The Law Offices of Brenton C. McWilliams

The Law Offices of Brenton C. McWilliams can help you create a comprehensive estate plan that reflects your wishes and safeguards your legacy. While estate planning is a positive step towards securing your family's future, there are some common oversights that many people encounter. Let's explore these potential missteps and discuss how...

A common concern among our estate planning clients is whether taxes must be paid on their estate once they die. While there is no state-level estate tax in Alabama, your estate could be subject to federal estate taxes. In 2024, the federal estate tax exemption amount for an individual is $13.61 million (this is adjusted annually according to inflation and, as discussed later on may be subject to law changes in the future). In 2010, the IRS introduced the concept of estate tax portability, which, effectively, doubles the estate tax exemption amount for married couples. This means that if your spouse did not use the full $13.61 million exemption amount at his or her death, you may be able to transfer (“port”) your deceased spouse’s unused exclusion (DSUE) to yourself, increasing your own estate tax exemption amount.

A common concern among our estate planning clients is whether taxes must be paid on their estate once they die. While there is no state-level estate tax in Alabama, your estate could be subject to federal estate taxes. In 2024, the federal estate tax exemption amount for an individual is $13.61 million (this is adjusted annually according to inflation and, as discussed later on may be subject to law changes in the future). In 2010, the IRS introduced the concept of estate tax portability, which, effectively, doubles the estate tax exemption amount for married couples. This means that if your spouse did not use the full $13.61 million exemption amount at his or her death, you may be able to transfer (“port”) your deceased spouse’s unused exclusion (DSUE) to yourself, increasing your own estate tax exemption amount.

The Law Offices of Brenton C. McWilliams can help you with estate planning, a vital process that ensures your wishes are honored, and your loved ones are cared for after you're gone. Our estate planning attorneys are dedicated to guiding you through this important journey with compassion and professionalism. Creating a Comprehensive...