Experienced Estate Tax Lawyers
Estate planning and generational asset preservation begin with understanding how estate taxes will impact the amount you intend to leave to your children, heirs and other beneficiaries.
If you are a resident of southwestern Indiana and are beginning the estate planning process, make your first call to the law firm of Johnson, Carroll, Norton & Kent P.C. in Evansville, Indiana. We are recognized as one of the pre-eminent estate planning law firms serving communities throughout our region.
It Is Important to Know What Laws and Taxes Apply
The laws regarding the Federal Estate tax are complex. The laws are different, depending upon the value of your estate. The general line is currently set at $11.7 million per individual. If your assets are valued at more than $11.7 million, you can shelter all of it when you leave it to your spouse. If you and your spouse have combined assets valued up to $23.4 million ($11.7 million each), you can shelter all $23.4 million you leave to your children.
The amount above the Federal Estate Tax Exemption will be taxed by the federal government at approximately 40 percent. The state of Indiana has no Inheritance Tax as it was done away by the Indiana General Assembly for those Hoosier’s passing away after December 31, 2012.
How We Help
Our role as your estate planning attorneys is to help you understand how the tax burden will affect your beneficiaries and how you can minimize the impact on your surviving spouse, children and heirs. We will explain your options for reducing the tax burden, if possible.
We will also make sure you comply with the law regarding your final tax obligations and probate matters upon the death of yourself, or your loved one. We will help you avoid the penalties and interest that can accumulate for not meeting state and federal deadlines.
Contact Us To Discuss Your Circumstances
Our attorneys have extensive experience helping people with all of their eldercare needs.Johnson, Carroll, Norton & Kent serves families in Vanderburgh, Posey, Gibson and Warrick Counties. Call 812-205-2661 or contact us online to arrange a consultation. Our law office is located in Evansville, three blocks off the Lloyd Expressway, with ample parking and first-floor accessibility.