Before they pass away, most everyone wants to rest assured, knowing their loved ones are financially stable for life. You want to pass down your money, homes, and cars to your family and friends. However, you need to be aware of a few things.
One of these is estate tax.
Weiner Law can help you find the best ways to minimize the estate tax payable by your family when you pass away.
What Is Estate Tax?
When a person passes away, the net value of everything they owned at death is subject to federal estate tax, currently at a rate of 40%.
Currently, however, if someone dies with less than around $11.7 million of net assets, their family is not subject to estate tax. That exemption amount is double for married couples. This exemption amount is historically high and is scheduled to fall to approximately $6 million per person on January 1st, 2026.
State Estate Taxes
Some states impose a state estate tax in addition to the federal estate tax. Currently California does not inpose state estate tax, so residents of California only need to be concerned with the federal estate tax, if they have net assets above the exemption amounts set out above.
Reducing your estate tax exposure
When San Diego residents accumulate signifncant wealth throughout their lifetime, it is possible that some of what has been accumulated will be lost to estate taxes. If estate tax is due, it generally must be paid within 9 months of death. By working with an attorney to plan in advance, there are various structures that can be put in place to either minimize or eliminate the estate tax that your family will otherwise have to pay. The earlier you start planning, the more effective these techniques are likely to be.
You have options that allow you to protect your assets and help to minimize estate taxes.
Estate Tax Planning In San Diego
Our law firm offers several estate planning services to San Diego residents, including estate tax planning.
Estate planning exists to provide you with peace of mind, not just around who will inherit your property, but also to minimize any potential tax exposure.
Our estate planning process has three steps:
Initial Session: First, we will schedule a Family Estate Planning Session. Our attorneys will sit down with you and work with you to design a plan that is right for your family.
Signatures: Then, a month later, you’ll return to our office to sign the required documents, making your plan official.
Documents Issued: Once we process that paperwork, we’ll provide you with a binder of everything you need, detailing your estate plan and creating peace of mind for you and your family. We will also guide you through the process of how to transfer assets into your trust, or trusts.
Get In Touch
Weiner Law
12707 High Bluff Drive Ste. 125
San Diego CA, 92130
(858) 333-8844 |