Estate Tax Planning Lawyers

Elder Law Attorneys for Estate Tax Reduction

At Otte & Czajkowska, LLC, we know that proper estate planning can give you and your family the security and peace of mind you deserve. We also realize that an important part of the estate planning process is maximizing the assets you will be leaving to your loved ones by minimizing your tax liabilities. Whether you wish to give your loved ones substantial gifts during your lifetime or you plan to transfer your assets as inheritance, our experienced tax planning attorneys can help you take steps to legally reduce how much you will need to pay in taxes.

Income, Estate, and Gift Tax Planning in Morton Grove

The first step in proper tax planning is to understand where and how tax liabilities apply. Our skilled team is fully-versed in both federal and state tax law, and we can help you understand how such laws may affect your situation. We will work closely with you in identifying opportunities for tax savings and creating strategies for protecting your assets. An effective plan must be customized to meet your unique needs, goals, and values, and there are a variety of tools that may be available to you, including:

• Dynasty trusts
• Bypass trusts (also called credit shelter trusts)
• Irrevocable life insurance trusts

Assets placed in a trust are generally not considered for the purposes of determining your estate tax liability.

Lincolnwood Lawyers for Gift Tax Planning

When creating your estate plan, you may decide that you wish to make sizeable donations to charitable organizations or give large gifts to your loved ones during your lifetime. It is important to keep in mind that there may be tax implications associated with such gifts and donations. At Otte & Czajkowska, LLC, we can assist you in creating charitable trusts and charitable remainder trusts for the benefit of religious organizations, schools, or other non-profit groups. Our lawyers also provide guidance with supplemental needs trusts to provide for loved ones with disabilities or special needs. We can even help you make the best use of gift tax exemptions for valuable personal gifts.

Tax Guidance and Preparation Services in Harwood Heights

Regardless of your financial situation, it is important to consider all of your potential tax liabilities in the estate planning process. Doing so can allow you to give more of your assets to your heirs and beneficiaries rather than to the government. At Otte & Czajkowska, LLC, we not only offer skilled tax planning services, but we also assist with the preparation of necessary tax returns. Our attorneys help executors with final income tax returns, as well as estate tax and gift tax returns.

To learn more about our firm and our approach to estate tax planning, contact our office. Call 773-631-7100 to schedule a confidential consultation with an experienced member of our team today. Polish-speaking services are available. We serve clients in Jefferson Park, Elmwood Park, Morton Grove, Niles, Norridge, Harwood Heights, Lincolnwood, Edgebrook, Edison Park, Glenview, Des Plaines, and throughout Chicago's northwest side.