Practice Areas

Los Angeles Estate Planning Attorneys

Helping Clients Find Ways to Reduce Estate Taxes

As the old adage goes, there are only two things guaranteed in life: taxes and death. At the law office of Wellington Y. Kwan, Inc., we understand the estate tax burdens families face when their loved one dies. We help individuals find ways to reduce their estate and gift taxes so they have control over what is truly theirs.

For legal help from an attorney in our Los Angeles, California law office, call us at (213) 382-1888 or contact us online. We offer free consultations.

Reducing Estate Taxes - How we can Help

At Wellington Y. Kwan, Inc., we work closely with clients to explore their options for reducing estate taxes. Some options that may be available are:

• Gifting assets during lifetime - In most circumstances, individuals can give away assets up to $12,000 per year without paying gift taxes.
• Making charitable gifts - Monetary gifts to religious, educational, or non-profit institutions are non-taxable. We can help determine if the organization of your choice is considered charitable.
• Life insurance trusts - Through a life insurance trust, an individual's life insurance policy becomes the property of the trust, and not the estate. This eliminates any tax burden associated with the life insurance policy.
• Transferring assets to spouse - In most cases, passing assets on to a spouse protects an individual from paying the applicable estate taxes. Additionally, by establishing a bypass trust, spouses can be guaranteed their estate is only taxed once.

Our attorneys focus exclusively on estate planning law, and are committed to helping individuals throughout Los Angeles come up with ways of reducing estate taxes. In addition to the examples listed above, there are many other options to reduce tax liability. We counsel methods of wealth preservation and will help you with ways to keep and distribute your assets as you see fit.

For more information about reducing estate taxes, contact our lawyers for a free consultation. Call our law office at (213) 382-1888.