Tax Strategies and Planning

When it comes to tax time, many people are caught unaware of their options. To fully maximize your deductions, and pay less in taxes, you need the expertise of a seasoned tax lawyer. You need a strategic plan, and Katz Law Firm can assist you in finding the best tax options for your situation. You not only want to protect your assets now, but in the future, and for any future beneficiaries. Some of the tax areas we can help you with include:

• Reviewing previously drafted or executed documents to ensure they are valid, provide optimal tax savings, accurately reflect the your wishes and are appropriate given the your current lifestyle. Even if you have had legal help in the past drawing up documents, it is good to review those documents annually to ensure that they are still optimally suited for where you are at in life.
• Maximizing life insurance benefits with tax planning by utilizing ILITs (Irrevocable Life Insurance Trusts) to remove Federal and State estate taxes; implementing Crummey Powers to enable gifts made to the Trust to qualify for the annual exclusion amount.
• Tax opinions on potential deductions, credits, exemptions, exclusions, depreciation schedules and refunds. Combined with our business planning advice, we can help you find the best tax solutions for your situation.
• Charitable planned giving, involving Charitable Trusts (CRATs, CRUTs, CLATs and CLUTs), DAFs (Donor Advised Funds) and tax-exempt organizations (Private Foundations and Public Charities).
• Strategic tax planning with your home by transferring your residence(s) into a Trust (QPRT) to lower gift tax or title property to enable a “stepped-up” basis to eliminate debt in excess of basis and/or capital gains tax. You want to ensure that your property goes to your loved ones when you are gone, and making sure your home and assets are properly designated is crucial. A skilled tax lawyer can help you have the peace of mind that your financial wealth will pass on to the intended parties.
• Filing of estate tax returns, and other paperwork that can be confusing and tedious for the layperson. Learn more about our estate planning and tax services.

As you can see, the tax world is vast, and has many ramifications for your property and assets. Katz Law Firm wants to partner with you to maximize your tax benefits, and transfer your wealth to the intended beneficiaries. Don’t make the mistake of paying too much, or neglecting to properly allocate your financial wealth. Call us today to schedule an appointment.