Tax Matters

Tax Planning and Tax Payment

Trusts - Tax Deductions - Gifting

Part of probating a will or administering a trust is paying any taxes due. Part of estate planning is arranging matters so that the tax liability will be limited. Our California law firm assists clients with tax matters related to estates at all stages of the process, from tax planning during the drafting of a will or trust to filing returns and identifying tax deductions during probate.

For questions about tax issues that arise during planning or settling an estate, contact an attorney at Russakow, Ryan & Johnson. We help clients develop strategies that can reduce their exposure to estate tax. We also help clients with other tax matters, such as paying state and federal income taxes or other taxes due after the death of a testator.

Tax planning

Our attorneys aid clients who wish to avoid or limit the tax liability of their heirs. We use advanced estate planning techniques that can minimize the amount of an estate that gets paid to the government. Our tax planning methods are tailored to the circumstances of each client, and may include:

• Establishing a family limited partnership
• Creating a marital deduction trust, also called an AB trust
• Creating a credit shelter trust
• Establishing a QTIP trust
• Creating an irrevocable life insurance trust
• Gifting before death
• Establishing a charitable remainder trust

Our lawyers review the pros and cons of each of these methods of limiting or avoiding estate taxes. Living trusts such as these, giving strategies, or the development of family limited partnerships can mean the difference between an estate depleted by taxes and a bequest that preserves much or all of what you acquired during your lifetime for your heirs.

Tax payment

Even a well-planned estate may have tax liabilities. Even if no estate tax is due, most decedents will owe federal and state income taxes. They may also owe local property taxes. If the decedent owned a small business, there will be tax obligations. Our law firm prepares and files all needed returns, making sure that all legal tax deductions are taken and that the amount paid is correct.

For information about tax planning, gifting, and deductions, contact our Southern California law firm in Pasadena or Orange County. Give your money to your heirs, not the IRS.