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. Our 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. Our attorneys know 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.