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Community Property vs. Separate Property in Estate Planning
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.
What Does an Estate Planning Attorney Do?
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...
Key Estate Planning Documents for Organizing Your Affairs
A well-organized, comprehensive estate plan consists of several legal documents that work together to safeguard your assets, minimize taxes, and provide clear guidance for your family during a difficult time. Without these tools, the courts may subject your estate to...
