Estate Taxes

Estate Taxes in Long Beach

You don’t have to own large, expensive property or have multiple cars and homes to consider your assets an estate. If you have a savings account at all or receive income from a business, you have an estate that requires management and planning for future distribution of benefits. As a tax-focused firm, Life On Thrive, Inc handles the preparation of federal and state fiduciary returns for your estate, which includes Schedule K-1 Form 1041, or the US tax return for estate and trusts.

Minimizing Estate Tax

You have worked hard to achieve your wealth, and we want to help ensure that as much of your estate as possible is preserved by minimizing taxes. Our team is experienced with filing estate tax in California and can help ensure that all the necessary paperwork is filed on time and properly completed. The goal of our Long Beach estate planning professionals is to ensure that your wishes are followed as closely as possible while maintaining high tax efficiency. No matter what plans you have for your estate, we can help you make the most of the wealth you have worked so hard to accumulate.

Keeping Up-to-Date with Current Tax Laws

Estate laws are always changing and evolving at both the state and federal levels. Many individuals find these constantly-changing tax laws frustrating when attempting to file the more complex taxes like estate taxes. Our firm understands these ever-changing tax laws, and we can provide the kind of comprehensive estate support services you need to protect yourself and your family.

Careful estate planning is advisable because taxes can be quite high. Individuals who want to leave significant assets to their beneficiaries or heirs can avoid excess tax liability with proactive planning. There are completely legal ways to exempt your assets from the estate tax, including an annual exclusion for gifts up to $15,000, and certain types of trusts such as a grantor retained annuity trust, or GRAT.

Estate taxes can easily become complicated, but they can be made clearer and easier to understand with help from qualified financial professionals. If you’re dealing with gift taxes associated with inheritance, Life On Thrive, Inc handles all tax-related planning and preparation issues and ensures you have the necessary guidance to keep your legacy strong. Call us today for a free consultation!

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