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Trust Estate Lawyers Advisors
Upon the death of a person, the resulting assets of the deceased is called an "Estate." In tax law, upon the death of a person, the Estate may owe taxes to the Federal, State, or local governments. There are deductions using Estate Planning techniques that help avoid paying taxes upon the death of a person. An Estate trust is a trust established by one spouse for the benefit of the surviving spouse or family members. Such trusts are also established for qualifying a deceased spouse's property for the marital deduction. A trust requires a trustee and beneficiary(s). In most cases, the surviving spouse becomes the sole beneficiary of the trust, and upon his or her death, the trust beneficiaries transfer to their children or other charitable entity. Marital deductions are tax deductions allowed for lifetime and testamentary transfers from one spouse to another. For Estates over $5 million, it is important you have an experienced Trust and Estate lawyer who can help you through the myriad of tax laws that impact the Estate's tax obligation.