New Bedford Tax Planning Attorney

As people become more aware of tax laws, more individuals believe that estate planning is essential to avoid probate and essentially avoid estate taxes. While this is important for some, it is not necessarily relevant to each family. At the Law Office of Michael T. Lahti, we evaluate your individual family's circumstances and help you determine if and what tax planning is necessary. To discuss your tax planning needs with an experienced tax law and estate planning lawyer, contact our New Bedford or West Harwich tax planning law firm to schedule a consultation.

Comprehensive Tax Law Guidance

At the Law Office of Michael T. Lahti, we have extensive knowledge and experience with tax laws and tax planning. We have more than 10 years of experience practicing law and have earned a distinction as a Certified Elder Law Attorney. Additionally, attorney Michael Lahti has achieved a specialized degree in personal, estate, and financial planning. We utilize this vast knowledge and experience to provide tax law assistance to clients in Massachusetts, Rhode Island, and Florida. We assist clients with tax concerns, such as:

Estate tax returns
Gift tax returns
Fiduciary income tax returns (for trusts or estates)
Estate tax planning
Gift tax planning

Who Needs Tax Planning?

Asset protection and tax planning are important for families with substantial assets. If planned appropriately, it is possible to eliminate or substantially reduce a family's estate tax liability during estate administration. Each state has set a limit of assets that are automatically exempt from estate taxes. Therefore, if an individual's estate is below the exemption, the estate will not be subject to estate taxes. The Federal estate tax exemption amount is $2,000,000. The state estate tax exemption amounts are:

Massachusetts: $1,000,000
Florida: $2,000,000
Rhode Island: $675,000

Gifting and Tax Planning

Individuals with estates that may be subject to estate taxes can take advantage of gifting to minimize future exposure to estate taxes. Individuals are permitted to give a substantial amount of monetary gifts each year to friends, family members, and other individuals without being subject to gift taxes.

Experienced Tax Law Representation

By working with an experienced tax law attorney now, you can ensure that you truly benefit from gifting and tax planning by maximizing your gifting opportunities and minimizing future exposure to estate and gift taxes. For experienced guidance from a Massachusetts tax planning lawyer, contact our New Bedford or West Harwich estate planning law office today.