Estate Taxes in Santa Rosa, CA
Counsel from a Sonoma County Estate Planning Lawyer
At Gullotta Law Group, our Sonoma County estate planning attorney has
15 years of experience
as a CPA and a
master's degree in taxation. We can handle your
probate matters, review the impact of certain documents on the estate tax return
and prepare the actual returns. In addition to assisting executors and
personal representatives with probate, our team can help reduce the size
of your estate to minimize or eliminate estate tax.
If you own a significant amount of property, estate tax may affect your
loved ones' inheritance. Estate taxes are placed on the property you
transfer at your death.
Your property can include the following:
- Real estate
- Other assets
After deductions are accounted for, the taxable gifts the decedent made
while living are added to the taxable estate to determine the estate taxes
placed on the property. It is no longer mandatory to file a California
Estate Tax Return for decedents that die after 2004.
Note: Most estates do not face estate tax, and only those estates valued
at over $5.25 million will face federal estate taxes in 2013.
Deductions that Reduce Estate Tax
The size of the estate can be reduced through certain deductions. One of
the most often used is the marital deduction, which allows the surviving
spouse to receive property that is in the gross estate outright. Assets
left to charity are deductible from the gross estate. Mortgages, debt,
administration expenses of the estate and losses during estate administration
are also deductible.
Reasons to Hire Gullotta Law Group
To handle estates and the
probate process, most people obtain the services of attorneys and CPAs, according to the
IRS, but at Gullotta Law Group all of these services can be obtained under
one roof. In addition to assisting executors and personal representatives
with probate, our team can help reduce the size of your estate to minimize
or eliminate estate tax.
To learn more about your legal options, take advantage of our
free case evaluation!