Helping You Keep Your Wealth In The Family
At every turn, the government wants its piece of the pie. Many elderly couples have accumulated significant wealth but live on a modest amount. As a result, they are concerned about taxes on their income while they are living as well as minimizing estate taxes for their heirs when they die.
The elder law attorneys of Mahaffey & Associates, LLC, can help implement strategies to avoid or minimize taxes. We counsel retired couples and individuals in northwest Ohio. In many cases, we are contacted by sons and daughters who are concerned that their parents are vulnerable to unnecessary taxation.
Tax Minimization Strategies
You want to enjoy your golden years but you also want to preserve the inheritance of your children or grandchildren. Ty Mahaffey leads an experienced team that can provide tailored tax planning strategies relating to:
- Tax implications of sale or transfer of real estate
- Federal estate taxes for families with multimillion-dollar holdings
- Taxes on retirement distributions
- Taxes on succession of a family-owned business
- Gift taxes and exemptions
- Inheritance taxes on assets owned in certain other states
As of January 2013, the Ohio estate tax was repealed. It may no longer be necessary to have wealth tied up in tax avoidance trusts if your estate is below the federal threshold. We can help you determine if any changes are merited in your estate and tax planning strategies.
We work with financial planners and tax law specialists as appropriate to value assets and project the potential taxes. Our lawyers can help clients select, establish and administer various types of trusts, such as bypass trusts to preserve a spouse’s estate tax exemption or generation-skipping trusts to mitigate the tax implications for heirs.