In administering an estate, there is generally a tax return that needs to be filed, and therefore there are generally taxes that must be paid. In past years, California estate tax could be costly, however recent legislation has been passed that eliminates California estate tax for the year 2013. This means that if your loved one passes in the year 2013 that there will be no state estate tax for their assets. It is important to understand how federal estate tax exemptions will work.

Effective January 1, 2013, an individual may give away up to $5.25 million without being subject to estate tax of any kind. If your estate is worth more than this exemption amount, then you will only owe taxes on the excess amount. Another element to be aware of is that spouses can combine the exemption amount in order to achieve an exemption amount of $10.5 million. In order to accomplish this, you will need to file your federal tax return when the first spouse passes, and this can be a difficult process to have experts prepare these complicated returns.

Helping You Achieve the Results You Desire

If you are nearing the end of your life and you wish to prepare your estate in the most effective way possible for your beneficiaries, then you need the assistance of a Riverside estate planning attorney from our firm. At Dennis M. Sandoval, a PLC, we have been serving the residents of Riverside, California in various probate and estate planning matters for a number of years, and we genuinely care about our clients. Let us help you achieve your goals. Contact us today to schedule your free initial consultation with our firm, and to begin the process of retaining the assistance that you need in order to accomplish your goals for your estate.

Lawyer Dennis Sandoval | Top Attorney Estate Planning