For larger estates, will a revocable living trust remove the need for inheritance tax or income tax planning to avoid unnecessary tax burdens?
A revocable living trust helps a family avoid the time and expense of probate but it does not help avoid unnecessary taxes. Though this area of law has gone through a lot of changes, if you have a large estate, you should speak with an attorney to make sure you know what the risks are. Failure to inform yourself about these issues could result in substantial tax liabilities for your family to pay after your death. If your combined estate exceeds $1,000,000.00 you may need to take steps to avoid the possible imposition of inheritance taxes which would reduce the amount received by your intended beneficiaries. Simple estate planning techniques can eliminate the danger of these taxes. They can be as high as 35% of the taxable estate. We have attorneys with expertise in planning for taxable estates who can make sure that your family is protected.
