Copyright © Law Offices, John M Miles. All rights reserved.
John M. Miles
Counselor at Law, P.C.
No one wants to work their entire life only to have the rewards of their work taken away upon their death by the Internal Revenue Service or their creditors. The goal of every American should be to have their assets preserved during their lifetimes and upon their deaths to be distributed according to their wishes. This is accomplished through judicious estate planning.
The first step to proper estate planning is to realize that it can be accomplished more easily during life than following death. The Internal Revenue Code allows a person to make lifetime distributions that can substantially reduce their estate tax liability after their death. The estate planning process begins with the Estate Planning Interview.
Most People think of estate planning as writing a will. This is usually the impetus to start the process. During the will interview, we inquire into the status of the potential estate and the possible tax consequences. We explore the opportunities for lifetime gifting and different forms of ownership that can effect the estate tax situation.