Years are spent planning and accumulating assets. The goals maximize the assets in your estate and minimize taxes and probate issues. These issues, especially for a closely held small business owner, can be complicated and procedures need to be in place to plan for smooth transition of your assets.
When looking for professionals to help you establish plans or manage, administer and distribute assets, it’s vital to find advisors with the knowledge and experience to help you every step of the way. We work closely with your team of attorneys and insurance professional to develop a plan that achieves your goals.
- Asset Protection
- Tax Reduction
- Legacy Succession
- Estate Planning
Current States of Estate and Gift Tax Legislation
Federal estate tax rules became clear and stable with the enactment of the American Taxpayer Relief Act of 2012. The estate, gift and generation-skipping tax regimes are now set permanently into the tax code, until such time as Congress acts to change the tax code again.
The amount an individual can exclude from estate taxes (currently with a top tax rate of 40%), including gifts given during one’s lifetime, is $5,490,000 per person for 2017.
The annual gifting rules allow you to give up to $14,000 per person in 2017, tax free, unchanged from 2016. These gifts do not count toward the $5,490,000 lifetime exclusion.
Even if your assets are less than the current exclusion level, it still pays to plan ahead. Changes in the tax code affecting estate, gift and generation-skipping taxes could happen in any year and with little warning, thus making planning one of the best ways to ensure your financial future, during your lifetime and beyond.
For many people, the most important reason to create a secure estate plan is to ensure that your wishes are carried out properly after you pass.