Skilled Legal Guidance With Estate And Gift Tax Planning In Texas

One of the common misunderstandings about estate taxes is that every estate has to pay them. That is simply not the case. Although Texas does not currently have any estate taxes, there is no guarantee that the state legislature will not make changes in the future.

Generally, the federal estate tax only affects estates that are worth more than a specific exemption amount. For example, the American Taxpayer Relief Act of 2012 — also known as the 2012 Tax Act — raised the exemption to over $5 million per person, an amount that has increased each year since. This means only estates worth more than that will need to pay estate taxes.

If your estate is near or exceeds the exemption amount, an estate plan that integrates planning for estate and gift taxes is necessary to preserve your assets for future generations.

Helping You And Your Family Avoid Taxation Of Your Estate

At the Austin estate tax planning office of Avera Law Firm, P.L.L.C., our knowledgeable lawyer works with clients throughout Central Texas, helping them find ways to minimize their exposure to federal estate and gift taxes. As our client, you receive the benefit of attorney Rivera's work ethic, knowledge, skill and commitment to providing a friendly environment in which we can discuss your needs.

Techniques For Minimizing Or Avoiding The Estate Tax

Single individuals and married couples have tools at their disposal to deal with estate taxes. For example, married couples may defer payment of any tax until after the death of a spouse.

We offer a variety of estate planning tools that can be used to minimize or avoid estate taxes, including:

  • Wills, the basic building block of the process
  • Credit shelter trusts, also known as bypass trusts
  • Qualified terminal interest property (QTIP) trusts
  • Irrevocable life insurance trusts
  • Placing a home into a qualified personal residence trust (QPRT)
  • Asset protection trusts

Gift Tax Planning For Individuals And Families At Any Income Level

Are you seeking legal help giving gifts during your lifetime to your children, relatives, charities or other organizations that are important to you? The law allows you to give an established dollar amount — based on the year you give the gift — to any person or organization without incurring gift tax liability. The Avera Law Firm, P.L.L.C., helps people understand the gift tax rules so they can give as they see fit without incurring tax liabilities.

Contact Us For A Free Consultation

Call 512-615-3578 or contact us online to schedule your free initial consultation in our Austin or Dripping Springs office.