Will a Living Will Save on Estate Taxes?
If your estate is subject to either federal or state estate tax, a trust can save substantial taxes for a married couple. These savings are obtained by being able to use the exemption amount at each death, instead of just at the death of the surviving spouse. However, a Living Trust will not save any death taxes for an individual unless other deductions are available, such as charitable deduction if you give a portion of your assets to charity.
Attorneys in York, Maine specializing in Real Estate Law, Civil & Criminal Litigation, Estate Planning, and Incorporation, serving the communities of Southern Maine in York and Cumberland counties including: York, York Beach, Kittery, Kittery Point, Eliot, South Berwick, North Berwick, Ogunquit, Wells, Kennebunkport, Kennebunk, Alfred, Lyman, Arundel, Biddeford, Saco, Sanford, Springvale, Acton, Shapleigh, Limerick.
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