Oregon Estate Tax Attorney

Estate taxes are in addition to final income taxes, which must be paid on income a person receives in the year they die. In effect, it is a double tax. The deceased person has already paid income taxes on the money and assets that make up their estate. With estate taxes, the heirs and beneficiaries must pay taxes on those assets again.

Oregon estate tax lawyer Pricilla Taylor advises clients on ways to avoid probate costs and estate taxes through estate planning. She also represents heirs and benefices in estate-valuation disputes.

Federal estate taxes are based on the net value of a deceased person's estate, including homes, business interests, bank accounts, investments, capital gains, personal property, IRAs, retirement plans, and death benefits from life insurance policies. To determine the net value of your estate, debts are subtracted from total assets.

For people who die in 2006, up to $2 million in assets is exempt from estate taxes. However, for every dollar over $2 million, the estate will be taxed at 46% (or 45% if the death occurs in 2007 or 2008).

If you plan ahead and use some of the tax-reducing strategies, such as placing life insurance policies in a trust fund, you can reduce or even completely eliminate your estate taxes. An estate tax attorney can also advise married couples how they can each take advantage of the $2 million estate tax exemption.

Learn More: Visit our estate planning web site or click here to access our estate tax calculator.

Contact an Oregon estate tax attorney at The Taylor Law Firm to discuss your estate planning or tax matter for a reasonable fee.

Lake Oswego, Oregon estate tax attorney Priscilla Taylor is available to represent clients in Oregon and Washington, including Portland, Salem, Bend, Beaverton, Wilsonville, West Linn, Vancouver, and Eugene, and throughout Clackamas, Washington, Marion, Deschutes, Clark, and Multnomah counties.

Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that, unless specifically indicated otherwise, any tax advice contained in this communication (including any emails or attachments) was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code, or (ii) promoting, marketing, or recommending to another party any tax-related matter addressed herein.