You Can Protect Your Family’s Inheritance From Excessive Taxes
Estate taxes tend to be a big concern for people as they plan for how their property and assets will be distributed among their heirs. While there are many laws in place to protect at least part of your estate, there are also many ways state and federal governments can tax it. An experienced lawyer can help you protect as much as possible so it can benefit you and your family.
My name is William C. Wombacher, and I have been helping people in and around Peoria protect their wealth for more than 35 years. Along with extensive experience in estate planning, I am also a certified elder law attorney (CELA) and the only lawyer with this certification practicing in downstate Illinois. I can help you find the right tax planning solution for your unique circumstances so you know your golden years and your family’s inheritance are protected.
Trusts And Gifts Can Help Minimize Your Tax Exposure
Estates are protected by a tax threshold. The federal tax threshold is $11.58 million and the threshold for the state of Illinois is $4 million. This covers a lot of people in terms of their personal wealth. However, there are plenty of ways that you can inadvertently expose yourself and your family to owing more taxes.
I can help you minimize your potential taxes by using:
- An annual gifting plan to keep you close to the state and federal thresholds
- Putting some of your assets into a special irrevocable trust
- Using revocable trusts and bypass trusts so you, your spouse and your children can all benefit
I will review your financial situation and work with you to customize an estate plan that will protect most or all of your property and assets from excessive taxation. Together, we can ensure that your wealth goes where you want it to and not to the government.