Long Island Estate Planning Lawyer Seth Schlessel Explains the Five Ways to Avoid Estate Taxes
Oct 11, 2022
October 11, 2022 - /PressAdvantage/ - Long Island estate planning lawyer Seth Schlessel (https://www.schlessellaw.com/5-ways-to-avoid-estate-taxes/) releases a new article explaining the five ways to avoid estate taxes. The lawyer mentions that many Americas are concerned about the legacy they are going to leave their loved ones when they pass away. If people with businesses or those who have accumulated a lot of wealth, it is important to keep in mind the possible expenses associated with their assets.
“For people with businesses or for those who have accumulated a lot of wealth, the estate or death tax can be a significant burden. However, as of 2022, the federal estate tax exemption has increased to $12.06 million. If your estate is valued less than the 2022 tax exemption, this means that your estate would not be subject to estate tax,” the Long Island estate planning lawyer says.
The lawyer says that the IRS defines estate tax as a tax on the person’s right to transfer property at the time of their death. The value of the tax will depend on the value of the assets at the time of the owner’s death and not necessarily how much was paid to acquire them.
Attorney Seth Schlessel mentioned that paying taxes is not really something that people are not really excited about. However, some strategies and options can help reduce the amount of estate tax one has to pay. These strategies include gifting assets to loved ones, donating to charity, creating an irrevocable living trust, setting up a Family Limited Partnership, and establishing a qualified personal residence trust.
In the article, attorney Schlessel adds, “The best option to avoid the estate tax for one person might not necessarily apply to another. Mistakes can be costly when your estate is at stake. A well-structured financial strategy is essential in ensuring your assets pass on to your beneficiaries with the least amount of deductions possible.”
Lastly, attorney Schlessel emphasizes that having an estate planning lawyer is important in order for the client to save money while also planning their future in an efficient manner.
About Schlessel Law PLLC
Seth Schlessel is the founder of Schlessel Law PLLC. As a skilled estate planning attorney, Mr. Schlessel understands the importance of a comprehensive estate plan to a family’s future. He and his team have helped many families preserve their assets and ensure that a person’s wishes are carried out the way they want. Aside from estate planning, the firm also helps with elder law, personal injury law, and startup/corporate law. Contact us today to learn more.
Schlessel Law PLLC | Long Island Elder Law Attorney
34 Willis Ave Suite 300, Mineola, NY 11501, United States
(516) 574-9630
###
For more information about Schlessel Law PLLC, contact the company here:
Schlessel Law PLLC
Seth Schlessel
+15165749630
[email protected]
Schlessel Law PLLC
34 Willis Ave Suite 300, Mineola, NY 11501, United States
ReleaseID: 60055362
More News
Kelly Clarkson vs. Art of Play: Footage Revealed of Singer’s Visit to Brooklyn Novelty Store She Slammed for ‘Pretty Woman’ Treatment
Footage of Kelly Clarkson visiting the Brooklyn novelty store she slammed on Saturday has now been acquired and released by Pablo Torre, the host and executive editor of the investigative podcast, “Pablo Torre Finds Out.” The video offers another perspective to the ongoing drama between Clarkson and Art of Play, the Brooklyn local business she […]
‘Dancing With The Stars’ Recap: Super Bowl Night Sends Home A Fan Favorite
SPOILER ALERT! This post contains details from Tuesday’s episode of Dancing with the Stars. Another week, another night of Dancing with the Stars. It’s the first-ever Super Bowl night in the ballroom, so the remaining couples are dancing to songs from former Super Bowl halftime performers, including Shakira, Lady Gaga, Jennifer Lopez, Bad Bunny, and […]
Kelly Clarkson Security Video from Art of Play Leaks Online, Shows Her Full 5-Minute Visit to Brooklyn Shop
YouTube journalist Pablo Torre has obtained the Art of Play security footage that shows what happened when Kelly Clarkson visited […] The post Kelly Clarkson Security Video from Art of Play Leaks Online, Shows Her Full 5-Minute Visit to Brooklyn Shop appeared first on Just Jared - Celebrity News, Entertainment News & Photos.
MGK Sets Record Straight on Claim He Regrets Fumbling Megan Fox
Machine Gun Kelly didn’t put some clichéd thoughts out into the universe. After a tweet attributed to the “Lonely Road” singer about his romance with ex Megan Fox started to go viral, he quickly...
New Simu Liu Wedding Details Revealed, Including Celebrity Guests & Performers!
Simu Liu just got married last week and now more details are being revealed about his big day. The 37-year-old […] The post New Simu Liu Wedding Details Revealed, Including Celebrity Guests & Performers! appeared first on Just Jared - Celebrity News, Entertainment News & Photos.
TikToker Bryce Hall Arrested for Felony Domestic Violence
Bryce Hall is fighting allegations against him. The TikToker denied wrongdoing after he was arrested in Nevada for felony domestic violence, according to court records obtained by E! News. Hall,...
Kelly Clarkson Brooklyn store feud raises store prices to £15M
Kelly Clarkson Brooklyn store feud raises store prices to £15MKelly Clarkson has helped raise the market value of Brooklyn store products.Adam Rubin, one of three owners, spoke to New York magazine on Tuesday: “This is an insane misunderstanding. Nothing happened in this shop to...
Joni Mitchell Finally Becomes U.S. Citizen After Starting Process 62 Years Ago!
Joni Mitchell is celebrating a long-awaited milestone! On Tuesday (October 13), the 82-year-old Grammy-winning singer/songwriter announced that she has finally […] The post Joni Mitchell Finally Becomes U.S. Citizen After Starting Process 62 Years Ago! appeared first on Just Jared - Celebrity News, Entertainment News & Photos.
Who is Barbera Thornhill? Then & Now Photos Revealed of Trump’s New Ambassador-at-Large
Barbera Thornhill has been going viral on social media after she was announced as Trump‘s new Ambassador-at-Large to Monitor and […] The post Who is Barbera Thornhill? Then & Now Photos Revealed of Trump’s New Ambassador-at-Large appeared first on Just Jared - Celebrity News, Entertainment News & Photos.
When Does ‘VisionQuest’ Take Place?
Marvel's new series is now streaming on Disney+ The post When Does ‘VisionQuest’ Take Place? appeared first on TheWrap.
Candle In The Wind: 5-Year-Old Media Firm Faces New Questions After Hello Sunshine Exit
Now that Candle Media’s glow has dimmed further with the sale of its Hello Sunshine majority stake, fresh questions are being raised about the firm’s future. The financials around the deal for Reese Witherspoon’s company, which she is buying back from Candle in partnership with France-based Mediawan, have not been disclosed. But one veteran financier […]
Amelia Earhart's Plane May Have Been Found in Lagoon on Remote Island
After nearly 90 years, the mystery behind Amelia Earhart's disappearance may finally be solved. A group of researchers with the Archaeological Legacy Institute and Purdue University landed in...
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.