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Estates & Trusts

The importance of estate planning is often overlooked.


The importance of estate planning is often overlooked.  The tax laws for estate and trusts are constantly changing.  No matter what the size of your estate, we can help you to make the transition to your heirs easier and more cost effective. If you are over the estate exclusion limits, Currie & McLain, P.S. will work closely with your estate attorney in the preparation of plans and trusts to help minimize the amount of tax your estate will have to pay.  One of the most important benefits of estate planning is the ability to name your heirs, specify the amount of your estate they will receive and determine the manner and timing of when they receive it. If you do not make any provisions for the distribution of your estate before you die, it could be distributed according the state’s “intestate succession” statutes. In order to minimize estate taxes and have your wishes fulfilled, it is important for everyone, no matter what the estate value is, to plan before their death.

Estate and succession planning is especially important for business owners. Usually a business is a large part of a person’s estate, and it’s important to plan ahead so that the business maintains its maximum value while generating the least amount of tax. With family businesses, succession planning can be especially complicated because of the relationships and emotions involved—and because many families are not comfortable discussing topics such as aging, death, and their financial affairs.

Some steps we will take during the planning process:

  • Determine the estate tax burden on the estate as it is presently structured.
  • Read the existing wills and trust documents and offer suggestions for changes to minimize taxes and help clients achieve their goals.
  • Work closely with our clients and their professional team of attorneys, insurance, investment advisors, etc.
  • Help establish a value for your business, and review its structure.
  • If appropriate, meet with families to explain the structure and goals.

Currie & McLain, P.S. has the expertise to help with succession planning as well as prepare estate, gift and other fiduciary tax returns. We also assist in after death planning for families of a decedent who did not take maximum advantage of estate planning opportunities.  We can review your assets to determine if there are multiple state tax issues that planning can resolve.  Click here to set up an appointment to talk to an expert about your situation.

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