In addition to these tools, there are also many tax laws that estate planners can help individuals take advantage of. Some of these laws are very specific, and people are unlikely to know about them unless they specialize in estate planning. For instance, there may be some laws that farms can take advantage of — and some estates may be able to take steps so that they are officially considered farms by the IRS. Knowing about these unique opportunities and whether it’s worth pursuing them requires advanced knowledge and expertise.
Who Can Benefit from this Type of Estate Planning?
Anyone who has assets that they intend to pass onto heirs should talk with an estate planning professional. A professional can recommend appropriate conservation efforts based on your individual situation. If necessary, they can also provide referrals to people with expertise in other fields, such as inheritance laws and taxes.
Even though everyone can benefit from this type of estate planning and should talk with a professional, people who have larger estates stand to benefit more than those who have smaller ones. Not only do larger estates pay more in taxes because there are more assets to be taxed, but the estate tax code is progressive — larger estates are taxed at higher rates.