gift taxes

We offer gift tax assistance to donors, donees, trustors, trustees, beneficiaries, and attorneys in the following areas:

  • Gift Tax Returns
  • Gift Planning

Gift Tax Returns

We prepare and file gift tax returns.

Man preparing gift tax return.

Gift Tax Planning

We assist you with wealth-transfer strategies that eliminate or minimize gift taxes.

We work with you directly. ¬†Or, we can assist your attorneys, financial advisors, insurance agents, and other service providers. In case you don’t have a team, we have professionals we work including attorneys, financial planners, financial advisors, and insurance agents.

We analyze your situation to customize a wealth-transfer strategy that makes sense for you.Wealth transfer

Yes, there several gift tax exclusions.
The following gifts if giving properly are normally free of gift taxes:

  • Annual Exclusion
  • Life Time Exclusion or Basic Exclusion
  • Educational Exclusion
  • Spouse Exclusion (US Citizen)
  • Spouse Exclusion (non-US Citizen)
  • Medical Exclusion
  • Gifts to IRS-Approved Charities
  • Gifts to a political organization for its use
Yes, there are two type of exemptions, an annual exemption and lifetime exemption.

Annual Exemption

For 2014 and 2015, the annual exemption amount is $14,000. The annual exemption allows you to give up to $14,000 in gifts each year to as many individuals as you like without affecting your life time exemption amount.

Lifetime Exemption

For 2014 and 2015, the lifetime exemption or exclusion is $5.34 million and $5.43 million, respectively. The lifetime gift tax exemption allows you to transfer assets while you are alive and not have gift taxes due up to combined lifetime gift tax exemption and the estate tax exclusion limit. Any amounts used as a lifetime gift tax exemption will decreased the amount available for estate tax exclusion at the time of death.

The donor / giver normally pays the gift tax, if any taxes are due.
Some of the tools and entities used in a wealth-transfer strategy includes, but is not limited to the following:

  • Annual Exclusion
  • Life Time Exclusion or Basic Exclusion
  • Generation-skipping Transfer (GST) Exclusion
  • Valuation Discounts
  • Grant Trusts
  • Family Limited Partnerships (FLP’s)
  • Dynasty Trusts