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Tax Planning

Tax planning is an important aspect of the estate planning process. It involves arranging your assets and affairs to reduce tax liability and preserve the interests of your family after you have passed away. Reynolds Law, LLP can help reduce the tax burden to your family members while still adhering to local, state and federal laws and regulations. We are knowledgeable about the tax system and will do our best to minimize estate tax, income tax and capital gains tax liabilities.

Considering California And Federal Taxes When Planning Your Estate

You have worked hard to create a good life for yourself and your family while building your assets. We work hard to protect those assets from tax liabilities.

It’s a common misconception that tax strategies are only valuable in an estate plan for the ultra-rich. In fact, they can be even more beneficial for the families that have persevered to collect and invest their assets wisely.

As estate planning attorneys, we have had the unpleasant experience of having to tell a surviving spouse that the terms of their estate plan failed to give them all the tax benefits that they could have achieved. The unfortunate truth is that not every attorney that provides estate planning services knows how to implement these strategies, so they just do not present them to the client. Or, they simply do not recognize the opportunity to use one of these strategies. The result is the same – the survivors suffer an unnecessary tax burden at the same time that they are grieving the loss of a loved one.

A true measure of a skilled estate planning lawyer doing their job well is that your estate plan incorporates the simplest effective tax planning strategy; complies with the relevant federal, state, and local laws; and does not tear your family apart.

Estate Taxes Overview

Whenever a deceased person’s estate is transferred to someone else, either with or without a will, estate taxes apply. Estate taxes can also apply to transfers from a trust, life insurance policy and other types of accounts.

Estate taxes and lifetime gift taxes are both worth consideration when creating an estate plan. The federal tax code and the state tax code can affect the transferal of your property. These taxes are often called the “inheritance tax” or, more cynically, the “death tax.”

However, there are a few special exclusions for estate and gift taxes. For example, leaving property to a spouse or charity might not involve a tax obligation. Sometimes, lifetime gifting to beneficiaries can also minimize overall taxes. Taking advantage of the available exemptions and strategies can help you preserve your property value as fully as possible for the future.

A Long-Term Relationship

While tax laws may change, your relationship to NAME will not. Throughout your life, you can trust our legal team to provide knowledgeable, thorough guidance that takes your family’s goals and future into consideration. Our job is to protect you and your family so you can focus on what you do best: providing for their needs.

Contact our office at 707-425-1255 to get in touch with a member of our firm. You can also reach out to us online with any questions or concerns about how we can help you.