Sophisticated federal tax planning integrated into every estate plan — minimizing tax exposure and preserving generational wealth.
Unlike many estate planning firms, Cowan & Associates, PLLC brings deep federal tax expertise to every client engagement. Tax implications touch nearly every aspect of estate planning, trust administration, and probate — and failing to account for them can cost families hundreds of thousands of dollars.
The federal estate tax applies to estates exceeding the applicable exclusion amount (currently over $12 million per individual, though this is scheduled to decrease significantly in coming years). Proper planning can make use of exemptions, marital deductions, charitable deductions, and sophisticated trust strategies to minimize or eliminate estate tax liability.
One of the simplest tax planning tools available is the annual gift tax exclusion, which allows you to give up to $18,000 per recipient per year (2024) without any gift tax consequences and without using your lifetime exemption. A married couple can give $36,000 per recipient annually. Over time, this can remove significant assets from a taxable estate.
The Tax Cuts and Jobs Act doubled the federal estate and gift tax exemption, but this increase is scheduled to "sunset" at the end of 2025, potentially cutting the exemption in half. For high-net-worth individuals, acting before this deadline could save millions in estate taxes. Our attorneys are actively advising clients on pre-sunset planning strategies.
We work collaboratively with your financial advisors, CPAs, and other professionals to ensure your legal estate plan and financial strategy are fully aligned. Tax planning doesn't happen in isolation — it's integrated into everything we do.
Contact Cowan & Associates, PLLC for a free consultation with an experienced Austin attorney.
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