and Estate Planning
Estate planning is important. Without a Will or Trust, the laws in your state will determine what happens to your possessions, without regard to who you want to receive your property.
If you have minor children, the courts may decide who gets custody of them.
Real Estate Transactions
Buying or selling real estate can involve issues that an attorney should resolve. Be prepared. An experienced attorney can identify potential issues with mortgages, judgments, liens, and adverse sales.
Don't take this big step alone!
Did you know? 2023 Gift tax exclusion grows to $17,000
Did you know that one of the most effective estate-tax-saving techniques is also one of the simplest and most convenient? By making maximum use of the annual gift tax exclusion, you can pass substantial amounts of assets to loved ones during your lifetime without any gift tax. For 2022, the amount is $16,000 per recipient. In 2023, the amount will increase by $1,000, to $17,000 per recipient.
Maximizing your gifts
Despite a common misconception, federal gift tax applies to the giver of a gift, not to the recipient. But gifts can generally be structured so that they’re — at least to a limited degree — sheltered from gift tax. More specifically, they’re covered by the annual gift tax exclusion and, if necessary, the unified gift and estate tax exemption for amounts above the exclusion.
For 2022, you can give each family member up to $16,000 a year without owing any gift tax. If you’re married and your spouse consents to a joint gift, also called a “split gift,” the exclusion amount is effectively doubled to $32,000 per recipient in 2022 ($34,000 in 2023).
Coordinating with the lifetime exemption
The lifetime gift tax exemption is part and parcel of the unified gift and estate tax exemption. It can shelter from tax gifts above the annual gift tax exclusion.
Planning your gifting strategy
The annual gift tax exclusion remains a powerful tool in your estate-planning toolbox. Contact me for help developing a gifting strategy that works best for your specific situation.