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Estate and Gift Planning

A little planning can save thousands of dollars!

You can't take it with you, but failing to plan for your estate can mean that the government, rather than your heirs, may get the major portion of your hard-earned money.

You may be surprised what your estate is worth. Add up the value of all your assets. Don't forget life insurance which may fall into your estate. If your total value exceeds the exemption amount, you should look into what a few simple planning techniques can save your family at estate time. In addition, there are some very effective estate planning ideas that can also cut your current income tax bill.

Click here to use an estate planning calculator to help you determine what your estate is worth.

Some planning possibilities:

Current tax law allows you to give away a certain amount each year to as many recipients as you choose with no gift tax consequences. Your spouse may join in this annual gifting even if he or she is not an owner in the transferred asset. This means that you could transfer double the exempt amount each year to each of your heirs. To double the annual exclusion yet again, you may want to include spouses of your children. The person receiving the gift does not need to be related to you. These annual gifts do not reduce your estate tax exclusion.
Property transfer
If you have property which is not needed for your retirement, maybe it is a candidate for transferring during your lifetime. If it is a large income-producer, the future income will be taxed to the new owner and not to you, plus the property will be out of your estate.
Spousal transfer
You can generally make unlimited transfers to your spouse either during your lifetime or through your estate. There are generally no taxes on spousal transfers, regardless of size.
Life insurance proceeds
With proper planning, certain life insurance proceeds can be kept out of your estate.

For assistance with your estate planning, contact us.


Accounting, Tax & Consulting Services

Crestwood Professional Building
941 Whitehorse Avenue, Suite 18-19 Hamilton Township, NJ 08610
(609) 890-8800
Fax: (609) 890-4644

E-mail: David A. Aust CPA —

E-mail: Ronald Venanzi, EA, ABA —

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