San Jose Tax Planning Attorneys
No one likes to talk about taxes, but when it comes to probate and end-of-life taxation, the lack of a plan could mean financial losses for your heirs. It also means the government gets more than it should that you’ve worked so hard to build throughout your lifetime. Effective tax strategies can help you to plan for your future and that of your estate. With the help of our San Jose tax planning attorneys, you can minimize at least some of the financial impact that taxes can have, ensuring you are meeting your legal requirements and reducing your taxes in any way possible.
Steburg Law Firm can help you. Our highly experienced tax planning attorneys work closely with you to develop strategies to help you reduce your tax liability and minimize any losses. Contact us today to learn how we can help you.
Legal Definitions
Tax planning is a process of understanding the tax liabilities you may have while also creating methods for reducing them. The U.S. Internal Revenue Service (IRS) makes it clear that taxpayers have the right to learn about all tax credits and deductions that apply to them and to take those deductions. The problem is that taxes are complicated, and the tax code itself changes often. That’s why having a professional available to help you becomes critically important. At Steburg Law Firm, our San Jose tax planning attorneys will work very closely with you to ensure your needs are met and you understand all of your legal options.
Planning for the Road Ahead – What Does a Tax Planning Lawyer Do?
Tax planning attorneys work closely with individuals to help them protect their earnings and assets from taxes during their lifetime and, when possible, to reduce any tax implications on your estate after your death. They provide a wide range of legal tools to do this after fully understanding where you stand and what your legal rights are.
What Is the Benefit of Working With Our San Jose Tax Planning Attorneys?
Utilizing the use of a tax planning attorney has one solid goal. That is to ensure as much of your estate passes from you to your heirs as possible, minimizing the amount of taxes levied against it. This can be done during your lifetime but also after your death, ensuring that you are not paying more than you legally have to pay to the IRS.
The key to remember is that there are various strategies available to help you to achieve a reduced tax obligation, but they take careful understanding of your financial position and assets. If a plan is not put in place, you may pay more tax than you should.
Common Concerns & Considerations
When should you use a tax planning attorney? There are many reasons why this may be a very necessary service for you. Here are just a few examples.
- Do you want to avoid the probate process? This could mean reducing the risk that the government levies higher taxes on your estate, meaning less goes to your named heirs.
- Are you likely to have to pay estate taxes? That is, once you die, will your estate be put at risk for estate taxes that could reduce it significantly? It may be possible to avoid this.
- Do you want a plan in place to minimize any taxation on the charitable giving you wish to do through your estate?
- Are you looking for a way to distribute your business assets that will not cause the company to lose a significant amount of value?
- Could there be the risk of a tax audit for your estate? If so, you may want a plan in place to manage those risks.
These are a few of the most common scenarios when an estate planning attorney can help with taxation planning. Tax planning attorneys work to create a customized solution that addresses your specific needs.
Personal Tax Planning Services and Strategies
For many people, personal tax planning services are critical. You do not have to be wealthy to use these services, though those who have ample estate value may wish to do so without fail due to the potential losses involved. Your tax planning attorney will work to best understand your existing financial situation and wishes. They will then apply a variety of tax strategies that fit your situation to potentially reduce your taxes. Some examples may include the following:
- Gifting funds to family within the limitations of the current law
- Making charitable donations to reduce your tax liability but doing so in a way that fits your interests and objectives
- Creating an irrevocable life insurance trust that allows you to leave behind funds for your loved ones specifically without the risk of taxes being applied.
- Utilizing family limited partnerships (FLPS) that can help to pass business assets and real estate within the family from one generation to the next without compromising that process with high taxes.
- Setting up a qualified personal residence trust to minimize the risk of taxation.
Business Tax Planning Services and Strategies
As a business owner, you also have to consider what financial limitations and taxes may impact your business both now while you are alive and later after your death. Having a succession plan in place is the first step in this process, as it informs what needs to be done to move the business from your ownership to someone else.
Then, you’ll work with your San Jose tax planning attorneys to create a plan for managing your business taxation risks. As noted, one of the most effective ways to do this is through FLPs, which allow you to pass your business assets from your ownership to that of a named heir while reducing tax implications. You may also be able to establish a different business entity to help control your company after your death. The key is putting a plan in place to preserve your business.
How to Select the Best San Jose Tax Planning Attorney for Your Current Situation and Future Needs
Hiring an estate planning attorney is a big decision with a lot on the line. The key to doing so is to get to know what they can offer you and what their experience is. Some key things to look for in a San Jose tax planning attorney include the following:
- Their experience managing tax planning for your situation
- How much experience they have with creating succession plans that minimize business-related taxations
- Overall availability of the professional to meet with you and manage your situation over time (your needs will change – you want an attorney who is going to be there for you)
Take some time to consider where you stand right now. If you do not have a plan in place to minimize taxes, now is the time to work with an attorney who can guide and support you.
How the Steburg Law Firm Can Help
At the Steburg Law Firm, our San Jose tax planning attorneys are highly experienced and have a wide range of services and skills to offer to you. Even if you’re unsure about the tax implications on your estate, having the insight and support of an attorney can give you the peace of mind you want and need. Contact us today to set up a consultation to discuss your needs.
