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Estate Tax Planning in Pittsburgh

Reliable Estate Planning Help in Pennsylvania

Regardless of how much money you may have, it is important to have a basic estate plan in place. Many individuals work hard for their entire life so that they can enjoy a particular lifestyle and leave a sizeable inheritance for their loved ones. It often brings people joy to know that their children or loved ones will be provided for after they are gone, but sometimes there are unexpected obstacles that can stand in the way.

All too often, inheritances are depleted by substantial tax obligations and related costs because people are unaware of the implications of federal and state estate taxes. You may have seen this happen with your parent's estate or a friend's estate that was radically reduced by such taxes and additional costs. It is critically important to plan properly for taxes on your estate, and our firm is here to help you with this process.

With the help of a skilled Pittsburgh estate planning lawyer at Frayer Law Offices, you can make the proper plans to ensure that you maximize the amount of money left for your heirs. According to IRS statistics, there were 170,721 estate and trust income tax returns filed in Pennsylvania in 2011 alone. The state of Pennsylvania collected a gross amount of $552,125,000 in estate and trust income taxes during the 2011 fiscal year only, and some of these taxes were incurred by people who didn't understand the techniques available for minimizing their tax liability.

Solutions for Inheritance Tax Planning

As you are thinking about tax planning and your estate, you must keep in mind that federal estate taxes, Pennsylvania inheritance taxes, and other types of related laws are continually changing and evolving. There are no one-size-fits-all solutions for estate tax plans and inheritance plans, and our legal team will take great care to ensure that you have a strategy that meets your needs and goals.

Some of the estate tax matters that we will help with include the following:

  • Starting the process of estate and personal legacy planning
  • Assisting with the filing of Federal Estate and Gift Tax Returns, or Pennsylvania Inheritance Tax Returns
  • Looking for ways to reduce estate tax liability
  • Planning for a family wealth transfer in the future
  • Planning for the passing on of your vacation home
  • Establishing insurance trusts

In order to be most effective, we will help you communicate your strategies for your estate to those you love and to the next generation. We have discovered that many of our client are surprised to find out about all of the aspects involved with estate planning, and the more you know about this process the better you can plan.

Contact Frayer Law Offices to Start Planning Today

Regardless of how many assets you may have, you should start thinking about your estate today. As of 2013, the federal estate tax rules now state that an individual can exclude $5.25 million from estate taxes (including gifts given during his or her lifetime) every year. This means that you will likely be exempt from federal estate taxes, but you may still have to pay state estate and inheritance taxes. We will devote time and attention to fully understand your estate and your goals for inheritance and the distribution of your estate, and then we use this knowledge to put together a comprehensive estate plan for you. Contact Frayer Law Offices today for a consultation and to learn how our team can help you avoid future problems. We have been serving the Pittsburgh community for nearly 40 years and know what it takes to accomplish your goals!

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