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McKinney-Based Estate Tax Planning Services

One of the most common questions in the estate planning process is how to minimize the tax burden faced by beneficiaries. At Lucé Law, PC, our Collin County attorneys help clients with estate tax planning, ensuring heirs only pay what is necessary by law. Our smart approach to estate planning ensures assets are protected according to the wishes of the estate owner.

What Are the Implications of Estate Taxes?

Leaving a will without considering estate tax implications can be extremely costly for your loved ones. Even if you don’t have a substantial estate, your heirs may find a large portion of their inheritance is lost to state and federal taxes.

Why Is Estate Tax Planning Important?

Our attorneys will consider how estate taxes, gift taxes and generation-skipping transfer taxes could impact your assets. You may already have an estate plan in place, but changes to state and federal laws highlight the need for an ongoing review. By treating your estate tax plan as a living document, you ensure that you and your loved ones are prepared for all eventualities.

Understanding Estate Tax Planning

Lucé Law, PC creates customized estate tax planning solutions for our clients after careful review of their estate and goals. The approach you choose to take will vary depending on whether you are leaving an inheritance to your spouse or other loved ones. Our attorneys can explain the advantages of portability, an IRA and other tax-efficient processes.

It won’t always be necessary to use complex estate tax services, but there are advantages to certain sophisticated strategies. Asset protection trusts, land trusts, LLCs, life insurance trusts and gifting are some of the approaches used to protect assets as they pass between generations.

Whether you are thinking about the future of your estate for the first time or need to update an old estate plan, Lucé Law, PC can help with all aspects of estate planning.

Common Questions About Estate Tax Planning

Can I gift assets to my family without paying taxes?

Gifting strategies can be part of your estate tax planning, but they are complicated and subject to change. Talk to our attorneys before making any significant gifts to family members.

Is a trust a tax-efficient way to pass assets to my loved ones?

Trusts are an effective way to minimize estate taxes while also offering additional benefits. However, there are many types of trusts, making it important to get professional advice.

Will my business be liable for estate taxes?

Passing a business to your family can be costly if you don’t use a tax-efficient method. In some cases, it may be necessary to sell the business to fund a tax bill. Talk to our attorneys to find an effective approach based on your individual circumstances.

We Can Help With Estate Tax Planning in North Texas

Lucé Law, PC works with clients in Collin County and across North Texas to create efficient estate tax plans. To discuss how you can reduce your heirs’ tax obligations, contact our dedicated attorneys by calling (972) 632-1300. You can also request a free legal consultation online.