Tax Planning and Preparation
The Law Center provides both tax planning and tax preparation services with regard to income, estate, and gift taxes.
We incorporate tax planning into our representation of clients in many other matters, including adoptions, life and estate planning, immigration, divorce, and business planning. We focus on structuring our clients’ affairs and transactions in a manner that reduces their tax liability, to the extent reasonably possible. Nancy L. Winter leads this practice area, bringing her substantial experience in estate planning, tax, business, and property law, as well as her background in accounting.
It has been said that nothing can be certain, except death and taxes. We can help you plan for both. Proper estate and gift tax planning can minimize estate taxes upon your death, allowing you to pass more of your assets onto your beneficiaries.
Estate or inheritance taxes are based on the value of your estate when you die. Federal tax law sets forth the amount which is exempt from estate tax. Estate tax rates have ranged as high as 55% in the recent past. By planning now, you can maximize the amount that you can give to your beneficiaries free of estate tax.
Gift tax planning is an important part of estate tax planning. Proper planning allows you to make lifetime gifts that minimize estate taxes after your death. We can help you navigate the ever-changing law of gift tax exemptions and give you the information you need to make gifting decisions. By maximizing the use of gift tax exemptions, you can increase the assets that pass to your beneficiaries free of estate tax. We can also help you decide which assets are best suited for gifting.
The Law Center can also help businesses impacted by COVID-19. Attorney Nancy Winter will be offering help in the filing of PPP (Paycheck Protection Program) loan forgiveness applications. She can help business owners understand which expenses qualify as forgivable, how to track them, and what documentation will be required. She can also explain the pros and cons of selecting a 24-week versus an 8-week covered period. The Law Center is here to help our clients as they use their PPP loan proceeds and apply for forgiveness. Our employment law attorney, Anne Daugherty-Leiter, can also help local businesses during this pandemic. She can advise your business on how to comply with COVID-related issues of safety, compliance, leave, time off, and lay offs. See our employment law webpage here.
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