Tennessee Estate Tax Planning Attorney
Proven Strategies for Gifting Assets and Avoiding Taxes
Many people do not realize that their combined assets — the family home, a life insurance policy, retirement assets, business holdings — could trigger steep estate taxes on their Tennessee estate. The law firm of Burkhalter & Moser, PC advises clients on gradual wealth transfer and various types of trusts to lower or all together avoid state and federal taxes.
Based in Maryville, estate planning lawyer Ted "Tab" Burkhalter represents high net worth clients in Blount County, Knox County, East Tennessee and beyond. His knowledge of tax law allows clients to take advantage of legitimate tax shelters and federal gifting limits to lower the tax hit for their heirs without sacrificing their accustomed lifestyle or running afoul of the IRS. Arrange a consultation today.
Estate Tax Planning
We represent professionals, executives, family-owned businesses and other clients with significant assets who are potentially subject to state or federal taxation. While the floor for federal estate taxes currently sits at $2.5 million, Congress may revise that margin. Regardless, Tennessee estate taxes kick in at $1 million — which means that one could owe little or no federal taxes but have state inheritance taxes of $50,000 or more.
Based on your age, asset base, need for protection from creditors, income needs, and other unique circumstances, Mr. Burkhalter explores appropriate vehicles such as:
- Charitable remainder trusts
- Irrevocable life insurance trusts
- Credit shelter trusts (offshore or domestic)
Gifting and Wealth Transfer
One method of estate tax planning is the gradual gifting of assets to your heirs. Advance planning is critical. The federal government has a five-year lookback, and will seek to recover cash or assets passed during that time frame. Tab Burkhalter can discuss family limited partnerships, charitable trusts and other entities to reduce the taxation, as well as annual gifting limits and allowable spend-down strategies such as funding a grandchild's education.
Tab Burkhalter is a licensed CPA and experienced tax planning lawyer with a strong background in business law. Call our Maryville office at 865-238-4103 to schedule a session with Mr. Burkhalter.
