Tax Law - Foundation Law Arizona

Protect Your Wealth

Estate Taxes

The estate planning process looks at the best alternatives to reduce taxes and optimize your wealth. Individuals with significant estates or high net worth must consider capital gains taxes, transfer taxes, estate and inheritance taxes, and income tax planning opportunities.

However, only about one percent of the population is directly affected by federal estate tax under the current law. In 2023, the gift and estate tax exemption is $12.92 million for individuals and $25.84 million for married couples. For smaller estates, other tax consequences can easily be avoided or minimized by planning ahead.

Foundation Law Arizona has the experience necessary to make sure your money is protected, your taxes are correct, and you only pay what you owe. We do this by:

Declaring some of your assets as gifts
Transferring assets to designated beneficiaries, reducing your taxable estate
Developing an investment strategy for retirement goals
Further minimizing your tax liability in other areas

Income Taxes

It’s important to ensure you are not paying more federal income tax than is necessary. Depending on your sources of income, the various assets that you own, and the businesses that you operate, we help modify your filings to:

Defer or shift income
Change the filing status of vacation homes and other property
Select the correct entity for your business
Evaluate federal income tax payment options

Business owners who are unprepared for tax consequences when buying and selling real estate or equipment, scaling and expanding their operations, or transferring ownership may find themselves behind on their tax obligations. When this happens, Foundation Law Arizona can help with the following:

Offers and compromise
Installment agreements
Penalty abatement
Trust fund recovery penalties

In these situations, we gather the necessary documents to negotiate a tax settlement that may minimize or eliminate tax debt as well as penalties incurred. We help you get back on your feet and in control of your business and tax situation. When problems arise, reach out immediately for help. The sooner we get started, the sooner we can remove any anxiety about compounding interest and penalties that could hurt your business.

Attorney Elizabeth S. Thuenen has experience helping clients protect valuable assets in Arizona. FFoundation Law Arizona offers a range of services in estate planning and elder law services, including special needs, Medicaid planning, guardianship, probate and estate administration, as well as business law, real estate law, and tax law.