Developing the right estate planning strategies can have a dramatic effect on you estate assets, especially when it relates to estate tax planning. You could end up paying unnecessary taxes during your retirement or on your estate once you have passed. PIASCIK expertise covers everything that can affect your assets, ranging from properties and financial accounts to foreign life insurance and foreign tax credits accumulated from expatriate taxation.
Is a basic will enough?
Although wills and estate planning can become complex with the establishment of trusts, power of attorney and the distribution of your wealth, there are some circumstances where a only a simple will is needed. A basic will can cover the following:
- leave assets to people and organizations of your choosing
- establish guardianship to care for minors in the event that you can not
- establishes an executor
- naming someone for managing property left for minors
A simple will may be all that you need. Typically that applies when you're under 50, in good health, and don't expect your assets will be subject to estate taxes. However, there are things a will doesn't cover, and without professional estate tax planning, your assets could lose value before they can be transferred to your heirs.
Wills can not be used for:
Transferring property from a living trust
- Assets held in joint tenancy
- Life insurance proceeds with a named beneficiary
- Pension funds and IRA accounts with named beneficiaries
- Stocks held in transfer-on-death form
- Payable-on-death bank accounts
In many of these circumstances, a trust may be your best answer. PIASCIK expert tax consultants can easily review what you already have in place, update any pertinent information, and provide you with will estate planning strategies that meets your needs and concerns while maximizing the value of your estate.
Advanced estate planning strategies that work
PIASCIK is the largest international tax firm south of DC and north of Charlotte, NC with over 70 years of combined international tax law experience. PIASCIK professionals are recognized as industry leaders, such as our Executive Vice President who also serves as the president on the Virginia International Business Councils and as the Treasure for the Society of International Business Fellows. Our expert tax consultants have worked with IC-DISC matters, the transfer of intellectual property, and other venues of tax regulations that can ultimately impact your estate. PIASCIK can guide you through advanced estate planning strategies that work in real world situations.
Still not convinced? PIASCIK will even provide the initial consultation absolutely FREE with no obligation from you. In combination with flat rates and a world-class service, estate tax planning is an affordable alternative to costly institutes that treat you like another numbered file. You have nothing to lose and the information you gain can make the difference of retiring with a safe and secure state of mind, or leaving confusion for your heirs when you are gone. Contact PIASCIK today and discover why so many others turn to us to answer all of their questions about wills and estate planning.
