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Conroe Estate and Gift Tax Lawyer

Smith & Garg - Estate Planning Tax Issues

When dealing with estates and estate planning, taxes are always the main issue on people's minds. There are really two different tax issues to keep in mind when planning an estate, and we will explain both of these below, as our firm features experienced Conroe estate tax lawyers as well as Conroe gift tax lawyers. Contact the firm today to schedule a full consultation.

Smith & Garg - Conroe Estate Tax Lawyers

The concept of estate taxes is as confusing as any legal doctrine in existence. The numbers behind these tax regulations are seemingly constantly changing, and that's why you need the help of a Conroe estate tax lawyer from Smith & Garg to make sure that you are planning ahead properly and without incurring any unnecessary or avoidable assessments from the government. As of now, the estate tax exemption sits at $2 million, but that number has, and will continue, to range between $1 million and $3.5 million. The overage tax rate will range between 45% and 55%, and just to make things completely confusing, the year 2010 will feature no estate taxes. As you can see, this is quite complicated, so seek the advice of a Conroe estate tax lawyer immediately from Smith & Garg.

Smith & Garg - Conroe Gift Tax Lawyers

Much like the estate tax, the gift tax is also complicated, as it can involve two issues - those who give a gift and those who receive one. In terms of the person giving the gift, the tax threshold is much like that of the estate tax, in that it currently sits at $1 million. However, gifts to charitable organizations do not count towards this running total.

In regards to the recipient of a gift, tax liability attaches to anyone receiving more than $12,000 in gifts during any one year, and that number doubles to $24,000 for married couples. The tax rate on these gifts can vary, but again, in order to make sure that you don't encounter any unnecessary scrutiny from the IRS, work with a Conroe gift tax lawyer from Smith & Garg as you are getting ready to accept the gift.

Overall, as you see, the concept of taxation in relation to estates is over-complicated and potentially financially perilous if you don't plan properly. Contact either a Conroe estate tax lawyer or a Conroe gift tax lawyer at Smith & Garg immediately if this situation sounds familiar.

Please contact our office to see how we can assist you. Learn more about our Areas of Practice.