Over Two Decades of Legal Expertise in Estate Planning

Krause Estate Planning is dedicated to helping clients in Brookfield and surrounding communities prepare their estates for the future by avoiding costly estate taxes. Our team of legal professionals prioritizes keeping clients informed about factors that affect their tax liabilities, including federal and state estate laws and inheritance and generation-skipping transfer tax strategies. Attorney Krause, one of only eight board-certified estate planning law specialists in Wisconsin, brings over 20 years of legal expertise to the table. He has helped thousands of clients secure their future by developing effective estate plans to preserve their wealth and legacy. 

Call us today at (608) 344-5491 or contact us online to schedule an appointment with one of our team members at Krause Estate Planning.

Strategies for Estate Tax Planning

At Krause Estate Planning, our mission is to help individuals establish effective estate plans that allow their loved ones to save significantly after their passing. Our firm is committed to guiding individuals and families through all available options to minimize tax burdens lawfully. Our team prides itself on identifying robust financial strategies designed to reduce estate tax exposure. When partnering with our Brookfield estate tax avoidance attorney, you won’t encounter one-size-fits-all solutions or generic forms. Instead, our compassionate and knowledgeable team focuses on developing personalized relationships with each client, ensuring the creation of thorough legal documents that safeguard their best interests.

Understanding the Federal Estate Tax Exemption

With the implementation of the Tax Cuts and Jobs Act of 2017, significant changes were introduced to the federal estate tax exemption. Initially, the exemption threshold was set at $11,200,000 per individual and $22,400,000 for married couples. Adjustments for inflation increased this threshold to $13.61M per individual and $27.22M for married couples. The estate tax rate for amounts above this threshold remains at 40%. These adjustments mean estates valued below these amounts can be transferred without incurring federal estate taxes. This exemption alleviates the tax burdens on beneficiaries, allowing for the preservation of greater wealth across generations. 

Maximizing Benefits with the Generation-Skipping Transfer Tax Exemption

The Generation-Skipping Transfer Tax (GSTT) is levied on property transfers that skip a generation, such as a grandparent transferring assets directly to a grandchild. This tax aims to prevent families from bypassing a generation to avoid taxation. However, proper planning can use the Generation-Skipping Transfer Tax Exemption to execute significant wealth transfer without incurring additional taxes. This exemption is synced with the federal estate tax exemption and the lifetime gift tax exemption, set at $13.61M per individual and $27.22M for married couples. Thoughtful application of these exemptions can optimize intergenerational wealth transfer strategies.

Frequently Asked Questions About Estate Tax Avoidance

• What is estate tax? Estate tax is a levy on the estate of a deceased person before it can be distributed to the heirs. The tax is based on the estate's value and is paid out of the estate's assets before any distribution. Federal estate tax laws set exemptions and thresholds for this tax.
• How can estate taxes be avoided? Krause Estate Planning specializes in developing strategic estate plans that minimize tax liabilities. We employ various legal techniques, such as utilizing federal and state exemptions, generation-skipping transfer tax strategies, and other lawful methods to reduce or eliminate estate taxes significantly.
• What is the federal estate tax exemption? The federal estate tax exemption is the amount that an individual can transfer upon death without incurring federal estate taxes. The current exemption is $13.61M per individual and $27.22M for married couples, subject to inflation adjustments.
• What is a board-certified estate planning law specialist? Being a board-certified estate planning law specialist means that Attorney Dan Krause has met rigorous qualifications and passed a comprehensive examination by the Estate Law Specialist Board, Inc. This certification indicates a high level of expertise and commitment to the field of estate planning law.
• Who needs estate tax planning? The short answer is everyone. While individuals with estates valued near or above federal and state exemption limits can benefit significantly from estate tax planning, those with smaller estates may find tax planning advantageous to ensure their assets are distributed according to their wishes without unnecessary tax burdens.
• What is the Generation-Skipping Transfer Tax (GSTT)? The Generation-Skipping Transfer Tax (GSTT) is a federal tax imposed on transfers of property that skip a generation, such as from a grandparent directly to a grandchild. This tax prevents families from avoiding estate tax by skipping a generation. Proper planning can utilize GSTT exemptions to minimize this tax.

Why Clients Trust Krause Estate Planning for Comprehensive Tax Planning

At Krause Estate Planning, we offer more than just legal services; we provide peace of mind and financial security tailored to your specific situation. Clients in Brookfield and surrounding communities choose our firm because of our dedication to thorough and personalized estate plans that protect their assets and their families' futures. Attorney Krause is a certified specialist with the Estate Law Specialist Board, Inc., so you know your estate planning matters are in expert hands.

To schedule a consultation with our knowledgeable Brookfield estate tax avoidance attorney, contact Krause Estate Planning at (608) 344-5491. We can begin discussing your individual needs and develop a personalized estate plan to safeguard your assets and minimize tax liabilities.