Estate Taxation Attorneys in Colorado Springs
You Can Limit the Impact of Taxes on Your Estate
An estate planning attorney can help you reduce your estate’s exposure to taxation. Strategies such as making lifetime gifts and utilizing trusts can help to reduce the amount of taxes due upon your death—or even eliminate them altogether. Devising a strategy that meets your unique needs and goals is possible, but only with an experienced estate planning lawyer.
If minimizing your estate’s exposure to taxes is one of your estate planning goals, we at Drexler Law can offer the guidance and services you require. We take the time to get to know our clients and their unique needs so that we can provide personalized advice tailored specifically to them. Our team of experienced estate taxation attorneys in Colorado Springs can work with you to develop a strategy that puts your mind at ease when it comes to taxes and your estate.
Let us do the hard work for you. Call (719) 259-0050 now to learn more about how Drexler Law can help.
We Can Help You Minimize Your Taxable Estate
Although Colorado doesn’t have an estate tax, the federal government does. If you are single and your estate exceeds the $12.92 million federal exemption ($25.84 million if you’re married), careful planning can help you reduce the size of your estate and its exposure to federal taxation.
A few strategies that can help you minimize your estate’s tax exposure include the following:
- Making gifts to your family members
- Establishing an irrevocable trust
- Making charitable donations
- Utilizing tax-advantaged accounts
- Developing asset protection strategies that incorporate IRAs, 401(k)s, 529 plans, and Health Savings Accounts (HSAs)
- Place assets in jointly held accounts
Some of these strategies may help you accomplish your estate planning goals, but there are many others that our experienced estate taxation lawyers in Colorado Springs can help you explore. Reach out to us today and request a consultation to learn more about how we can provide the legal support you need.
When Does Giving Money Trigger the Gift Tax?
You can gift up to defined amounts as established under the Internal Revenue Code (e.g., $16,000), adjusted for inflation, to any number of individuals without your gift counting toward your lifetime federal estate tax exemption or triggering gift tax consequences.
Giving an annual gift is one way those with sizeable estates can slowly transfer wealth to their children and other relatives. Mapping out gifts in this manner can help you avoid unintended consequences for your estate, such as reducing your lifetime exemption that may expose it to federal estate taxes.
How Does a Trust Reduce Estate Taxes?
Not every trust can reduce estate taxes, but irrevocable trusts take advantage of provisions of the Internal Revenue Code. Often seen as effective tools for preserving a family’s wealth, these trusts can reduce estate taxes because the tax a grantor pays on the trust’s income reduces the value of the grantor’s estate.
Structuring a trust to account for and avoid the myriad or traps and tax consequences is an exacting endeavor and involves careful coordination between attorneys and other tax professionals. Drexler Law maintains an in-house associated Certified Public Accountant (CPA) to assist and advise our clients on the important tax provisions affecting the client’s estate plan. We take this seriously so you can sleep at night knowing your wealth will be transferred to your heirs without leaving daunting tax liability after you pass away. Your legacy should be about you, not about the tax liability left behind.
Overall, when used in conjunction with other tax-planning strategies, an irrevocable trust can support your estate planning goals. Our estate taxation attorneys at Drexler Law can guide you through options that may be suitable to your objectives.
Contact Us Today to Learn More
There’s no better time to think about tax planning than right now. If you’d like to learn more about how Drexler Law can provide the legal support and services you need, reach out to us and request a consultation. During this meeting, you can learn more about us as a law firm and how we help people like you achieve their estate planning goals.
Get in touch with us today by contacting us online.
Cases We Handle
Hear From Our Clients
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"Outstanding Representation!"
Matthew Drexler represented me during a difficult period of time in my life. He did an outstanding job understanding all of my issues, was very responsive, and gave me the best advice possible. Additionally, his staff was very helpful and the whole team worked together to make this a rather fairly pleasant experience for me. I couldn't have asked for better representation. I am very happy with the end result and I would highly recommend him to anyone who has made the decision to file for a divorce.- Jason R.Colorado Springs, CO -
"They are very thorough, make every effort to be completely prepared, and tell you clearly what to expect."
Great law office! I would recommend anyone in Colorado springs who needs a divorce or family law lawyer to go here. Brian Melton was my attorney but Matt Drexler was involved as well. They are very thorough, make every effort to be completely prepared, and tell you clearly what to expect. Everyone I've worked with has been caring and supportive and it's obvious they understand their clients are going through difficult situations.- Dan L. -
"Everyone on the staff always treated us like family."
Mrs. Drexler was awesome! We had a tuff case, fighting for custody of our grandson after his mother's passing. Mrs. Drexler was very patient and understanding with me, knowing how nervous and confused at times I was. She was quick to respond to emails, no matter the importance! Matt and Caitlin Capo were also great! There was always someone available and willing to help. Everyone on the staff always treated us like family. The cost was definitely worth the knowledgeable and family oriented services we received! We would definitely recommend Drexler Law to anyone in need of a friendly knowledgeable Law firm! Thank you so much to everyone at Drexler Law, for everything you have done for me and my family! A+++++++++- Michael M., CO -
"I made the right decision in choosing Drexler Law Firm."
I had a fantastic experience with Drexler Law firm. A few years ago I had gone through a very rough period in my life, and voluntarily turned over my children to their mother for primary care while I hunted for jobs. However, I did not use an attorney, and wound up giving her complete custody, something I had not expected, and was told I would not get them back. After getting my job back, I researched law firms and saw that Drexler specialized in family law, child support, and custody issues. They were up-front with me on costs and chances of winning my children back. We won. I'm back with my children with fully joint custody, and we even avoided going to court. Having a knowledgeable law firm represent you is the only way to go when everything matters. During the legal back-and-forth process, it was easy to tell that the level of effort, experience, and skill on the part of Drexler was far above the opposing counsel. I made the right decision in choosing Drexler Law Firm.- Mike -
"“If you bungle raising your children, nothing else matters” - Jacqueline Kennedy Onassis"
I am currently going through a lot of tough situations and they are equal parts compassionate, empathetic, honest regarding expectations/expenses, and VERY quick to respond to any questions.- Former ClientColorado Springs, CO -
"Matt and Teresa and their team are outstanding attorneys who went above and beyond to help my family."
Incredible professionalism and outstanding service. Matt and Teresa and their team are outstanding attorneys who went above and beyond to help my family. Thanks to them my family is whole and safe. If you want exceptional representation and attorneys you can count on, Matt and Teresa Drexler are just that.
Thank you again for all you have done for me and my family Matt and Teresa. You and your team are incredible.- Tyler M.
Why Choose Drexler Law?
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Knowledgeable
Our priority is to give our clients the best chance at a fair and favorable outcome.
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Compassionate
We understand that what you are going through is not easy.
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Flexible
We are available and there for you, whenever you need us.
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Experienced
We will vigorously protect your rights as we guide you through the process.
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Comforting
We believe in maintaining a comfortable environment for our clients.
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Family Firm
The benefit of working with a family firm is that we will treat you like family.
