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Estate Tax Planning

Do you own a house, camp, rental property, or some life insurance? Your net worth may be higher than you think, and that can mean paying Maine or federal estate tax. Estate tax can swallow as much as 40% of an estate’s gross value. That may be your grandchild’s college tuition or a down-payment on a home.

We have the tax expertise to help you determine whether estate tax is lurking in your future, and how to minimize it. There are a host of strategies that we can implement, including life insurance trusts (ILIT), bypass trusts, or other irrevocable trust and gift planning.

Many people forget that real estate (at the date-of-death fair market value) and life insurance are both included in the value of your estate. A family that doesn’t feel rich may have more assets than they think. A couple of life insurance policies, a family camp or summer home, a personal residence, and a small retirement account can easily add up to millions of dollars. If you’re not sure whether the Maine estate tax may apply to you, give us a call. As attorneys with tax expertise, we can help you figure out the size of your taxable estate and whether you can avoid any estate tax.