Estate Tax Planning Services

Estate tax planning services are used for framing policies to help preserve ones wealth for the future generations. For an effective estate tax planning one needs to start from ones estimated tax liability from ones estate. There are calculators available to aid in this type of calculation.
More Information on Estate Tax Planning Services
People going in for estate tax planning services need to be aware of certain functionalities. If he is married he needs to declare that in order to get the option of transferring his estate to his surviving spouse after his death. For married couples there are no taxes applicable for this kind of transfer. Activation of transfer to spouse option can diminish ones present estate tax bills but it may also lead to piling up of the same in future.

There are certain rules for charitable contributions also. Gifts to charity allow for substantial tax reduction in property transfer. Gifts attract tax on estates. There are certain rules governing these procedures. If one distributes a lot of gifts during ones lifetime it will reduce the estate tax exemption after death. This will lead to an inflated estate tax bill. Gift calculation precludes payment for tuition fees and medical costs. However these payments need to be made directly to the concerned school or medical facility.

Another area of relevance is life insurance. The life insurance proceeds come under tax calculation if they are payable to ones estate either directly or indirectly. It will also attract tax if there are named beneficiaries or nominees to the life insurance policy.
Nature of Estate Tax
Estate taxes are graduated taxes much like income taxes. They are directly proportional to the size of ones estate. Different countries have different applicable maximum and minimum ceilings for estate taxes. So for anybody who owns an estate it is wise to go in for estate tax planning services. They optimize the tax bill and leaves enough for ones coming generation.

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Last Updated on : 30th July 2013

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