How Do I Reduce or Eliminate Estate Taxes
For married grantors, the estate tax liability, which would otherwise be due at the death of the survivor, can be greatly reduced or completely eliminated by proper planning. This planning can be accomplished in a living trust (although it can also be accomplished through wills, this would require a separate probate at the death of each spouse). How much can be saved depends on the size of the estate and the estate tax laws at the time of the surviving spouse’s death. At the same time, the trust can also insure that the estate of the first spouse to die will ultimately go to his or her children or heirs; even though the surviving spouse is provided the lifetime economic benefit of all assets, and has complete management and control over the entire trust.
Law firm in York, Maine specializing in Civil & Criminal Litigation, Estate Planning, Family Law, and Business Incorporation, serving the communities of Southern Maine in York and Cumberland counties including: York, York Beach, Kittery, Kittery Point, Eliot, South Berwick, North Berwick, Ogunquit, Wells, Kennebunkport, Kennebunk, Alfred, Lyman, Arundel, Biddeford, Saco, Sanford, Springvale, Acton, Shapleigh, Limerick.
This website is not intended to constitute legal advice or the provision of legal services. By maintaining this website and its contents, Clark & Howell, LLC, does not intend to solicit business from clients located in States or jurisdictions where its attorneys are not licensed or authorized to practice law. Some links within this website may lead to other sites. Clark & Howell, LLC does not necessarily sponsor, endorse, or otherwise approve of the materials appearing in such sites. Clark & Howell, LLC represents clients throughout the State of Maine.