Get the Most Value for Your Estate

An estate doesn’t have to be a home, or even a piece of land – in fact, an estate is any asset an individual owns, including cars, life insurance policies, investments and any other substantial possession. Over the course of your life, an estate’s value progressively increases. Federal estate taxes must be paid in cash within nine months of an individual’s death, and can be seriously expensive, totaling up to 55 percent. Confiding in RMG means that you can reduce and eliminate estate taxes altogether, and plan a more cost-friendly future for your loved ones.

 

Eliminate and Reduce Estate Taxes

It doesn’t matter what your net worth is – estate and trust tax planning is a good idea regardless of how wealthy you are, and it will protect you, your loved ones and your assets once you’re no longer there to oversee them. Each situation will vary depending on the person and their possessions, but RMG’s team can provide you with ways to eliminate and reduce estate taxes. Some of the methods we use to help our clients dodge unnecessarily high rates include lifetime giving, qualified personal residence trust, bypass trust, irrevocable life insurance trust and intentionally defective grantor trust. These are surefire ways to eliminate uncertainties, and maximize the value of your estate by limiting the amount of taxes paid on each asset.

 

Preserve Your Wealth and Estate  

Figuring out the estimated net value of a client’s estate is the first step we take before pursuing further action regarding the planning of their estate and trust taxes. Adding a person’s assets, then subtracting their debt is the simplest way. However, it’s wise to factor in businesses, bank accounts, homes, investments, retirement plans, personal property and death benefits (typically from a life insurance policy). Our clients are often surprised at their actual net worth, and just how quickly it adds up. Once this phase is finished, clients will consult with an RMG accountant, who will draw up a detailed plan to protect you for the maximum amount. While some may question the importance of early estate and trust tax planning, our argument is simple: There is no time like the present. Estate taxes are constantly changing, and the likelihood of missing out on a large tax exemption is high. Simply put, we don’t want our clients to miss out on any opportunities to save money – especially when it can easily be done through our services.

 

Schedule an Appointment for Estate and Trust Tax Planning

RMG CPA is a successful accounting firm in New Jersey that provides its clients with accounting, auditing, tax accounting, and consulting services. With years of experience serving numerous industries, we work as business advisors that provide trustworthy financial support, resulting in long-term financial stability. Our team can assist you with estate and trust tax planning, making the process simpler than you think. If you’re interested and would like to learn more, please contact us at 973-712-5000.