Preserve Your Legacy

Estate Planning | Elder Law | Special Needs Planning

Recent Posts in tax free gifts Category

  • FEDERAL GIFT TAXES CAN REDUCE AN ESTATE'S TAX LIABILITIES: PART 3 OF 3

    You should now understand how you can make lifetime gifts to reduce the tax liabilities on your estate. However, you can further reduce your income tax liabilities by understanding the federal tax code. The Internal Revenue Service (IRS) typically considers all gifts as taxable unless they come within the annual gift limits. The IRS does not consider some gifts as taxable. This means that some ...
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  • FEDERAL GIFT TAXES CAN REDUCE AN ESTATE'S TAX LIABILITIES: PART 2 OF 3

    After reading the first part of this three-part series, you now have a basic understanding of why a lifetime gift may reduce an estate’s federal income tax liabilities. Now, I will cover how you can further reduce your estate’s tax liabilities . The Internal Revenue Service (IRS) gives each donor (gift giver) a tax exemption of $13,000 annually for a lifetime gift made to each donee (gift ...
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  • FEDERAL GIFT TAXES CAN REDUCE AN ESTATE'S TAX LIABILITIES: PART 1 OF 3

    Federal gift tax laws play an integral role in reducing an estate’s income tax liabilities. As a taxpayer, making lifetime gifts can reduce your estate’s gross tax liabilities since these gifts are not included as part of your gross estate at your death in most cases. According to the federal Internal Revenue Code, a gift is one in which real or personal property, cash or any other type of ...
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  • Simple & Direct Inheritance Planning Vehicles

    Common sense goes a long way in every aspect of life, and it is vital to the process of estate planning as well. You just need to understand the asset transfer vehicles that are available to you and utilize them in an intelligent and well-timed manner. Depending on the specific details of your estate and the dynamics of your family, you may find that the best strategies for you are rather simple ...
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  • Gifting Health Care

    We have highlighted the inheritance planning strategy of gift giving previously, but there is an exemption that is often overlooked that we would like to look at today. To provide some context the purpose of giving gifts from an estate planning perspective is to reduce the value of your estate in an effort to limit or eliminate your heirs’ estate tax exposure. On a personal level, when you give ...
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  • Inheritance Plan in Action

    When you give gifts to the people who you would be leaving an inheritance to after you pass away you remove the value of these gifts from the overall value of your estate, and that is going to provide you with estate tax efficiency. Of course there is the gift tax that stands in the way of simply giving away all of your estate before you die to avoid the estate tax. However, there are gift tax ...
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