ESCOBAR AND ASSOCIATES ANNOUCEMENT REGARDING COVID-19

Escobar and Associates Attorneys at Law remains open during the COVID-19 Coronavirus pandemic. Legal services are defined as “essential” within the Stay at Home Order executed by Florida Governor, Ron DeSantis. We remain committed to providing uninterrupted legal services to all clients. We also remain dedicated to the health and safety of our clients and staff. Within the office, our firm has already implemented protocols to keep clients and staff safe during this crisis. We understand as criminal defense attorneys how crucial it is for our attorneys and staff to remain available 24 hours a day, seven days a week to provide legal services for clients in need.

Your pursuit of justice starts here!

Speak to an attorney 24 hours a day free consultations

Email Us & Get Help
Today

Using estate planning as part of overall tax planning

| Jan 7, 2012 | Heirs & Beneficiaries

Many residents in Nevada who are approaching retirement age are concerned about their estates. After a lifetime of work, they often wish to leave something to their children or grandchildren. Without proper estate planning, that task can become troublesome and expensive, often ending up in probate court. Now, seniors have to worry about losing money as new tax laws begin to go into effect.

Estate planning, when done properly and early, can help individuals and families keep more of their money by lowering their tax obligations. Some ways to accomplish this are to set up family-limited partnerships or certain types of trusts. To deal with estate taxes, individuals may want to consider what is known as a Stretch IRA. These are just a very few of the options that seniors have when it comes to planning for their children and grandchildren.

Some seniors may have considered moving to other states, such as Nevada, where taxes are lower or nonexistent. That plan can backfire, however, as 21 states have not adopted the federal rules excluding up to $5 million of estate tax assets. Relocating into one of these states could cost individuals and their heirs additional taxes. Before moving, check with the state tax code of where you want to move early on in the process.

In the end, Nevada residents should understand that estate planning can help them keep more of their money and make it easier to transfer assets later on. But much of the work involved in estate planning can be complex and hard to understand. For this reason, many prefer to work with professionals who are well versed in this area.

Source: USA Today, “Retired? Here’s how to cut your tax bill,” Mark Koba, Dec. 9, 2011

  • Martindale-Hubbell | Top rated lawyer in Tampa | Richard Escobar | For Ethical Standards and Legal Ability | Martindale-Hubbell Top rated lawyer
  • Top Lawyers 2016 | Richard Escobar
  • Top Lawyers 2016 | Dino Michaels
  • Highest Possible Rating in Both Legal Ability & Ethical Standards | AV |AV Preeminent | Richard Escobar | 2016
  • Judicial Education | AV | AV Preeminent | Richard Escobar | 2016
  • CLIENT | DISTINCTION AWARD | Dino mike Michaels, Esq. | Recognized for Excellence | Quality of Service | Overall Value | Responsiveness | Communication Ability
  • 15 | YEAR | Anniversary | Proudly Serving | the Community | Since 2001 | Dino Mike Michaels
  • 10 Best 2018 | Richard Escobar | Client Satisfaction | American Institute Of Criminal Law Attorneys

Archives

Email Us & Get Help
Today

FindLaw Network