Los Angeles Estate Tax Planning Attorney

Helping Clients Reduce Their Tax Liability in California

When building an estate plan, it is crucial that you consider your tax liability and the tax implications of all decisions you make. Foregoing tax planning during your lifetime can lead to huge financial burdens and tax-related work for your loved ones after your death.

What to Consider With Tax Planning?

When planning for taxes, you will want to consider:

• Income tax
• Gift tax
• Estate tax
• Property tax

You deserve the peace of mind of knowing that your loved ones will be set up for success once you are gone. At the Law Office of Mitchell A. Port, we can help you achieve that peace of mind. Our Los Angeles estate tax planning attorney understands the ins and outs of state and federal tax laws. We can apply that knowledge and our 37 years of experience to your case. A bright future awaits you – let Mitch Port help you get there.

Contact us online or call (310) 526-3433 to get started with our estate tax planning attorney in Los Angeles.

State & Federal Estate Taxes

California does not have its own estate tax, but residents may still be subject to the federal estate tax. Currently, the federal estate tax exemption is over $11 million. This means an individual can leave their heirs something over $11 million, and married couples can leave something over $22 million without paying any federal estate tax. These numbers fluctuate over the years.

Though the estate tax at its current exemption only affects an estimated 1,890 estates in the U.S., it is vital that you consider its implications on your own estate. The way you plan your estate can affect whether you are subject to the estate tax.

What is a Unified Transfer Tax?

Though many people refer to the estate tax as the “death tax,” it is really more accurately described as a transfer tax.

Estate taxes, gift taxes, and generation-skipping transfer taxes all fall under the umbrella of the Unified Transfer Tax. They are essentially all taxes on the transfer of assets from one person to another.

By investing in tax planning services provided by the Law Office of Mitchell A. Port, you can maximize your tax shelter from transfer taxes. You may even be able to leave your entire estate to your beneficiaries tax-free.