Law Firm Assisting with Individual and Fiduciary Taxation in Chicago, IL
Helping you understand complicated tax matters
While we must all pay taxes, it is imperative to ensure that you and your family are not paying too much. At Klein, Thorpe & Jenkins, Ltd., we help you determine your true tax liability. We provide you with ways to reduce your tax obligations and have a deep understanding of individual and fiduciary taxation and how it applies to your individual circumstances.
What tax rules apply to estate planning?
Taxes can be confusing and overwhelming. We have the answers to your questions about the type of estate plan that is most beneficial to you, estate and gift planning, and how taxes may apply. We stay current on the ever-changing tax laws and keep you informed. Common tax matters related to estate planning include:
- Estate taxes. Currently, the tax code allows for a $5.25 million exemption, which includes gifts given during a person’s lifetime. Thus, many estates are protected from estate taxes. However, it is important to have a qualified estate planning lawyer assist you with trusts and other estate planning methods to ensure that your legacy remains tax-free as far into the future as possible.
- Gift tax exemption. If you are “gifting” your inheritance to your family while you are still living, the recipient does not have to report the gift as income for federal income tax purposes. You are currently allowed to give up to $14,000 per person, per year. An experienced financial planning lawyer can partner with you to determine the best way to distribute your assets.
Deferred payment of estate tax can benefit your family
Estate tax, in most circumstances, must be paid within nine months of the date of death of the decedent. But, the executor may be able to defer the time for paying any amount attributable to a closely held business if more than 35 percent of the decedent’s adjusted gross estate is held in such an eligible entity. We can review your individual circumstances and determine if you are eligible to postpone payment of an estate tax.
Minimize taxes with postmortem income tax planning
In a perfect world, everyone would have a comprehensive estate plan that protects family and personal wealth. When this is not the case, planning after death is still a tool that can be used to minimize taxes. Postmortem tax planning requires the assistance of an experienced estate-planning attorney.
Meet with highly skilled attorneys regarding your taxation issues
Allow Klein, Thorpe & Jenkins, Ltd. to assist you with the intricacies of individual and fiduciary tax matters. Our downtown Chicago office is conveniently located near Lyric Opera and is easily accessible by mass transit, and our office in Orland Park serves our clients in the suburbs. Visit us online or contact our firm’s downtown Chicago office at 312.984.6400 or the Orland Park office at 708.349.3888.
For questions regarding Tax Planning and Preparation, please contact Scott E. Nemanich