Detroit Tax Planning Attorneys
Detroit Tax Planning Lawyers
You have worked hard, and accumulated some assets − now it seems that the IRS is going to rob you blind. At The Prince Law Firm in Greater Detroit, our tax planning lawyers work to help our clients preserve their assets. We may be able to help you. Contact our Bloomfield Hills office to make arrangements for a free initial consultation about tax planning for your estate.
Federal and Michigan state tax laws provide a variety of options. This complex area of law is constantly changing. For instance, the federal tax code is constantly in flux, but at our firm, we pride ourselves on staying current with the law and being able to effectively counsel our clients as laws change.
In order to provide our clients with the most effective representation possible, our attorneys focus almost exclusively on tax planning, estate planning, and probate. If you have questions about how to utilize these laws to your advantage, please contact us today to set up a free initial consultation.
After carefully evaluating your situation, our lawyers will make suggestions based on provisions in the law, the nature of your assets, your personal goals, and your tolerance for risk. You will then direct us in assembling a plan that best suits your needs. Tax planning may involve one or several of the following measures:
- A revocable trust that takes full advantage of both spouses' estate tax exemption, often referred to as a living trust, A-B trust, or marital and credit shelter trust
- A carefully designed gifting program that reduces your net worth by distributing assets while you are alive
- An irrevocable life insurance trust (ILIT)
- A charitable trust to preserve assets for the benefit of charities
- Generation skipping measures such as a dynasty trust
- A limited liability company (LLC) or limited partnership (LP)
When considering tax planning, it is important to avoid costly mistakes based on common myths. Adding your children to your house deed may help reduce the cost of probate − however, the value of the house is taxable as an unreported gift. We can also counsel you about how to correctly use the gift tax.
Worse yet, if it's only one of several children on the deed and he or she is supposed to share with the rest after your death, it's not unheard of for that "minor" detail to be forgotten. A revocable or irrevocable trust can be a valuable asset preservation strategy, but your estate may not be large enough to warrant the expense.
At The Prince Law Firm our attorneys are committed to providing each client with the most appropriate service for his or her situation. If all you need is a will then that is all we will sell you. If you want to take an aggressive stance on taxes, we will get as creative as the tax code and regulations allow. Contact us