Estate & Gift Tax Laws

Philadelphia Estate Tax Planning Attorneys

Federal law regarding estate and gift tax changes almost every year. To best protect your assets, it is important to act now to develop an estate plan that minimizes avoidable gift and estate taxes without being susceptible to allegation of illegal tax avoidance.

Located in Center City Philadelphia, the gift tax planning attorneys at the Law Office of Adam S. Bernick have years of experience helping clients maximize the protection of their assets while minimizing exposure to estate and gift tax.

To schedule a complimentary consultation with an experienced estate planning lawyer, call 215-563-8783 or send an e-mail.

Basic Information About Estate Tax

The federal estate tax is often referred to as the "death tax." It applies to high-value estates and can act as a significant drain on your assets, resulting in a depleted asset base to be transferred to your heirs.

If the asset's owner does not take steps to minimize estate taxes, the beneficiaries and family members may find themselves in the unwelcome position of having to sell the family business or other assets to cover the estate taxes. With careful planning, we can reduce the chance that this will happen with your family.

Basic Information About the Federal Gift Tax

Much misinformation exists about the federal gift tax and its exemptions. The purpose of the federal gift tax is to prevent people from sidestepping estate taxes by giving away their assets while still alive.

If you are considering developing a gifting plan to minimize estate and gift taxes, it is important to do so sooner rather than later. It is also critically important to develop a gifting plan with help from an estate planning lawyer who understands the relationship between the estate tax, the gift tax and other legal rules and limitations, such as the generation-skipping transfer tax.

Contact the Law Office of Adam S. Bernick

As your assets grow, it becomes more important to develop a gifting plan and an estate plan that will minimize exposure to estate taxes. To begin the process, contact the Law Office of Adam S. Bernick to schedule a complimentary consultation.