How Much Will My Estate be Taxed and Can I Avoid Taxes? PA Estate Planning Lawyer Answers
Federal Estate Taxes can be as high as 45% or even 55%. This can really deplete your estate, but there may be a way around that. We might be able to take your life insurance policy and put it into an Irrevocable Insurance Trust. If you have a two million dollar life insurance policy and pass away, then your heirs will receive two million dollars. If you leave this in your estate, then the Federal Estate Tax could cut this to just one million dollars or less. We can double the value of life insurance policies using this method, but you need to start planning early. An Irrevocable Insurance Trust can make a huge difference for you and your family. If you don’t have a will or trust yet or need to update it because you bought a home or had a child, then please give us a call at 610-933-8069 for more information or to set up an appointment.