Gifting as an Estate Planning Strategy
Each year, an individual in the United States is legally allowed to make
unlimited gifts of assets or property that is valued up to $12,000 without
having to pay taxes on the asset or property. Anyone can give this type
of gift, although it is particularly beneficial to those who decide to
gift some assets or properties in order to reduce their estate, which
will result in lower future estate taxes and as well in terms of legal
fees that may follow in the event of death. Consider talking with a practiced
San Jose estate planning attorney who can formulate the right gifting
strategy for you.
Gifting solves many matters related to a person's estate after their
death. The estate tax can take a substantial share of the value of an
estate, and the burden of paying that tax is not something that mourning
loved ones should have to tolerate. Gifting is an excellent way to make
sure your loved ones get the
asset protection you want them to have, while at the same time decreasing the overall value
of your estate which in turn decreases the amount of estate tax due upon
death. This is a distinct advantage in the case of property or any other
asset that may grow in value by the time you pass away, potentially saving
thousands in estate taxes.
Consulting a Gifting Professional in San Jose
WealthPLAN, PC has nearly 30 years of experience in organizing effective estate planning
strategies for clients throughout the San Jose area. The firm relies on
depth-of -experience, as well as knowledge of the law and client estates
in order to provide the most trusted advice possible. The firm knows how
to get the most out of your estate, and how to give up the least when
planning for the future of your family.
Contact a San Jose estate planning attorney
if you are interested in reducing the large taxes associated with the size
or your estate, and need professional assistance.