Tie up the loose ends of life with professional estate planning.
You’ve worked all your life to provide for yourself and your family. When you pass away, you want your assets and possessions to be distributed to the people and organizations you cared about in life. Through professional estate planning, you can plan in advance how you want your property to transfer to your heirs. Trusting your estate planning and tax issues to Orlando CPA firm, Baldwin Accounting will ensure you and your beneficiaries have one less thing to worry about when the time comes.
Estate Tax Implications Are Confusing – Trust Us To Safeguard Your Best Interests
An estate is the total property, real and personal, owned by an individual prior to distribution through a trust or will. Real property is real estate, and personal property includes everything else, for example, cars, household items and bank accounts. Estate planning distributes the real and personal property to an individual’s heirs.
Since some parts of estates are subject to Federal and State tax laws, establishing an estate plan will preserve and transfer the maximum amount of wealth allowed by law to your intended beneficiaries. The tax code that regards estates is complex and constantly changing, so you should consult an experienced tax consultant to plan the best way to pass on your property.
Depending on whether you have modest or substantial wealth, we might suggest a will or a trust to designate the distribution of your wealth. Trusts, unlike wills, have the benefit of avoiding probate, a lengthy and costly legal process that oversees the transfer of assets. Sometimes, though, it will be useful to make inter vivos gifts (gifts made while the donor is alive) in order to minimize taxes. The Federal Gift Tax exempts certain levels of lifetime gifts.
Baldwin Accounting CPA in Orlando can help you tailor estate plans according to your specific needs and desires. Whether you are looking to pass along your assets to particular persons, or looking to minimize your overall tax burden for your estate, we can help you achieve those goals.
Please give us a call (407) 363-0890 to discuss your estate planning needs.