Estate & Gift Taxation
Families that don’t plan ahead for estate and gift taxation may suddenly find themselves in unexpected circumstances — facing unanticipated and unwelcome financial realities.
Attorney Jacqueline Voss Lees helps her clients avoid the unexpected by creating effective estate tax plans that will protect her clients’ assets during important periods of transition.
Attorney Voss Lees holds a Masters of Law (L.L.M) degree in Estate Planning and Elder Law, a degree which reflects significant concentration in estate, gift, income, fiduciary and generation-skipping taxation. This degree, along with her extensive real-world experience, enables her to craft highly effective and personalized plans that help her clients reduce estate and gift tax obligations to an absolute minimum, if not steer clear of those obligations altogether.
A Tax-efficient Estate Plan Remains a Necessity Despite Changes in Federal Law
As many people know, there has been significant federal legislation that changed the estate, gift and generation-skipping tax laws. As a result, the Federal exemption for those three taxes is over $11 million dollars per person. Consequently, many people are lulled into believing that tax planning is now unnecessary.
However, Massachusetts has an estate tax with only a $1 million dollar exemption. Even in today’s economic times, an estate, for tax purposes, can easily reach $1 million dollars. The value of a taxable estate includes your home, retirement benefits, life insurance and all other assets owned, whether individually or jointly with another person.
Therefore, to avoid or lessen the taxation impact, a tax-efficient estate plan is necessary to preserve wealth for families.
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