Estate Tax

North Texas Estate Tax Planning Lawyer

Dallas Gift Tax Attorney

Avoid Estate and Gift Tax Liability

Estate tax planning is the process of minimizing the amount of estate tax and gift tax owed by your estate. In fact, because The Internal Revenue Service (IRS) has such an expansive definition of what it considers to be taxable income, estate tax planning should be considered by everyone, not just the wealthy.

At the Law Offices of Jo Bess Jackson, P.C., located in Dallas, Texas, we counsel people about the ways to avoid both gift and death taxes through creative estate planning. Through a combination of certain trusts and/or gifts, you may be able to reduce the death tax liability imposed upon your estate. Attorney Jo Bess Jackson has an in-depth understanding of the federal and state tax code, and can help you understand any tax implications by translating this often difficult language. Contact us to schedule a free initial consultation about reducing your estate taxes.

Trusts as an Estate Tax Planning Tool

Estate tax affects the amount of money available for your beneficiaries after you die. The federal government will tax the gross estate above a certain amount, which is currently $1.5 million. A trust can sometimes be structured in such a manner designed to minimize or avoid certain estate taxes. While not appropriate for all families, our firm can establish the following types of trusts for clients:

  • Marital trusts, AB Trusts, Bypass Trusts, and Family Trusts
  • Credit Shelter Trust
  • Insurance Trust or Irrevocable Life Insurance Trust (ILIT)
  • Charitable Trust

Gift Tax Exemptions

Another way people avoid estate tax is by bestowing estate property upon people before their death. The IRS will impose a gift tax on certain types of gifts. In fact, people can gift up to one million dollars during their lifetime. Certain types of gifts, however, are exempt from gift tax, including gifts:

  • To spouses
  • To pay for educational and medical expenses
  • To a charities or certain political organizations
  • To an individual in a single year which do not exceed $12,000

Contact lawyer Jo Bess Jackson, to schedule a free initial consultation. We will counsel you about the importance of estate tax planning. Our firm represents people throughout North Texas, including Henderson County, Ft. Worth, and Denton. Please call (214) 219-2285.