Detroit Estate Tax Lawyer
Trustees, executors and beneficiaries often approach an estate planning and estate administration law firm with the objective of minimizing or eliminating estate taxes. Living trusts are a common tool for keeping assets away from tax collectors at the time of transfer of assets after death. Any part of an estate that is covered by a will may be subject to estate taxes.
Schwartz Law Firm welcomes inquiries regarding any aspect of estate planning or estate administration in Michigan, including minimization of estate taxes or proper handling of estate taxes of a deceased person.
Key information regarding estate taxes is provided by the Department of Treasury of the state of Michigan on michigan.gov as follows: "Estates of persons who die between December 31, 2004 and January 1, 2011 are not subject to a Michigan inheritance or estate tax. Therefore, no Estate Tax forms need to be filed with the Michigan Department of Treasury."
At the federal level, there is no estate tax as of 2010 for up to $3.5 million in assets. Acts of Congress may change this before 2011 when the current laws on estate taxes expire.
People preparing to establish trusts, trustees and beneficiaries are encouraged to consult with estate planning attorneys and financial planners to help determine the most advantageous course of action regarding death and taxes, either before or after death. Our Michigan estate taxes lawyers bring depth of experience to the task of advising and representing our clients.
Whether for estate planning or estate administration, our attorneys are prepared to help clients address estate tax issues with asset protection as the ultimate goal. Contact us at our offices in Farmington Hills for a free initial consultation with an experienced Detroit estate tax attorney.