Estate and Gift Planning

You can't take it with you, but failing to plan for your estate can mean that the government, rather than your heirs, may get the major portion of your hard-earned money. A little planning can save thousands of dollars.You may be surprised what your estate is worth. Add up the value of all your assets. Don't forget life insurance which may fall into your estate. If your total value exceeds the exemption amount, you should look into what a few simple planning techniques can save your family at estate time. In addition, there are some very effective estate planning ideas that can also cut your current income tax bill.

Current tax law allows you to give away a certain amount each year to as many recipients as you choose. Your spouse may join in the gift even if he or she is not an owner in the transferred asset. This means that you could transfer double the exempt amount each year to each of your heirs. To double the annual exclusion yet again, you may want to include spouses of your children. The person receiving the gift does not need to be related to you. These annual gifts do not reduce your estate tax exclusion.

You can make unlimited gifts to pay for another individual's medical expenses or school tuition as long as your payments are made directly to the institution.

We can prepare the necessary tax returns to help maximize the transfer of wealth to the next generation.