Tax Planning

Tax Planning Attorney Chicago

Our tax planning lawyers Chicago believe that at the center of any business law related matter, is tax law; for this reason, it is essential to many levels of estate and business planning. With every case and client, we will look at the implications this has on your estate or business plan.

Know the Consequences of Your Tax Liability

If you do not know the possible tax implications of something you do, or plan to do, this can greatly affect your financial situation. One example is giving a child a gift, which has a highly appreciable value over time. The tax liability of giving this gift, is that it removes liability from the donor’s estate. But, if the gift is only given at the donor’s death, the tax implications are going to differ; all appreciation that is associated with the gift will escape taxation, due to the “step up” which occurs only after the owner’s death. For this reason, giving a last minute gift, to anyone, should be avoided when possible.

Chicago Tax Planning Attorneys Can Help

But, there are those well to do clients who are concerned about limiting the amount of transfer taxes, and lifetime gifts in a trust (like a grantor retained annuity), can help to save a great deal in the amount of estate and gift taxes that are to be paid. These are only two, of many examples out there, in relation to tax planning, and what hiring the best tax planning lawyers Chicago can do for you, when it comes to taxes, your estate, and the implications of a gift.

Tax Planning in Chicago

At Estate Planning Lawyers Chicago, we have a number of years experience in the tax planning sector. This experience, coupled with our founder’s advanced degree in the areas of tax law, as well as ongoing study in taxation law, make us a great choice to help you through the issues and questions you have, in terms of planning, and taxes. The experience we have amassed over the years allows us to help our clients with many areas of concern, such as minimizing their income, employment, and transfer taxes, to a level that is consistent with their planning objectives. This, and any other questions or concerns you might have in relation to tax planning, on the business or the personal level, are questions that we can help you with, and our tax planning lawyers Chicago are here to assist you through all phases of the planning process.