to whom they were left.
Inheritance tax can vary from state to state. Some states can be particularly heavy-handed with taxes. Maryland is notably unfriendly to those hoping to preserve more of their estate and spend less on taxes. They implement estate and inheritance taxes, claiming tax money on the same estate twice.
Why You Need an Arvada Gift and Estate Tax Attorney
If you are planning your estate, you want to ensure that most of the assets that you have spent your life accruing are left, in as close to their entirety as possible, to the people of your choice. By understanding where you own property and considering all of your assets, an Arvada gift and estate tax attorney can aid you in avoiding critical mistakes that could drain your estate prior to it making its way to your loved ones.
Our job at Colorado Estate Planning Law Center is to protect the assets of our clients. We have experience and knowledge dealing with the system of taxation facing your estate and will do our best to leave your assets intact for your family.
Contact an Arvada Gift and Estate Tax Lawyer Today
Colorado Estate Planning Law Center is ready to manage your estate planning needs. To make good decisions that benefit your beneficiaries and heirs in the future so that you know that your loved ones and your estate are protected, contacting an Arvada gift and estate tax lawyer today is crucial.
Our focus is on your family and making choices that will be in their best interest. We have over two decades of experience and are ready to apply all of our hard-won knowledge to your estate plan. Contact us for a consultation.
We are interested in your hopes and dreams and your family dynamics so we can fulfill your wishes for your estate. Call today to discuss what we can do for you. Our team is ready to see that an estate plan is implemented that will protect your property and your family from unnecessary tax implications.