Top Estate Planning Attorney Michele Ungvarsky Reveals Tax Secrets the Government Never Openly Talks About

Estate planning attorney Michele Ungvarsky, founder at Estrada Law, releases information on some things the government don’t want taxpayers to know about. For more information please visit www.estradalawpc.com

Las Cruces, NM, United States – June 29, 2019 /MM-REB/ —

In a recent interview, top estate planning attorney Michele Ungvarsky, founder at Estrada Law, revealed 3 little know tax points that the government doesn’t spend a lot of time letting taxpayers know about.

For more information please visit https://www.estradalawpc.com

Ungvarsky first commented by saying, “Many people are hesitant when it comes to estate planning, particularly in light of the new tax code regarding estate tax, which was implemented at the beginning of last year. However, there are several little-known legal avenues that you can use to take advantage of the new exemption.”

Whereas estate tax was 40% on any estate worth more than $5.6 million per individual – or $11.2 million per couple – under the new tax bill, the estate tax exemption has been doubled to $11.2 million per individual (or $22.4 million per couple).

While this comes as welcome news to many, Ungvarsky warned, the catch is that this exemption will reverse back to $11.2 million per couple in 2026.

One way to make the most of this new tax exemption, Ungvarksy says, is by establishing an irrevocable trust.

“An irrevocable trust is where the assets put into a trust are separated from your estate for all taxes purposes. You could then make your spouse the beneficiary of the trust, which would allow them to receive income – of course, they would have to pay income tax on it,” she said.

Ungvarksy was quick to add that once the spouse passes, then the beneficiary’s children will be able to receive the assets without paying estate taxes.

Another way to make use of the estate tax exemption is by taking advantage of the portable clause.

When asked to elaborate, Ungvarsky said, “Because the $11.2 million estate tax exemption is portable, the exemption would be transferred to your spouse if you pass away. The estate won’t be taxed between 2018 and 2026 if its total value is under $22.4 million.”

Ungvarsky added that the exemption must be claimed at the same time an estate tax return is filed, otherwise it will be subject to tax.

Another way to shield an estate from taxes is through life insurance.

“There are several ways to minimize your tax liability through various life insurance plans. For instance, whole life insurance comes with a death benefit that is tax free. Furthermore, any assets that you invest with a life insurance policy ups in value on a tax-deferred basis, which allows for the money to compound more quickly.”

Source: http://RecommendedExperts.biz

Contact Info:
Name: Michele Ungvarsky
Email: Send Email
Organization: Estrada Law, P.C.
Address: 1340 Picacho Hills Dr, Las Cruces, NM 88007, USA
Phone: 575-556-2462
Website: https://www.estradalawpc.com

Source: MM-REB

Release ID: 88890878