Helping Families and Individuals Develop Appropriate Gifting Strategies
Under recently-enacted federal legislation, the lifetime gift tax exemption has increased from $1 million to $5 million for individuals, and from $2 million to $10 million to married couples. These changes in the law are an opportunity for individuals and families with substantial assets to avoid the impact of the estate tax. Giving can be a major part of any estate plan. In order to receive the full benefit of these laws, it is important to work with an experienced attorney. The Law Offices of Jeffrey S. Freeman help families throughout Michigan and beyond in estate planning. Our team of professionals can help you determine the optimal level of giving and devise a plan that accomplishes your objectives.
The gift tax was established to prevent wealthy individuals from simply giving away their assets prior to their death. These new laws have reduced the tax implications of giving and have therefore made gifting a more attractive opportunity. In addition to the lifetime gift exemption, there is also the annual gift tax exclusion. The current annual gift tax exclusion allows donors to give up to $13,000 ($26,000 for married couples) to an individual each year without triggering the gift tax. The annual gift tax exclusion does not apply to the lifetime gift tax exemption. Our lawyers can help you explore both of these options in order to reduce your estate's exposure to taxes.
We will review your assets and help you determine your specific goals. When we have your goals in mind, we can develop specific estate planning tools to help you achieve these goals. For example, our law firm can set up trusts to administer these gifts. In other cases, gifts are part of a greater charitable giving strategy. Whatever your needs are, our law firm is equipped to meet your needs and surpass your expectations.
Contact the Michigan Gift Tax Attorneys of the Law Offices of Jeffrey S. Freeman
These laws are only in effect until the end of 2012. Although these current gift exemptions may be extended past this date, there is no guarantee. It is therefore advantageous to work with our law firm sooner rather than later. Contact our office with any questions. Call 1-866-236-4TAX or e-mail us today.
