Planning your estate or setting up a trust for your family members or loved ones is a great way to ensure that as much of your legacy as is possible goes on to the people that you love the most. However, with proper planning and allocating of your assets, you can reduce these taxes down the absolute minimum to ensure that your loved ones get more of your wealth. Most estate and trust taxes fall into two categories:
- Inheritance Tax – A tax on everything that someone inherits from their relatives
- Estate Tax – A tax on everything that you own, have invested in, or have interest in at the time of death.
With proper planning, you can work to reduce each of these taxes as much as possible by planning and taking the steps to begin to transfer your assets in advance of death, taking steps to plan your deductions, taking advantage of all deductions, and by utilizing any available exemptions. This requires that you have an expert in local state and federal tax law on your side to ensure that every decision you make is legal, and to help you take advantage of every deduction and law that sides in your favor.
Camputaro and Associates can help you to reduce and eliminate as much of your estate and trust tax as possible through careful forward planning. We can help you to create a schedule for your financial matters to ensure that your money and your estate stay in the right hands.
Camputaro and Associates
Certified Public Accounting Firm
136 N. Orchard Street, Suite 8
Ormond Beach, FL 32174