Minimize Your Estate Tax Liability

In order to avoid paying unnecessary Oklahoma and federal estate taxes, it is important to speak to an experienced estate-planning attorney to develop a tax plan. With over twenty years of experience as both a CPA and tax attorney, Donna J. Jackson will advise you on the best tax strategy to avoid estate tax liability. She represents individuals in and around central Oklahoma.

Estate Tax Planning

Tax planning can minimize your estate tax liability. An estate valued over two million dollars must pay federal and state taxes. By creating a trust, funded by the income of the estate, you can minimize tax liability. These income trusts provide money to the surviving spouse while avoiding paying estate taxes. Beneficiaries may get the remainder of the trust property upon the death of your surviving spouse.

The estate tax law changed in 2006. Oklahoma has yet to solidify its interpretation of this new law. These changes may affect your tax liability. The consequences of these changes make it even more important to speak to an experienced estate planning and tax attorney. Call 405-463-4818 to schedule an appointment with lawyer Donna J. Jackson.

Business Estate Tax Issues

Problems may arise when a business in your estate is valued over two million dollars. Under current tax law, you must pay estate tax on that business. Many businesses valued at two million will not have the necessary money to pay the estate taxes assessed. Often times, a family must sell all or part of the business in order to pay off the estate tax. With proper tax planning, your family can avoid excessive tax liability. Create a life insurance policy that will pay the estate tax when you die.

To learn more about estate taxes and business tax liability, call Donna J. Jackson at 405-463-4818. Schedule an appointment to speak to her about your estate tax concerns. Submit your questions and contact information by completing the attached contact us form.