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Tax Planning

Our Practices > Estate Planning > Tax Planning

Tax Planning

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Overview

At Kelley Kronenberg, our experienced team of estate and tax planning attorneys specialize in providing sophisticated legal counsel to high-net-worth individuals and families with the goal of ensuring their wishes are carried out, while minimizing or eliminating future tax liability and avoiding litigation.

Upon death, an estate can be charged with an estate/death tax if not properly planned for. Each year, an individual can gift up to $15,000 per person of their choosing, exempt from any gift tax. Beyond $15,000, the individual will incur a gift tax. Currently, a single person can die with up to $11,700,000.00 in assets or $23,400,000.00 as a married couple and pay no federal estate tax at their death. By using irrevocable trusts, partnerships, charitable planning, and gifting, one can minimize or completely eliminate the estate taxes owed.  Planning in this manner is especially important since the lowest tax rates for the estate tax is about 40% of each dollar over the allowable amount.

Our attorneys utilize an individualized approach to evaluate your unique situation and help you develop strategies that will minimize or eliminate future tax liability while complying with state and federal laws. We can review your estate plan, identify if and how any proposed changes to the tax laws may affect your plan, and identify potential strategies that can be implemented if the laws change.

As a cross-disciplinary law firm, Kelley Kronenberg is in a unique position to provide complete legal services tailored to each client’s specific needs. Our integrated team of attorneys collaborate with the firm’s other practice areas to provide a seamless and unified approach to both complex and routine matters. Our attorneys have the resources and skills to identify potential pitfalls ahead of time and offer innovative solutions to today’s most complex issues.

President Biden has proposed historic changes to the federal tax law, increasing taxes on estates and high-net-worth individuals. If enacted, these changes will significantly impact estate planning, disrupt existing plans, and result in more taxes for families at death, leaving loved ones with massive liabilities. Accordingly, it is crucial to consult with a knowledgeable and experienced attorney. Our estate and tax planning attorneys can assist you in developing a comprehensive plan implementing forward-thinking strategies to maximize your tax savings.