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Andrew Corbman’s Strategies to Reduce State Tax On An Estate

State tax can heavily reduce the value of an estate before it is passed on to a beneficiary; Andrew Corbman wants to help you retain as much value as possible.

LANSDOWNE, VA, UNITED STATES, July 24, 2018 /EINPresswire.com/ -- With over twenty years’ experience over financial consulting, retirement planning and estate planning under his belt, Andrew Corbman is well-equipped to help you maximize the value of your estate before it is passed on to a beneficiary.

What is Estate Tax?

As one part of the United Gift and State Tax system in the United States, an estate tax is a tax that is applied during the transfer of a deceased person’s estate. This can knock a serious chunk out of the value of the assets or property of the deceased and is a massive liability to families who haven’t prepared for such an eventuality. Luckily, with the help of firms like Andrew Corbman’s, there are easy ways to reduce the amount of tax one has to pay on an estate.

A-B Trust

For married couples looking to reduce state tax, an A-B trust is one of the best options out there. It ensures that when a spouse dies the estate is divided into two, half of which goes to the surviving spouse and half of which goes to another beneficiary. This ensures that even in the event of the death of the surviving spouse, only half of the estate will be taxed before it’s passed on to its final beneficiary.

Charitable Donations

Donating to quality charitable organizations is also a great way of reducing state tax. Estate planners such as Andrew Corbman will likely advise heavily on this option. The gifted amounts reduce the overall value of the individual’s assets, thereby reducing the overall taxable amount of the estate when he or she passes away. In addition to the obvious tax benefits, it also provides the donor with the added benefit of being able to donate to worthwhile causes.

Start Planning

The corridors to navigate are long and twisted when it comes to estate taxes, and it’s important to consult a professional with years of experience to ensure your estate is not unfairly gutted of its value. Andrew Corbman’s firm, ASC Financial, not only provides excellent counsel in this regard, but they care deeply about the needs of every one of their clients.

Connect with Andrew Corbman and ASC Financial here.

Eric Ash
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