PTRE Financial & Tax Services’s Estate Tax Preparation
Keeping up on rigorous and complete estate planning isn’t morbid at all—it’s the kind of plan that looks forward to the legacy you will leave to your family, friends, loved ones, and beneficiaries. A thoroughly planned estate is a plan for the future, and how you can help with it—even after you’re gone.
Contact us at (225) 747-5459 now for more information on how we can help you with estate tax planning.
Located in Baker servicing Baker, Baton Rouge and Zachary
How Can PTRE Financial & Tax Services Help Me Plan My Estate?
We know that planning an estate is a complicated and sometimes very emotional process. A well-planned estate that considers the possibility of an estate tax is essential to make sure your financial life can continue to provide for your ventures, causes, passions, and the people you love for years to come
When it Comes to Estate Tax Planning, it’s Smart to Plan Ahead
The government of the United States of America collects tax on your right to transfer property after your death. To determine what kind of tax must be collected, an analysis is made of all your assets at the time of your death. The value of your assets aren’t always what they were when you bought them, and value is calculated based on the market at the time. A value of your “gross estate” is calculated. Deductions are made based on mortgages and other debts you may have, as well as state administration expenses.
More changes that are allowed include reductions for property that passes to a spouse, reductions for property that passes to registered charities, additions for the value of lifetime taxable gifts, and a reduction in tax amount based on available unified credit.
Do I Need an Estate Tax Plan?
If your estate is simple, an estate tax return may not have to be filed in your name. However, a simple-seeming estate situation may in fact be more complicated to figure out than it looks.
There are some exemptions to estate tax laws. Each estate has a certain amount of property that is exempted from estate tax. Estates are only taxed above a certain threshold.
What are the Limits and Thresholds for Estate Tax?
There is a threshold to how much estate tax is owed to the government. Since 2013, there has been a maximum tax threshold of 40% of income per year for 2013 and beyond. Income for years before 2013 have different rules and regulations, and might be subject to a maximum tax threshold of up to 55%. It’s important that you use these figures to get an accurate idea of exactly how much wealth you can leave to your beneficiaries.
Contact Us Now for the Best Estate Tax Preparation Team
There is nothing more heartbreaking than the death of a loved one. Beyond the initial shock and before the long process of grief, there can be very real financial responsibilities. Between planning and paying for a funeral, planning to cover any necessary medical expenses, and other costs, there is the matter of executing an estate.