Estate Tax Planning Lawyer For Clear Lake City And The Houston Area

Tax Planning

One of the most important concerns for people establishing their estate plans involves estate taxes. Anything passing to anyone in excess of the applicable exclusion amount will be subject to estate and gift tax penalties. Although the current exclusion amount is in excess of $5 million, this amount is subject to change, so it is important to create your estate plan so that it minimizes estate tax penalties to the extent possible. This will allow you to transfer assets efficiently, increasing the inheritance for your loved ones.

At the Law Offices of Dean P. Shearer, we represent clients throughout the Houston, Texas, area in a range of estate tax planning matters. With more than 20 years of legal experience, Clear Lake City estate tax planning attorney Dean P. Shearer has a thorough understanding of the relevant estate tax laws and methods available to help you minimize tax consequences in your overall estate and gift plan.

Minimizing Estate Tax Penalties

Generally, a gift given in an estate will be subject to the estate tax. However, there are a number of deductions for avoiding or minimizing these tax penalties, including:

  • Marital deduction: You can leave an unlimited amount to your spouse, provided your spouse is a United States citizen, without any gift tax during your lifetime or estate tax upon death.
  • Qualified domestic trust: For noncitizen spouses, a qualified domestic trust is a strong alternative for spousal gifting free from estate tax penalties.
  • Charitable deduction: You can leave an unlimited amount to qualified charities without facing any estate tax penalties.

Trusts And Other Options

There are a number of ways to distribute assets while minimizing estate tax penalties. We help clients with a range of gifting options that include a variety of trusts and other options, including:

  • Lifetime gifts
  • Marital and bypass trusts
  • Generation-skipping trusts
  • Irrevocable trusts
  • Charitable trusts

Contact A League City Gift Tax Planning Attorney

We offer free initial consultations, so you can talk with an attorney about your estate planning options without cost or obligation. Call 281-286-7715 or contact us online to schedule your free initial consultation with an experienced estate tax planning lawyer.